On August 4, 2025, exchange-traded notes (ETNs) of Tolqyn SPC Ltd., backed by units of Tolqyn Film Fund, were listed on the Astana International Exchange (AIX), part of the Astana International Financial Centre (AIFC). Halyk Finance acted as an anchor investor, joining Tolqyn Film Fund through the acquisition of ETNs on AIX for its proprietary investment portfolio.
Tolqyn Film Fund, registered on the AIFC platform, is Kazakhstan’s first venture capital fund dedicated to investments in feature film and animation production. The Fund’s assets are allocated into a portfolio of Kazakh and international film projects with commercial potential, aiming to generate profits from theatrical distribution and content sales. The Fund is managed by Dasco Capital Ltd. and is open exclusively to professional investors.
Tolqyn Film Fund is led by an experienced team conducting rigorous selection, analysis, and project management. Its CEO is renowned producer Ernar Kurmashev, with creative producer Kuanish Beisek, an acclaimed director. Collectively, they have worked on over 15 films, including successful titles such as Dastur, Holidays Off-line, The Districts, and The Businessmen. Beisek is also known as the chief director of music videos for the popular band Irina Kairatovna.
To date, the Fund has received over 80 submissions, including from international applicants, through open pitching and direct negotiations with creative teams. The project selection process includes three stages: (1) application and shortlisting, (2) Advisory Board review, and (3) final approval by the Fund’s Investment Committee. The Advisory Board includes entrepreneur and public figure Armanzhan Baitassov (Chair), venture investor Adil Nurgozhin, financial analyst and risk manager Eldar Zhaimin, producer and screenwriter Bukhar Marat, director and producer Olga Volodina, and film critic Ramazan-Malik Yeleusiz. The Investment Committee comprises Darmen Sadvakasov (Chair, CEO of Dasco Capital), Aidar Arifkhanov (CFO of Dasco Capital), and Ernar Kurmashev (CEO of Tolqyn Film Fund).
Farhad Okhonov, Chairman of Halyk Finance, commented: “For Halyk Finance, investing in Tolqyn Film Fund through ETNs is above all an opportunity to participate in Kazakhstan’s rapidly developing film production industry. In recent years, we have seen substantial growth in box office revenues, with national and co-produced films reaching a 45% share of total box office in 2024. Investments in Tolqyn SPC Ltd. ETNs also provide portfolio diversification, given their low exposure to public market volatility and economic cycles, while at the same time supporting domestic film producers and the broader industry.”
Darmen Sadvakasov, CEO of Dasco Capital, noted: “Halyk Finance’s investment in Tolqyn Film Fund is an important vote of confidence from one of the country’s leading financial institutions in our strategy and our team. Kazakhstan’s film industry is a fast-growing sector with tangible commercial potential. With the backing of anchor investors such as Halyk Finance and the listing on AIX, we are building a sustainable financial infrastructure for investing in promising national and international film projects.”
Ernar Kurmashev, CEO of Tolqyn Film Fund, added: “We are pleased that our Fund is attracting interest from major institutional investors. This is a significant step for the development of Kazakh cinema and a positive signal for the industry as a whole. We are confident that by delivering results, our model will set new standards for commercial film production and open further opportunities for Kazakhstan’s creative economy.”
Earlier, Dasco Capital and Halyk Finance signed a memorandum of understanding under which Halyk Finance committed its own capital to Tolqyn Film Fund and will provide professional investors with access to the Fund through ETNs listed on AIX.
In addition, Tolqyn Film Fund has secured investment from Frame Capital Ltd., a partner of Ascar Cinema – the leading distributor across Central Asia and the Caucasus and exclusive regional representative of Walt Disney Studios and Sony Pictures Entertainment.
[1] Tolqyn Film Fund OEIC Ltd. is an Exempt Fund under AIFC regulations. The Fund is open to qualified (professional) investors only.
