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Uzbek government seeks professional manager for early-stage VC fund

Uzbek government seeks professional manager for early-stage VC fund
Photo: UzSAMA

Uzbekistan plans to outsource management of a state-backed venture capital fund to an experienced international VC firm. The fund, UzVC, has committed capital of approximately $1.5 million and will be mandated to invest inside the country.

The fund manager will have full discretion over capital allocation and other investment decisions. No sectoral or other restrictions will apply. 

Uzbekistan was one of the only countries globally to post positive economic growth in 2020; GDP is forecast to expand at approximately 5% this year; the country possesses an educated and growing population of 34 million; and the government is aggressively pursuing a broad array of economic, social and other reforms to liberalise the economy and open the country to the world.

“By seeding UzVC, we hope to attract a credible international partner that can bring expertise and a network of connections to our market. Our vision for UzVC is that over time it will grow to become a fund of funds, and act as a catalyst for creation of a venture ecosystem in Uzbekistan,” said Akmalkhon Ortikov, Director of Uzbekistan’s State Assets Management Agency, which oversees UzVC.

“Uzbeks are amazingly entrepreneurial. There is no dearth of quality Uzbek startups that require capital. Though the fund is currently small, we expect it will nonetheless have a major effect on the emergence of new-economy businesses and a venture capital culture in Uzbekistan,” Ortikov added,

Applications from prospective managers will be accepted on a rolling basis.