At the beginning of this year, under the management of Dasco Capital, the first venture fund in Kazakhstan dedicated to investing in cinema – Tolqyn Film Fund – was established. The February issue of Forbes Kazakhstan featured an in-depth account of the project by its initiators: Darmen Sadvakassov, Managing Partner of Dasco Group, film producer Ernар Kurmashev, and director Kuanish Beisek. Earlier, a private screening of the highest-grossing Kazakh film “Dástúr” (literally from Kazakh – “Tradition”) was held at Chaplin Cinemas in Almaty for members of the Parasat and iQanat business clubs, and also the fund was briefly presented during a session dedicated to developing the creative hub at KazGASA University.
Business owners, financiers, and industry experts discussed opportunities for venture investing in cinema and the support of young talent, as well as conditions that are all in place. Since 2020, film production in Kazakhstan has been growing at an average annual rate of 59%, while the market demand for local content stands at about 150 films per year, approximately 1.5 times the number currently released in theaters.
Interest in national products is also on the rise; our films have nearly caught up with American ones in terms of attendance. In 2022, there was only one Kazakh project that grossed over 1 billion tenge, but by 2024, there were already seven such leaders. Among them, “Dástúr” achieved a record-breaking 2 billion tenge in box office revenue with a profit multiplier of x9, while the most profitable film, “Taptym aý senі” (literally from Kazakh – “I found you”) – generated a profit of 19 times its production costs.
Thus, Kazakhstan’s burgeoning film industry has enormous potential. The creation of Tolqyn Film Fund is the result of six months of work by a team of experienced strategic partners, financiers, lawyers, and producers. The investment phase is scheduled to begin in August 2025, following the achievement of the initial fundraising milestone.
The fund employs a Hollywood-tested venture financing model, wherein investments are distributed across a portfolio of film projects. It will invest in both Kazakh and international films, which will help mitigate risks and enhance the attractiveness of the investments.
The film selection process is designed according to the best global practices, yet it represents a unique experience for Kazakhstan. In the first stage, the fund’s team conducts regular pitch sessions, followed by an independent Advisory Board reviewing a shortlist of films. Finally, the Investment Committee makes the key decisions. It is important to note that the fund operates under the framework of the Astana International Financial Centre and exclusively with professional investor-clients, ensuring strict compliance with reporting standards, internal and external independent auditing, and dedicated compliance oversight.
Tolqyn Film Fund is not only a commercial venture but also our commitment to launching a powerful Kazakh creative wave inspired by the experiences of Korea and Turkiye. With the influx of private investments, the market for cinematography and related fields will fundamentally transform. We must continuously introduce competitive projects and showcase the most talented creatives in cinema, animation, music, video gaming, and fashion industries domestically and worldwide.
