NBK boosts foreign fund investments to 1.65 trillion tenge
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The National Bank of Kazakhstan increased investments in foreign private equity funds by 12.4% to 1.65 trillion tenge in 2025, according to its consolidated financial report. The bulk of alternative investments are concentrated in North America and Western Europe, focusing on IT, telecoms, and healthcare. Gold price surges reshaped reserve composition, with the metal's share rising to 72%.
Investment Breakdown
Private equity funds, the largest category of alternative investments, grew 13.4% to 1.147 trillion tenge. Hedge fund investments rose 8.4% to 366.3 billion tenge, while real estate funds increased 15.7% to 141.1 billion tenge. Total financial instruments measured at fair value through profit or loss reached 1.686 trillion tenge, up nearly 12% year-on-year.
Geographic and Sector Allocation
Most alternative investments target North America and Western Europe. Private equity funds focus on IT, telecoms, and healthcare companies. The primary currency is the U.S. dollar, with some exposure to euros, sterling, and Australian dollars. Hedge funds employ strategies with low correlation to traditional markets, with beta typically between 0.3 and 0.4, reducing portfolio risk.
Gold-Driven Reserve Shift
The National Bank's consolidated assets rose nearly 30% to 41.3 trillion tenge in 2025, driven by gold. Gold holdings doubled to 24.1 trillion tenge due to purchases and a price surge from $2,610.85 to $4,307.95 per ounce. Gold's share of international reserves increased from 52% ($24 billion) to 72% ($47 billion). The bank capped gold's maximum share at 80% to maintain diversification.
What's Next
The National Bank will continue to manage its alternative investment portfolio under the strategy adopted in 2018. It remains unclear whether further gold purchases or price changes will trigger additional adjustments to the reserve composition.
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NBK boosts foreign fund investments to 1.65 trillion tenge
