What Almak Capital does

Almak Capital is an independent investment firm established in 2015 that provides a broad spectrum of investment opportunities across developed and emerging markets. The firm is headquartered in Dubai, UAE, where it holds a Financial Investments license from Umm Al Quwain Authorities, and operates a regional representative office in Almaty, Kazakhstan (opened November 2015). Its three core service lines are: (1) private equity investments in mid-size companies across oil & gas, solar energy, healthcare, and retail industries, with equity and debt financing options and a 2-3 year investment horizon, often executed as co-investments alongside leading PE and VC funds; (2) asset management of liquid assets including stocks, bonds, and structured products, offered on a conservative-to-aggressive risk spectrum; and (3) investment advisory covering M&A transactions and fundraising processes, leveraging a partner network across CIS, Europe, and the United States.

The firm serves high-net-worth individuals seeking diversified cross-border exposure and institutional clients requiring professional portfolio management, as well as mid-size companies seeking capital, strategic partners, or M&A support. It monetizes through returns on invested capital, management fees, performance fees, and advisory fees, with pricing structured to individual investor preferences rather than standardized tiers. Distribution is primarily direct and relationship-based, augmented by strategic partnerships with Interactive Brokers Inc. (as an authorized Portfolio Manager) and brokerage firms in Kazakhstan and the United Kingdom. Disclosed portfolio investments include Viaphone (a retail marketing platform, invested January 2019) and Caresyntax (a German operating-room technology vendor, Series C participation in September 2021).

The firm operates with a small team of 1-10 employees, led by Managing Partner Olzhas Ukenov (former credit department head at Kazkommerzbank, corporate finance head at KazAgro/Zerde National Holdings, and CFO of major Kazakhstan telecom companies; MBA from Hult Business School) and Partner Vlad Kassiyev (former Senior Tax Manager at Ernst & Young and 7+ years in M&A and growth strategy at Enerpac Tool Group). No revenue, AUM, or fee schedule is publicly disclosed, and the firm is privately held with no documented parent company or external funding.

Name

Almak Capital

Legal name

Almak Capital

Website

https://almakcapital.ae

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Almak Capital is an independent boutique investment firm offering private equity, asset management, and M&A advisory services to high-net-worth individuals and institutional clients across developed and emerging markets, operating from offices in Dubai, UAE and Almaty, Kazakhstan.

Ownership category

akta.pro rank

Product category

Investment Management and Advisory

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industry

Regional / Country-Focused Multi-Manager Platforms (FSANAGAI)

Keywords

• Private equity investments
• Venture capital funding
• Asset management services
• Investment advisory
• Portfolio management

Headquarters

HQ city

Almaty

HQ country

Kazakhstan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Private Equity Investments: Almak Capital invests in mid-size companies at various stages of growth, providing both equity and debt financing. Investment horizon typically does not exceed 2-3 years. Portfolio includes investments in oil & gas, solar energy, healthcare, and retail industries. Revenue generated through returns on invested capital and management fees.
2. Venture Capital Investments: Investments in start-ups and early growth stage companies, often in partnership with venture capital funds. Revenue generated through capital gains and equity appreciation.
3. Asset Management: Management of liquid assets for clients including stocks, bonds, and structured products. Almak Capital acts as an authorized Portfolio Manager of Interactive Brokers Inc. Strategies range from conservative to aggressive based on client preference. Revenue likely generated through management fees and performance fees.
4. Investment Advisory: Consulting services for M&A transactions and fundraising processes. The firm leverages its network of partners across CIS, Europe, and the United States to facilitate transactions and bring financial resources, knowledge, technology, and experience to clients.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Almak Capital is an independent investment firm that provides private equity investments in mid-size companies across multiple growth stages, venture capital investments in start-ups and early-growth businesses, asset management of liquid assets (stocks, bonds, structured products) across US, European, and Kazakhstan markets, and investment advisory services for M&A transactions and fundraising. The firm operates as an authorized Portfolio Manager of Interactive Brokers Inc. and co-invests with leading PE/VC funds.

Product overview

Almak Capital is an independent investment firm offering three core service lines: Private Equity investments in mid-size companies at various growth stages (including oil&gas, solar energy, healthcare, and retail industries); Asset Management for liquid assets including stocks, bonds, and structured products; and Investment Advisory for M&A transactions and fundraising. The firm also holds portfolio investments in Viaphone (a retail marketing platform) and Caresyntax (a medical technology company providing operating room solutions).

Differentiator

Problem solved

Functional benefit

Products and services

• Private Equity Investments Equity and debt investments in mid-size companies at various stages of growth, with a typical investment horizon of 2-3 years and active co-investment alongside leading private equity and venture funds. Targeted at growth-oriented companies and investors seeking PE exposure across sectors including oil and gas, solar energy, healthcare, and retail.
• Venture Capital Investments Investments in start-ups and early-growth stage companies, often in partnership with venture capital funds. Targeted at founders and early-stage companies seeking capital and strategic backing for growth.
• Asset Management Discretionary management of liquid assets including stocks, bonds, and structured products across the US, European, and Kazakhstan markets, delivered as an authorized Portfolio Manager of Interactive Brokers Inc. with strategies ranging from conservative to aggressive based on client preference. Targeted at individual and institutional clients seeking professional portfolio management.
• Investment Advisory Advisory and consulting services covering M&A transactions and fundraising processes, leveraging a partner network across the CIS, Europe, and the United States to bring financial resources, knowledge, technology, and experience to clients. Targeted at companies, founders, and shareholders requiring deal execution support or capital-raise guidance.

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and major.

• Interactive Brokers Inc.coreTechnology or IntegrationAlmak Capital is an authorized Portfolio Manager of Interactive Brokers Inc., the largest brokerage company in the US. This partnership enables the firm to provide global asset management services to clients, accessing US stock markets and various trading platforms.
• Leading Brokerage Companies of KazakhstancoreChannel Partner/ Reseller/ DistributorAlmak Capital actively cooperates with leading brokerage companies of Kazakhstan for asset management and trading operations in the region.
• Brokerage Companies of Great BritainmajorChannel Partner/ Reseller/ DistributorStrategic partnerships with UK brokerage companies to facilitate cross-border investment activities and market access for European operations.
• Leading Private Equity and Venture FundscoreStrategic or Co-development PartnerAlmak Capital actively supports co-investments with leading private equity and venture capital funds, enabling participation in larger deals and diversification of investment opportunities.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Arqaam Capital: Dubai-based, EMEA-focused investment bank and asset manager offering equities, asset management, and advisory across emerging and frontier markets. Directly comparable to Almak on Dubai domicile, mid-market deal size, and multi-strategy (advisory + asset management) coverage in CIS/Central Asia/EM.
• SHUAA Capital: UAE-headquartered investment and financial services firm providing asset management, investment banking, and principal investments across the Middle East and wider emerging markets. Comparable to Almak on Dubai regulation, asset management/PE blend, and emerging-markets client base.
• Sturgeon Capital: London- and Almaty-based private equity firm explicitly focused on Central Asia, making growth and venture investments in Kazakhstan and the wider region. The most directly comparable Central Asia-focused PE firm to Almak's mid-market PE practice.
• Rasmala Investment: Dubai-based independent investment firm providing asset management, corporate finance advisory, and principal investments across MENA and emerging markets. Comparable to Almak on size, Dubai base, multi-strategy emerging markets focus, and HNW/institutional client mix.
• Centras Capital: Kazakhstan-based investment company providing asset management, brokerage, and investment advisory services to corporate and HNW clients. Directly comparable on Kazakhstan domicile, retail/HNW investor base, and multi-strategy offering including equities and advisory.

Regional players

• Dragon Capital: Leading Ukrainian and CIS-focused investment firm offering asset management, investment banking, and private equity. Comparable as a regional PE/asset-management peer across the CIS corridor that Almak covers, though primarily Ukraine-anchored rather than Kazakhstan/Central Asia.
• ADM Capital: Hong Kong- and London-based investment manager focused on private credit and private equity across Asia and CEEMEA. Comparable to Almak as a CEEMEA/emerging-markets mid-market PE/credit investor, though larger and credit-anchored.
• VTB Capital: Russian-headquartered investment bank with deep CIS investment banking, equities, and asset management operations. Comparable as a CIS investment platform, serving as a much larger regional incumbent in the same geographic corridor.

Broad incumbents

• Actis: Global emerging-markets private equity and infrastructure investor with offices across Africa, Asia, and Latin America. Comparable as a broad incumbent in emerging-markets growth/PE that pursues the same CIS-adjacent and frontier deal flow that Almak targets as a co-investor.
• Macquarie Capital: Global investment bank with a deep emerging-markets practice spanning M&A, ECM, DCM, and principal investments across CEEMEA and Central Asia. Comparable as a larger incumbent active in the same cross-border CIS/EEMEA advisory and capital-raising mandates that Almak's advisory practice pursues.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/almak-capital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments2 records

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

Frequently asked questions about Almak Capital