Tolqyn AI Venture Fund has a target size of $50 million. Dasco Capital and QIC, a subsidiary of Baiterek National Investment Holding, have signed a strategic cooperation agreement.
In 2026, declared by President of Kazakhstan Kassym-Jomart Tokayev the Year of Digitalization and Artificial Intelligence, Tolqyn AI Venture Fund is being launched to invest in artificial intelligence and creative industries. Astana, October 2, 2026. At the AI & Digital Bridge 2026 international technology forum, Dasco Capital and Qazaqstan Investment Corporation (QIC), a subsidiary of Baiterek National Investment Holding, signed a strategic cooperation agreement envisaging QIC’s planned participation in Tolqyn AI Venture Fund.
The agreement was signed by Didar Karimsakov, Chairman of the Management Board of QIC, and Darmen Sadvakassov, Chief Executive Officer of Dasco Capital.
With a target size of $50 million, Tolqyn AI Venture Fund will focus on investments in scalable projects at the intersection of artificial intelligence, digital technologies and creative industries.
Half of the fund’s capital is planned to be allocated to Kazakhstan, Central Asia and the Caucasus, with the other half directed towards projects in global markets. Kazakhstan will be the core market within the fund’s regional portfolio. This approach will support domestic companies while enabling the fund to participate in the development of promising international ventures.
Creative industries are becoming an increasingly significant part of the global economy, creating new markets built on human capital, intellectual property, technology and digital products. According to UN Trade and Development (UNCTAD), global exports of creative services reached $1.7 trillion in 2024. Creative services account for approximately 20% of global trade in services, while the creative economy contributes up to 7.3% of GDP in some countries.
For Kazakhstan, developing the creative economy presents opportunities to establish new drivers of growth, create highly skilled jobs and support entrepreneurship. Many digital and creative companies can scale primarily through talent, technology and intellectual property, developing products for both domestic and international audiences.
Artificial intelligence is further accelerating this sector’s development, transforming approaches to software development, content creation, design, games, media and other digital products. According to the Stanford AI Index 2026, global corporate investment in AI more than doubled in 2025 to $581.7 billion, while private investment increased by 127.5%.
“QIC’s participation in Tolqyn AI Venture Fund reflects our commitment to supporting the development of creative and technology entrepreneurship in Kazakhstan. We see significant potential in industries based on talent, knowledge, intellectual property and technology. It is important to create conditions in which the ideas and expertise of Kazakhstani entrepreneurs can be transformed into in-demand products and sustainable companies capable of developing in both domestic and international markets,” said the Chairman of the Management Board of QIC.
International examples demonstrate the potential for company valuations to grow in this sector. According to Reuters, AI content creation platform Higgsfield raised $400 million in August 2026 at a valuation of $5.4 billion — approximately four times its January valuation. Chinese company MiniMax’s market capitalisation exceeded $10 billion during its stock market debut in Hong Kong in January 2026. These examples illustrate the sector’s investment potential and the opportunity to generate strong venture capital returns through the successful selection and development of portfolio companies.
“Today, artificial intelligence technologies are fundamentally transforming how films, animation and other content are created. We are witnessing revolutionary changes in this industry. Through Tolqyn AI Venture Fund, Dasco Capital plans to play an active role in its development in Kazakhstan, Central Asia and global markets,” said Darmen Sadvakassov, Chief Executive Officer of Dasco Capital.
The cooperation between QIC and Dasco Capital aims to develop Kazakhstan’s venture capital and creative ecosystem, expand access to capital for promising projects and establish new sources of economic growth. The final terms of QIC’s participation will be set out in the fund documentation.
Background information:
Qazaqstan Investment Corporation JSC is a private equity fund of funds established in 2007. Its core mission is to promote sustainable economic growth in Kazakhstan by attracting private equity investments and supporting projects that contribute to the modernization and increased competitiveness of key industries. It is a subsidiary of National Investment Holding “Baiterek” JSC. Additional information is available at https://qic.kz/.
Dasco Capital Ltd is a Kazakhstani investment company registered at the Astana International Financial Centre (AIFC). The company manages private equity and venture capital funds, including Tolqyn Film Fund OEIC Ltd. Additional information is available at https://dascocapital.kz/.
