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Historic Milestone: QVG and UzVC Join Forces to Invest in Big Sky Capital’s $50M Fund

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Historic milestone for Central Asia’s venture ecosystem

On December 5 in Tashkent, during the Central Asia Venture Conference, Qazaqstan Venture Group (QVG) signed a term sheet for its first fund-of-funds investment — an important milestone for our organization and a meaningful step forward for the region’s venture ecosystem.

Together with UzVC, we are committing capital to Big Sky Capital VC, which is raising its second $50M venture fund focused on Central Asia, Southeast Asia, and the U.S. This is more than a transaction — it is a strategic move toward building a unified, institutional venture market in Central Asia, one that is visible, investable, and attractive for global LPs and leading GPs.

Askar Bilisbekov, CEO of QVG:
“Today marks an important milestone — we have signed a preliminary agreement for our first investment as a fund of funds. Alongside UzVC, we are planning to invest up to $10 million in Big Sky Capital. This deal is significant for the entire region. Instead of viewing Kazakhstan and Uzbekistan separately, we must build a single Central Asian market — that is what global investors want to see.”

Dilshod Khashimov, CEO of UzVC:
“We have signed an agreement with Big Sky Capital — this is our second international venture fund focused on Central Asia. Our investment amounts to $2 million and opens new opportunities for young entrepreneurs and startups in Uzbekistan.”

Adil Nurgozhin, Managing Partner of Big Sky Capital:
“We are actively building our pipeline and expanding our team in Uzbekistan. 2026 will be an exciting year — we have ambitious plans and strong expectations.”

Big Sky Capital has already launched the registration of its second fund in Uzbekistan and built a portfolio of regional companies, including three startups from Uzbekistan and five firms that have opened offices in the country. The fund closely collaborates on co-investment with UzVC, Aloqa Ventures, Uzcard Ventures, and SQB Ventures.

Why this matters:

For the first time, institutional investors of Kazakhstan and Uzbekistan are joining forces to strengthen a shared venture space. This partnership:

  • Expands access to capital for startups across Central Asia;
  • Signals regional maturity to global investors;
  • Creates a new magnet for international venture funds, tech companies, and founders.

This is just the beginning — Central Asia is entering a new chapter of cross-border VC collaboration.

This announcement is for informational purposes only and does not constitute an offer or invitation to invest in Alem Ventures Fund LP.

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