OIA, UFRD and UzOman Signed Framework Agreement to Establish USD 500 Million Central Asia and Caucasus Private Equity Fund

17 June, 2026

Oman Investment Authority (OIA), the Fund for Reconstruction and Development of Uzbekistan (UFRD), and the Uzbek-Oman Investment Company (UzOman) today signed a Framework Agreement for the establishment of the Central Asia and Caucasus Private Equity Fund (the “fund”), a regional multi country investment platform with a target size of approx. USD 500 million.  

The Fund is intended to focus on Investments in high-growth sectors across Central Asia and the Caucasus, with a particular focus on logistics, e-commerce, consumer goods, food processing and mining. Initial investments are expected to target compelling opportunities in Uzbekistan, Kazakhstan as well as other countries of Central Asia and Caucasus.    

Under the agreed framework, OIA and UFRD will each provide anchor commitments of USD 50 million, while the remaining capital is being raised from leading international institutional investors, sovereign funds and third-party limited partners.

The initiative represents a significant step towards strengthening regional investment cooperation and mobilizing long-term capital to support sustainable economic growth and private sector development across the region.  

Under the partnership, UFRD will contribute its extensive regional expertise and deal sourcing capabilities, while OIA will leverage its international investment experience and broad network of global co-investors. UzOman will act as the primary operational vehicle, coordinating the preparatory work and facilitating collaboration among the parties.  

The establishment of the Fund reflects the shared vision of OIA, UFRD and UzOman to create a leading regional private equity platform capable of attracting international capital and unlocking investment opportunities across key sectors of the economy in this dynamic and rapidly evolving region.

The Fund will be managed by Jabal Asset Management (JAM), an Oman-based investment manager with capabilities across both public markets and alternative investments including private equity, private credit, real assets and strategic investments across emerging markets. JAM has extensive experience in structuring and managing investment platforms, with a particular focus on the Middle East, Central Asia and other high-growth regions. Through its regional network, investment expertise and institutional governance framework, JAM will be responsible for the Fund's investment management, fundraising, portfolio development and value creation activities.

The establishment of the Fund was supported and advised by Oman Investment Bank (OIB), which acted as the structuring and facilitation advisor throughout the development process. OIB assisted the parties in designing the Fund’s investment and governance framework, coordinating stakeholder engagement, and leading fundraising activities aimed at attracting international investors and strategic limited partners to the platform. Headquartered in Muscat, Oman, OIB is a leading Emerging Markets investment banking and markets firm with a strong track record in private equity, capital markets, mergers and acquisitions, and cross-border investments across the Middle East, Central Asia and more broadly across emerging markets.