A new $500 million private equity fund is being set up to support business growth across Central Asia and the Caucasus, with Uzbekistan joining five other institutions as a founding partner.
The Central Asia and Caucasus Private Equity Fund (CACPEF) is being established by China Investment Corporation (CIC), Oman Investment Authority (OIA), Uzbekistan’s Fund for Reconstruction and Development (UFRD), Türkiye’s OYAK, the Eurasian Development Bank (EDB) and Shenwan Hongyuan Securities.
Representatives from all six institutions signed a declaration of intent at a ceremony in Beijing.
The fund will target high-potential businesses across Central Asia and the Caucasus, providing long-term financing alongside industry expertise and access to international business networks.
Priority sectors include logistics, renewable energy, mining, food and agriculture, and healthcare. The initiative also aims to help businesses adopt new technologies and expand into international markets.
According to the EDB, companies in the region face a shortage of long-term financing, limiting their ability to expand and reach new markets.
The fund aims to help bridge that gap by bringing together major investors from China, the Middle East and Central Asia.
Uzbekistan’s Fund for Reconstruction and Development is among the six founding institutions, giving the country a direct stake in the regional investment initiative.
The UFRD is a sovereign development institution that supports economic restructuring, industrial modernisation and infrastructure development in Uzbekistan.
Its involvement strengthens Uzbekistan’s position in efforts to attract international investment and support regional economic development.
The EDB said its own involvement is intended to draw more international capital into member economies and help regional businesses grow.
The initiative also reflects Oman’s growing economic engagement with Central Asia.
On 6 October, Oman and the EDB signed an agreement establishing the framework for the bank’s presence in the Sultanate, paving the way for Oman to become its eighth shareholder and first from the Gulf region.
The $500 million fund represents another step towards closer financial cooperation between Gulf investors and Central Asian economies.
Further institutional investors are expected to join as the founding partners finalise arrangements and prepare to begin investing in businesses across the region.
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