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Kazakhstan, Hungary launch joint venture capital fund
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Hungary’s Széchenyi Funds and Kazakh-Singaporean venture capital company Steppe Capital signed a declaration on the establishment of a joint Kazakh-Hungarian venture capital fund in Budapest on Friday.
The fund will contain a 10 million dollar private equity and also a 10 million dollar venture capital component. The partners will have 50 percent stakes in the fund, but it will be managed solely by Széchenyi Funds. The fund will target investments in both economies in technology, energy, farming and life sciences. Up to half of the fund could be invested in high-growth businesses in Kazakhstan.
Strong Hungary-Kazakhstan ties benefit both countries economically while boosting Hungary’s energy security, Finance Minister Mihály Varga said at a meeting of the Hungarian-Kazakh Business Council, the ministry said on Thursday. Kazakhstan “is an important strategic partner” in Central Asia and a key player in the development of Hungary’s eastern relations, the ministry said quoting Varga in a statement.
