Aureos Central Asia Fund holds first closing on $50m

It will seek to invest between $2m and $10m in businesses in Kazakhstan and also in Azerbaijan, the Kyrgyz Republic, Georgia, Tajikistan, Turkmenistan and Uzbekistan.

Sev Vettivetpillai, CEO of UK-based Aureos Advisers, which provides funds advisory services to Aureos Capital, said, 'Central Asia's economy is growing rapidly and medium-sized businesses are seeing more opportunities for regional expansion, so we believe that it is the right time for Aureos to enter the market.'

Talgat Kukenov, the managing partner of the Aureos Central Asia Fund, based in Almaty, Kazakhstan, added, 'The demand for private equity amongst potential investee companies to supplement bank lending is now very strong.'

Aureos is in the process of raising further funds, namely Kula Fund II (Pacific Islands), which has committed capital of $16m and a target of $25m; the Aureos China Fund ($34.5m committed, $70m target); the Aureos Central Asia Fund ($50m committed, $100m target); and the Aureos Latin America Fund ($300m target). Next year Aureos is planning to establish the Aureos Africa Fund of approximately $400m.

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