Tengri Partners Investment Banking

What Tengri Partners Investment Banking does

Tengri Partners Investment Banking (Kazakhstan) JSC is a diversified Central Asia-based merchant banking group headquartered in Almaty, Kazakhstan, with a regulatory branch in the Astana International Financial Centre (AIFC). The firm operates four integrated business lines: (i) Investment Banking — covering treasury services, institutional securities, capital markets (DCM) and asset management (public funds and managed institutional accounts); (ii) Commodity Trading — physical trading in crude oil, agriculture and metals alongside paper hedging and structured trade finance; (iii) Private / Merchant Banking — co-investments, principal investments in special situations, mezzanine, event-driven and distressed debt, plus financial advisory for M&A, capital raising, divestitures, recapitalizations and fairness opinions; and (iv) Commercial Finance — asset finance, invoice finance, trade finance and asset-based lending. The firm is regulated by the National Bank of Kazakhstan (broker-dealer license No. 3.1.1.244, foreign-currency exchange license No. 4.3.14) and by AFSA (license AFSA-ALA2020-0002), and is publicly listed on KASE under ticker TPIB.

Since 2018 the firm has been the primary on-ramp for AAA-rated development finance institution (DFI) bonds — IFC, ADB, EBRD — into tenge-denominated capital markets, cumulatively structuring and placing KZT 800 billion (~USD 2 billion equivalent). It has led landmark market-structure firsts including the 2018 IFC debut, the 2021 TONIA-linked EBRD pilot, the 2022 KSF KZT 20bn and ADB KZT 10bn placements, and in June 2023 the world's first tenge-denominated sukuk (for the Islamic Corporation for the Development of the Private Sector). Tengri monetizes across multiple streams: DCM underwriting fees, brokerage commissions on KASE and AIX, asset-management fees on public funds and managed accounts, principal-investment returns from own-capital deployment, commodity trading P&L, and commercial-finance interest/fees. Clients are institutional, corporate, government (including sovereigns, DFIs and SOEs such as KSF) and high-net-worth investors across Kazakhstan and the wider CIS/Central Asia region. Management is led by CEO/Head of Capital Markets Ilias (Ilya) Chakalidi, with a small, focused management team spanning trading, principal investments, financial advisory and the Leasing Group subsidiary.

Name

Tengri Partners Investment Banking

Legal name

Tengri Partners Investment Banking (Kazakhstan), JSC

Website

https://tengripartners.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Tengri Partners Investment Banking is a Kazakhstan-based diversified merchant banking group (KASE: TPIB) providing securities trading, capital markets advisory, asset management, commodity trading, commercial finance, and principal investments to institutional, corporate, government, and high-net-worth clients across Kazakhstan and Central Asia.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Other Financial Investment Activities (5239), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Broker-Dealer Affiliated Wealth Advisory (FSAEABAB)

akta.pro secondary industries

Multi-Sector / Total Return Fixed Income (FSAAAHAJ), Government Bond (Sovereign) Trading Platforms (FSAFACAA)

Keywords

• Investment banking services
• Capital markets advisory
• Asset management services
• Commercial finance solutions
• Commodity trading operations

Headquarters

HQ city

Almaty

HQ country

Kazakhstan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Securities Trading and Brokerage: Broker-dealer services including securities trading and brokerage operations, authorized and regulated by National Bank of Kazakhstan with license num. 3.1.1.244.
2. Capital Markets: Debt and equity capital markets services including bonds, MTNs, convertibles, IPOs, secondary offerings, securitizations, and rating advisory.
3. Investment Banking Advisory: Financial advisory services including M&A, capital raising, divestitures, recapitalizations, strategic advice, special committees, and fairness opinions.
4. Asset Management: Asset management services including public funds and managed institutional accounts offering fixed income, equities, commodities, foreign exchange, and OTC derivatives exposure.
5. Commodity Trading: Physical commodity trading in crude oil, agriculture and metals; paper trading including tail-risk hedging; structured and trade finance services.
6. Commercial Finance: Commercial finance services including asset finance, invoice finance, trade finance, and asset-based lending for business clients.
7. Principal Investments: Private investments using the firm's own capital across special situations, corporate divestments, operational transformations, mezzanine financing, event-driven transactions, and distressed debt.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Tengri Partners is a diversified Central Asia-based merchant banking group providing investment banking, securities trading and brokerage, capital markets, asset management, commodity trading, commercial finance, and principal investments to institutional, corporate, government, and high-net-worth clients primarily in Kazakhstan. The firm underwrites and places debt and equity securities, executes trades on the Kazakhstan Stock Exchange, manages public funds and institutional accounts, trades physical commodities, and provides business financing solutions including asset, invoice, trade finance, and asset-based lending.

Product overview

Tengri Partners Investment Banking is a diversified Central Asia-based merchant banking group operating as a platform of interconnected financial services. The core offerings include Investment Banking (covering Treasury Services, Institutional Securities, Capital Markets, and Asset Management), Commodity Trading, Merchant Banking/Private Investments (Principal Investments and Co-Investments), and Commercial Finance (Asset Finance, Invoice Finance, Trade Finance, and Asset-Based Lending). The firm also provides research services through the Kazakhstan Macro Dashboard and Weekly Money Market Wrap. The platform operates across securities trading, capital markets, investment management, commercial finance, and principal investments, serving institutional, corporate, government and high-net worth clients in Kazakhstan and the broader Central Asian region.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking Addresses all needs of institutional, corporate, government and high-net-worth clients in the areas of securities trading, corporate finance, and capital raising, including treasury services, institutional securities, and capital markets origination and distribution.
• Asset Management Offers public funds and managed institutional accounts providing customized exposure to fixed income, equities, commodities, foreign exchange, and OTC derivatives for institutional, high-net-worth, and family office clients.
• Commodity Trading Physical commodity trading in crude oil, agriculture, and metals across Kazakhstan and cross-border, complemented by paper trading, tail-risk hedging, and structured and trade finance services.
• Private Investments (Merchant Banking) Co-investments and principal investments using firm capital across special situations, corporate divestments, operational transformations, mezzanine financing, event-driven transactions, and distressed debt for qualified investors and the firm itself.
• Financial Advisory Provides expert financial advice in sourcing, structuring, and executing sophisticated transactions including mergers and acquisitions, capital raising, divestitures, recapitalizations, strategic advice, special committees, and fairness opinions.
• Commercial Finance Provides business financing solutions to build capacity, normalize working capital cycles, and fund growth, including asset finance (finance lease, hire-purchase, operating lease, sale and leaseback, vendor finance), invoice finance (factoring, confidential invoice discounting, export factoring, credit protection), trade finance (purchase order finance, import factoring, inventory finance, supply chain finance), and asset-based lending.

Quantifiable outcome

• KZT 800 billion (USD 2bn equivalent) in AAA-rated DFI bonds issued since 2018
• +3 more outcomes

Named customers5 records

Segments1 record

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core and minor.

• Islamic Corporation for the Development of the Private Sector (ICD)coreStrategic or Co-development Partner · 15 June 2023ICD acted as issuer for the first-ever tenge-denominated sukuk. Tengri Partners served as sole lead underwriter and broker. This was the world's first sukuk in tenge, first in national currency among CIS countries, and first sukuk in tenge from an international development institution. The transaction required collaboration with National Bank of Kazakhstan, KASE, Bird & Bird, Walkers, Kinstellar to create a new structure in Kazakhstan.
• Asian Development Bank (ADB)coreStrategic or Co-development Partner · 17 June 2022Tengri Partners acted as underwriter for multiple ADB bond placements on KASE including KZT 10 billion placement with book 2x higher than requested amount. Also facilitated ADB green bond debut of KZT 14 billion and gender bonds of KZT 8.4 billion.
• International Finance Corporation (IFC)coreStrategic or Co-development Partner · 1 August 2018First placement of AAA-rated DFI bonds in Kazakhstan - KZT 8.6 billion ($25m) of IFC bonds denominated in tenge on KASE. Tengri Partners successfully oversaw inclusion of DFI bonds into basket of government securities eligible for REPO with NBK.
• European Bank for Reconstruction and Development (EBRD)coreStrategic or Co-development Partner · 1 August 2018Successfully placed international bonds of EBRD in Kazakhstan capital markets following IFC debut. EBRD pilot deal in 2021 for debt securities with coupon rate linked to TONIA in amount of KZT 12.5 billion with TPIB as exclusive underwriter.
• Leasing Group JSCminorStrategic or Co-development PartnerRecipient of ICD sukuk financing proceeds. Leasing Group offers leasing products and serves small and medium-sized businesses operating in various industries. Securities officially listed on KASE.
• Otbasy Bank (House Construction Savings Bank)minorStrategic or Co-development PartnerRecipient of ADB gender bond proceeds. Project focuses on increasing lending operations and promoting affordable residential mortgage loans for female borrowers in predominantly rural regions.
• National Bank of KazakhstancoreStrategic or Co-development PartnerRegulatory authority that collaborated with Tengri Partners to establish Islamic finance framework and infrastructure for tenge-denominated sukuk issuance.
• Kazakhstan Stock Exchange (KASE)coreStrategic or Co-development PartnerExchange where Tengri Partners executed multiple bond placements including IFC, ADB, EBRD bonds and first tenge sukuk. Collaborated to ensure compliance with Islamic finance principles and local regulations.
• IHS MarkitminorStrategic or Co-development PartnerTengri Partners is official sponsor of Kazakhstan PMI Indices produced by IHS Markit. PMI reports provide economic indicators for Kazakhstan.
• Kazakhstan Sustainability Fund (KSF)coreStrategic or Co-development PartnerKSF bond placement of KZT 20 billion in May 2022 with 250-day maturity at 14.68% weighted average yield. Tengri Partners demonstrated intense price friction creating favorable terms for issuer.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Renaissance Capital: Russia/CIS-rooted emerging-markets investment bank offering equities, fixed income and advisory. Comparable as an EM IB with comparable coverage of CIS issuers and institutional clients, though operating at larger scale.
• J.P. Morgan: Global universal investment bank with strong emerging-markets DCM franchise. Indirectly comparable as a competitor for supranational/DFI mandates and global institutional flows into Kazakhstan.
• UBS Investment Bank: Global investment bank with strong wealth management and capital markets capabilities. Comparable as a broader incumbent active in emerging-markets DCM and Islamic finance (including sukuk) that competes for the same institutional mandates.
• Morgan Stanley: Global investment bank with capital markets, equities and wealth management franchises. Comparable at a broad level as one of the global incumbents that competes for supranational DCM mandates and emerging-market advisory work.

Direct peers

• Freedom Holding Corp (Freedom Finance): Publicly listed Central Asia-focused brokerage and investment group with operations across Kazakhstan, CIS and broader EMEA. Comparable as a multi-country broker-dealer and capital markets intermediary serving institutional and retail clients in the same region.
• Jusan Invest: Kazakhstan-based broker-dealer and investment bank offering trading, advisory and asset management. Compares to Tengri as a domestic full-service capital markets intermediary serving institutional clients in tenge-denominated instruments.
• Halyk Finance: Investment banking and brokerage arm of Halyk Bank, Kazakhstan's largest universal bank. Directly comparable as another Kazakhstan-based broker-dealer offering trading, capital markets and asset management to institutional and retail clients.
• Bank CenterCredit (BCC Invest): Kazakhstan universal bank with an investment banking arm providing DCM, brokerage and asset management. Directly comparable as a domestic broker-dealer with similar client profile to Tengri's institutional book.

Emerging players

• CFI Financial Group: Emerging-markets broker-dealer with regional institutional brokerage and research focus. Comparable as a newer entrant building institutional brokerage franchises in frontier markets similar to Kazakhstan.

Regional players

• Wood & Company: Central European/CIS-focused investment bank with securities, wealth management and advisory capabilities. Comparable as an EM/CIS-focused boutique IB operating primarily in smaller, less-saturated markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/tengripartners
• LinkedInlinkedin.com/company/tengri-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds

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 Tengri Partners Investment Banking