Samruk Kazyna

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.

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

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

• Sovereign wealth management
• State asset management
• National investment fund
• Strategic portfolio holdings
• State-owned enterprise stewardship

Headquarters

HQ city

Astana

HQ country

Kazakhstan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

1. 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

Core 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.

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Partnerships

Eleven partnerships are on record, tiered core and strategic.

• AirbuscoreStrategic or Co-development Partner · 24 June 2026Air 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.coreStrategic or Co-development Partner · 24 June 2026MoU 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.
• NVIDIAcoreTechnology or Integration · 17 June 2026Samruk 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 / AzerTelecomstrategicStrategic or Co-development Partner · 10 April 2026Discussions 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 HoldingstrategicStrategic or Co-development Partner · 1 April 2026Azerbaijan 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 EnergycoreStrategic or Co-development Partner · 20 January 2026Joint 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)coreStrategic or Co-development Partner · 20 January 2026Investment arm of Samruk-Kazyna executing joint development agreements with international partners for energy storage and renewable projects.
• Ashmore GroupstrategicStrategic or Co-development Partner · 10 November 2025Ashmore 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)coreStrategic or Co-development Partner · 28 October 2025Implementing 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 LLCstrategicStrategic or Co-development Partner · 25 October 2025US 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)strategicStrategic or Co-development Partner · 7 September 2013Kazakhstan-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

Broad 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

• YouTubeyoutube.com/user/SKazyna
• Facebookfacebook.com/SamrukKazyna
• Instagraminstagram.com/samrukkazyna_official
• Xx.com/Samruk_Kazyna
• LinkedInlinkedin.com/company/sovereign-wealth-fund-samruk-kazyna

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries15 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Samruk Kazyna