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Baker & McKenzie advises on the establishment of Kazakhstan growth fund

Baker & McKenzie has advised Samruk-Kazyna, a state investment corporation owned by the government of Kazakhstan, on a co-sponsored fund with the European Bank for Reconstruction an

Baker & McKenzie has advised Samruk-Kazyna, a state investment corporation owned by the government of Kazakhstan, on a co-sponsored fund with the European Bank for Reconstruction and Development.

The fund, to be known as the Kazakhstan Growth Fund, will invest in companies operating outside the oil and gas, mining and other extractive sectors, with a focus on Kazakhstan.

‘We are delighted to have acted for Samruk-Kazyna on this private equity fund sponsorship and we look forward to working closely with Samruk-Kazyna and the fund’s management team to make the Kazakhstan Growth Fund a success,’ says James Burdett, head of Baker & McKenzie’s London funds group.

Curtis Masters, a financial services partner in Baker & McKenzie’s Almaty office, says: "The success of the Kazakhstan Growth Fund will be an important factor in the Kazakhstani Government’s plans for the stabilisation of Kazakhstan’s economy during the current worldwide financial crisis."

Marat Aitenov, managing director of Samruk-Kazyna, adds: "We are very pleased to have achieved the launch of the Kazakhstan Growth Fund and value greatly the skill and expertise that Baker & McKenzie has brought to the transaction to secure this outcome with us".

The Baker & McKenzie team was led by Burdett and Masters and also included London funds associates Chris Gardner and Justin Mooney, London tax partner James MacLachlan and Almaty tax associate Igor Kolupayev.

The European Bank for Reconstruction and Development and Kazyna Capital Management, a wholly-owned subsidiary of Samruk-Kazyna, are cornerstone investors in the fund.

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