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Széchenyi Funds and Kazakhstani-Singapore venture capital investor Step Capital signed a statement regarding the creation of a joint Kazakhstan-Hungarian venture capital fund in Budapest on Friday.
According to the announcement of the Hungarian Capital Fund Manager, the joint venture capital fund will consist of two sub-funds, a private equity fund and a venture capital fund, within which high-return international investments can be made.
The investment, in which both parties will have a 50-50 percent stake, amounts to US$10 million for the two sub-funds. He explained that the management of the fund is carried out entirely by the Széchenyi Funds.
According to the statement, the goal is to simultaneously achieve maximum profits for their owners and promote the development of the economies of the two countries by exploiting attractive investment opportunities and joint investment in the fields of technology, energy, agriculture and life sciences, which are very important for both economies.
According to the strategy, by investing in a wide range of companies integrating the Kazakh and Hungarian economies, they will create synergies between the Central Asian and Central European markets over the next eight years. It is planned to invest up to 50 percent of the invested amount of the fund in high-growth companies with Kazakhstani ties in Kazakhstan.
The announcement stated that the joint investments provide an opportunity for future portfolio companies in the two countries to gain experience and benefit from the integrated business model resulting from the broad international investment cooperation.
