Dasco Capital Ltd. and JSC Halyk Finance have signed a Memorandum of Understanding (MoU) outlining cooperation on attracting investments into a dedicated investment fund established to finance and develop Kazakhstan’s film industry. Under the terms of the MoU, Halyk Finance intends to commit its own capital and offer its clients the opportunity to participate in Tolqyn Film Fund OEIC Ltd., which is managed by Dasco Capital.
The MoU defines key cooperation terms between Halyk Finance and Dasco Capital, including the expected investment volume and project timeline. Investments from Halyk Finance and its clients into Tolqyn Film Fund will be structured through the issuance and placement of Exchange-Traded Notes (ETNs), backed by units in the Tolqyn Film Fund.
Tolqyn Film Fund is Kazakhstan’s first venture fund focused on investing in feature films and animated productions with high commercial potential. The fund targets a size of KZT 5.5 billion and employs a Hollywood-style venture financing model, spreading investments across a diversified portfolio of Kazakh and global film projects. Within 2.5 years, the fund aims to invest in 15–20 projects and allocate approximately 30% of the fund’s resources to international co-productions.
Film selection comprises a three-stage process: regular pitching sessions, evaluation of shortlisted projects by an independent Advisory Board, and final approval by the fund’s Investment Committee. The fund’s primary goal is generating revenue from film releases, distribution, and other film-related income streams.
The Tolqyn Film Fund is managed by an experienced team led by renowned producer Ernar Kurmashev as Director, and talented filmmaker Kuanysh Beisek as Creative Producer. Together, their portfolio includes more than 15 films, notably successful projects such as “Dástúr” (“Tradition”), “Holidays offline,” and “Businessmen.” Kuanysh Beisek also directed music videos for the popular group “Irina Kairatovna.” The Advisory Board comprises prominent business figures and cinema industry leaders, including Armanzhan Baitassov (Chairman), Elena Larionova, David Tuganov, Oraz Kereibayev, and Eldar Zhaimin.
Dasco Capital CEO and Chairman of the Investment Committee, Darmen Sadvakassov, noted: “The signing of this memorandum represents a significant milestone for venture financing in Kazakhstan’s film industry. Our partnership aims to diversify and enhance the efficiency of investments in the creative sector. We strongly believe in the high commercial potential and promising future of Kazakh cinema.”
Farkhad Okhonov, Chairman of Halyk Finance, commented: “We believe strongly in Kazakhstan’s film industry’s growth potential and future prospects. Halyk Finance plans to invest its own funds and enable client participation in Tolqyn Film Fund by issuing and placing ETNs backed by the fund’s units. In our view, adopting a venture capital approach to film financing provides investors attractive exposure to Kazakhstan’s rapidly growing cinema sector. Thus, this initiative presents an appealing investment opportunity and a meaningful way to support the domestic film industry.”
Tolqyn Film Fund is registered with the Astana International Financial Centre (AIFC) and is available exclusively to professional investors. The investment period is set to begin following the interim closing of the fundraising process. All final investment decisions require unanimous approval by the fund’s Investment Committee.
