Samruk Kazyna
Samruk-Kazyna is Kazakhstan's sovereign wealth fund managing approximately $82 billion in state-owned assets across oil and gas, uranium mining, railways, energy, telecommunications, and aviation on behalf of the Government of Kazakhstan as sole shareholder.
- Company typePrivate
- Founded2008
- HeadquartersAstana, Kazakhstan
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Samruk Kazyna does
Samruk-Kazyna JSC is the sovereign wealth fund of the Republic of Kazakhstan, established in 2008 by presidential decree through the merger of the Sustainable Development Fund 'Kazyna' and the Kazakhstan Holding for State Assets Management 'Samruk'. The fund manages approximately $82 billion in state-owned assets on behalf of its sole shareholder, the Government of Kazakhstan, with a strategic target of reaching $100 billion in assets under management. Its portfolio spans Kazakhstan's commanding heights of economic activity: oil and gas (KazMunayGas), uranium mining (Kazatomprom, controlling approximately 40% of global production), rail transport (Kazakhstan Temir Zholy), energy generation and transmission (Samruk-Energy, KEGOC), gas distribution (QazaqGaz), telecommunications (Kazakhtelecom), postal services (Kazpost), aviation (Air Astana, Qazaq Air), mining (Tau-Ken Samruk), and petrochemicals (Samruk-Kazyna Ondeu). Assets under management represent approximately 34% of Kazakhstan's GDP.
The fund generates returns through equity stakes, dividends, and investment income from portfolio companies operating across these strategic sectors, with 2024 net profit reaching $5.3 billion (up 40% year-on-year). It maintains investment-grade credit ratings from Fitch (BBB) and Moody's (Baa1), and its 256,380 employees across portfolio companies represent one of the largest employer groups in Central Asia. Samruk-Kazyna pursues a three-pronged investment model covering financial investments (privatization and IPO programs), strategic investments (renewable energy), and direct investments (infrastructure projects exceeding $150 million). Recent strategic priorities include energy transition (Mirny wind project with EBRD financing, Envision Energy BESS localization), sovereign AI infrastructure (planned NVIDIA B300 supercomputer cluster), and capital market development (debut panda bond issuance, KTZ London IPO consideration).
The fund operates as a strategic holding entity with a hybrid government-commercial mandate, pursuing both economic diversification from oil/gas dependency and the development of critical infrastructure. Its go-to-market combines direct portfolio management with international partnership development — demonstrated by €8.4 billion in deals signed during President Tokayev's June 2026 Brussels visit — and increasingly, capital market instruments to optimize its cost of capital and unlock value through subsidiary listings.
Samruk Kazyna firmographics
Firmographics- Name
- Samruk Kazyna
- Legal name
- «Самұрық-Қазына» АҚ (Samruk-Kazyna JSC)
- Website
- https://sk.kz
- Company type
- Private
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Samruk-Kazyna is Kazakhstan's sovereign wealth fund managing approximately $82 billion in state-owned assets across oil and gas, uranium mining, railways, energy, telecommunications, and aviation on behalf of the Government of Kazakhstan as sole shareholder.
- Ownership category
- akta.pro rank
Samruk Kazyna industry classification
Industry- Product category
- Sovereign Wealth Fund / State Asset Management
- NAICS
- Other Investment Pools and Funds (5259)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Natural Resources Funds (Timberland, Farmland, Minerals) (FSANAEAK)
- akta.pro secondary industries
- Energy & Power Infrastructure Funds (Generation, Transmission, Storage) (FSANAEAB), Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD)
Keywords
Where Samruk Kazyna is headquartered
LocationHeadquarters
- HQ city
- Astana
- HQ country
- Kazakhstan
- HQ region
- Asia
Offices1 record
Markets served
Samruk Kazyna business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Others
Revenue model
- Investment Returns and Dividend Income: Generates returns through equity stakes in portfolio companies operating across Kazakhstan's strategic sectors including energy, mining, transport, and telecommunications. Receives dividends and investment income from majority-owned subsidiaries.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Samruk Kazyna product offering
Product offeringCore offering
Samruk-Kazyna is Kazakhstan's sovereign wealth fund managing approximately $82 billion in state-owned assets through a diversified portfolio of majority-owned subsidiaries spanning oil and gas (KazMunayGas), uranium mining (Kazatomprom, ~40% of global production), railways (Kazakhstan Temir Zholy), energy (Samruk-Energy, KEGOC), gas (QazaqGaz), telecommunications (Kazakhtelecom, Kazpost), aviation (Air Astana), mining (Tau-Ken Samruk), and chemicals (Samruk-Kazyna Ondeu). The fund generates returns for the Government of Kazakhstan through dividends, asset appreciation, and direct strategic investments in infrastructure projects.
Product overview
Samruk Kazyna is Kazakhstan's sovereign wealth fund managing approximately $82 billion in state-owned assets through a diversified portfolio of subsidiary companies. The fund operates as a strategic holding company with three investment directions: financial investments (privatization and IPO programs), strategic investments (renewable energy projects), and direct investments (infrastructure projects over $150 million). Portfolio companies span oil & gas (KazMunayGas), uranium mining (Kazatomprom), railways (KTZ), energy (Samruk-Energy), gas (QazaqGaz), telecommunications (KazakhTelecom), power grid (KEGOC), postal services (Kazpost), aviation (Air Astana), mining (Tau-Ken Samruk), and chemicals (Samruk-Kazyna Ondeu). The fund also manages social responsibility through Samruk-Kazyna Trust and digital infrastructure through Kazakhstan-China cooperation initiatives.
Differentiator
Problem solved
Functional benefit
Brands
- Samruk-Kazyna Trust: Charitable fund for social projects of the Samruk-Kazyna group of companies
- SKAI (Samruk-Kazyna Artificial Intelligence)
- Samruk-Kazyna Trust
Products and services
- Investment Portfolio Management Core service offering of Samruk-Kazyna: managing a diversified portfolio of state-owned assets across oil and gas, mining, transport, energy, and telecommunications sectors through majority-owned subsidiary companies. Returns are channeled to the Government of Kazakhstan through dividends and asset appreciation.
- Samruk-Kazyna Invest (SKI) Direct Investments Direct investment arm of the sovereign wealth fund managing investments and joint ventures in strategic projects across energy, infrastructure, and industrial sectors, including joint development agreements with international partners such as Envision Energy for BESS manufacturing and AZCON Holding for port dredging.
- International Debt Capital Markets Access Sovereign-backed debt issuance program providing international capital markets access. Includes debut panda bond issuance of 3 billion yuan at 2.18% (3-year tenor) in China's onshore bond market in April 2026.
- Sustainable Aviation Fuel (SAF) Production Project Strategic project to develop sustainable aviation fuel production in Kazakhstan through partnership with Maire S.p.A., supporting the national low-carbon economy transition.
- Samruk-Kazyna Trust (Social Projects Fund) Wholly-owned social projects fund serving as the sole operator of charity activities and corporate social responsibility for the Samruk-Kazyna group of companies.
Companies that use Samruk Kazyna
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Samruk Kazyna technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability1 record
Samruk Kazyna partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and strategic.
- AirbuscoreAir Astana (controlled by Samruk Kazyna) signed €7.3 billion aircraft purchase agreement with Airbus. Discussions ongoing for fleet development and Air Astana Technical Center regional hub development. Air Astana has been using Airbus aircraft since 2006.
- Maire S.p.A.coreMoU signed for developing sustainable aviation fuel (SAF) production in Kazakhstan during President Tokayev's Brussels visit. Part of Kazakhstan's low-carbon economy transition strategy.
- NVIDIAcoreSamruk Kazyna announced plans to launch NVIDIA B300-based supercomputer cluster in Kosshy by October 2026, quadrupling Kazakhtelecom's supercomputing capacity for national AI and data processing.
- NEQSOL Holding / AzerTelecomstrategicDiscussions with Samruk-Kazyna Chairman on Trans-Caspian fiber optic cable project - 380km undersea cable connecting Aktau (Kazakhstan) to Sumgayit (Azerbaijan), part of Digital Silk Way initiative.
- AZCON HoldingstrategicAzerbaijan Transport and Communications Holding and Samruk-Kazyna Invest LLC established joint venture for acquiring dredging vessel and conducting dredging operations in Azerbaijani and Kazakh ports.
- Envision EnergycoreJoint Development Agreement with Samruk-Kazyna Invest (SKI) signed during Abu Dhabi Sustainability Week 2026 to localize Battery Energy Storage System (BESS) manufacturing in Kazakhstan, supporting energy transition goals.
- Samruk-Kazyna Invest (SKI)coreInvestment arm of Samruk-Kazyna executing joint development agreements with international partners for energy storage and renewable projects.
- Ashmore GroupstrategicAshmore Healthcare International plans $150 million investment to create regional medical hub in Kazakhstan with multidisciplinary clinic. Partnership with Samruk Kazyna including collaboration with Mount Sinai Health System.
- MAIRE Group (Tecnimont)coreImplementing two major petrochemical projects: Silleno polyethylene complex (1.25M tons/year capacity) and KMG PetroChem Gas Separation Complex in Atyrau. Combined investment exceeding USD 7 billion, supported by Samruk-Kazyna and KazMunayGas.
- Cove Kaz Capital Group LLCstrategicUS company partnering with Samruk-Kazyna for development of tungsten deposits (Upper Kairakty and North Katpar) requiring $3-5 billion investment. Initial production projected 2029-2031.
- China Council for the Promotion of International Trade (CCPIT)strategicKazakhstan-China Business Council established to serve as dialogue platform for business communities of both countries, promoting trade and investment cooperation. Samruk-Kazyna serves as Kazakh secretariat.
Scale indicators10 records
Recent moves9 records
Expansion highlights6 records
Samruk Kazyna competitors and assessment
Company assessmentBroad incumbents
- Norges Bank Investment Management (NBIM): Manages Norway's Government Pension Fund Global, the world's largest sovereign wealth fund with ~$1.7T AUM. Most directly comparable sovereign wealth fund peer, operating with a similarly diversified, long-term mandate and government ownership structure.
- GIC Pte Ltd: Singapore's sovereign wealth fund managing Singapore's foreign reserves with a diversified global investment mandate. Comparable as a state-owned investment institution pursuing long-horizon returns across asset classes.
- Temasek Holdings: Singapore state-owned investment company with a portfolio spanning financials, telecommunications, transportation, and energy. Closely comparable as a holding-style sovereign investor with active portfolio company oversight and transformation mandates.
- Abu Dhabi Investment Authority (ADIA): One of the world's largest sovereign wealth funds managing Abu Dhabi's excess oil reserves. Comparable as a resource-funded sovereign investor with significant energy and infrastructure exposure.
- Mubadala Investment Company: Abu Dhabi sovereign investor with significant stakes in energy, technology, healthcare, and infrastructure. Comparable for its energy transition strategy, partnership-driven model, and active portfolio company management.
- Public Investment Fund (PIF) - Saudi Arabia: Saudi Arabia's sovereign wealth fund driving economic diversification under Vision 2030. Comparable as a resource-funded sovereign investor pursuing aggressive transformation, giga-projects, and international partnerships.
- China Investment Corporation (CIC): China's sovereign wealth fund managing foreign exchange reserves with diversified global investments. Comparable as a state-owned investment institution with significant emerging market exposure and large-scale capital deployment.
- Khazanah Nasional: Malaysia's sovereign wealth fund holding strategic stakes in domestic champions across telecommunications, banking, healthcare, and infrastructure. Comparable as a holding-style SWF with active portfolio oversight and transformation mandate.
- Kuwait Investment Authority (KIA): One of the oldest sovereign wealth funds managing Kuwait's General Reserve Fund and Future Generations Fund. Comparable as a hydrocarbon-funded sovereign investor with diversified global asset allocation.
- Qatar Investment Authority (QIA): Qatar's sovereign wealth fund managing the country's hydrocarbon surpluses across global real estate, infrastructure, and financial assets. Comparable as a resource-funded Gulf sovereign investor pursuing international diversification.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Samruk Kazyna social profiles
Digital presenceSamruk Kazyna financial estimates
Financial estimateRevenue estimate
Valuation estimate
Samruk Kazyna leadership team
Management profileNumber of profiles
Profiles13 records
Samruk Kazyna subsidiaries and ownership
Company hierarchySubsidiaries15 records
Samruk Kazyna funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Samruk Kazyna M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Samruk Kazyna
What does Samruk Kazyna do?
Samruk-Kazyna is Kazakhstan's sovereign wealth fund managing approximately $82 billion in state-owned assets through a diversified portfolio of majority-owned subsidiaries spanning oil and gas (KazMunayGas), uranium mining (Kazatomprom, ~40% of global production), railways (Kazakhstan Temir Zholy), energy (Samruk-Energy, KEGOC), gas (QazaqGaz), telecommunications (Kazakhtelecom, Kazpost), aviation (Air Astana), mining (Tau-Ken Samruk), and chemicals (Samruk-Kazyna Ondeu). The fund generates returns for the Government of Kazakhstan through dividends, asset appreciation, and direct strategic investments in infrastructure projects.
Is Samruk Kazyna a public or private company?
Samruk Kazyna is a private company. It is classified as state government owned and is currently operating.
When was Samruk Kazyna founded?
Samruk Kazyna was founded in 2008. It employs 101 to 250 people.
Where is Samruk Kazyna based?
Samruk Kazyna is headquartered in Astana, Kazakhstan, in the Asia region.
How does Samruk Kazyna make money?
One revenue line is on record: investment Returns and Dividend Income.
Who are Samruk Kazyna's main competitors?
Broad incumbents on record are Norges Bank Investment Management (NBIM), GIC Pte Ltd, Temasek Holdings, Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company, Public Investment Fund (PIF) - Saudi Arabia, China Investment Corporation (CIC), Khazanah Nasional, Kuwait Investment Authority (KIA) and Qatar Investment Authority (QIA).
Does Samruk Kazyna have an API?
No public API is recorded for Samruk Kazyna.
What industry is Samruk Kazyna in?
Samruk Kazyna's product category is Sovereign Wealth Fund / State Asset Management. Its primary akta.pro industry code is FSANAEAK, Natural Resources Funds (Timberland, Farmland, Minerals), with a secondary code of FSANAEAB, Energy & Power Infrastructure Funds (Generation, Transmission, Storage). Its NAICS code is 5259 and its SIC code is 6211.