About us

Highland Capital focuses on providing growth capital and support to businesses in Kyrgyzstan. We provide equity and mezzanine financing to SMEs to help them develop and grow into national and regional champions.

Our team is run by experienced investment professionals that combine best western practice with intimate local country knowledge. We started our operations in Bishkek in June 2014 and have a successfully history of sourcing, evaluating, and executing investments in Kyrgyzstan.

$23 million

Total funds raised

> 40 years

Combined investment management experience

9 investments

Approved transactions

$12.6 million

Approved investments

Why Highland Capital?

  • Impressive track record of investing in Kyrgyzstan
  • Strong investment team with previous Western investment management experience
  • $23 million in capital commitments from a diversified base of local and international investors. The first private equity fund to invest in SME’s in Kyrgyzstan, backed by leading International Financial Institutions – IFC and EBRD
  • GPs have a meaningful take in the fund, and therefore are aptly incentivised towards the success of its investments
  • Participation in the first institutional private equity fund to invest in SME’s in Kyrgyzstan
  • Invests in a rapidly growing economy, with a liberal currency and capital repatriation system, a rising middle-class population and a favourable macro environment
  • Highland Capital has developed its own Environmental Social Governance (ESG) Policy, which is an integral part of the Fund’s investment analysis and decision-making processes.
  • The Fund endeavors to ensure effective ESG management practices within the investment industry and promote acceptance and implementation of the internationally-accepted ESG principles.
  • Integrating these internationally accepted ESG principles into each of our investments positively contributes to our clients’ performance and, consequently, to the Country’s economy and well-being.

The fund focuses on two major themes:

Domestic demand and consumer- oriented sectors
  • food
    Consumer sector
  • telecom
  • house
    Residential and commercial real estate
  • education
Export driven sectors
  • organic
    Organic agriculture
  • food
    Dairy and meat processing
  • travel
  • service
    Software & Technology

* The fund provides growth capital in the form of equity or mezzanine investments in amount of $ 0.8 - 2.5 mln for 4 to 7 years.

Strategic transformation
  • Strategy formulation and planning
  • Compensation plans
  • HR consulting
Governance & institutionalism
  • Developing control systems
  • Enhancing reporting systems – including key performance markers
  • Introducing international financial and reporting standards
Technical support
  • Attracting specialist expertise
  • Identifying technical assistance programs
  • Supporting in international expansion
Financial Acumen
  • Identifying potential sources of co-financing
  • Assessing and determining an appropriate risk/reward capital structure
  • Benchmarking performance, valuations and returns
  • Other financial expertise

Case study



International Finance Corporation


European Bank for Reconstruction and Development


The Investment Promotion and Protection Agency of the Kyrgyz Republic


United States Agency for International Development (USAID)


Cholpon Jumashukurov
Senior Manager Partner
Eldan Usubakunov
Manager Partner
Mark Webber
Investment Committee Member
Gregory R. Serrurier
Investment Committee Member
Saniya Isakova
Investment Manager
Jazgulu Raiymbekova
Investment Manager

About Kyrgyzstan

Kyrgyz Republic is located at the heart of Eurasia benefitting from a border with China (#1 trading partner and #2 foreign investor) and a customs union with Russia.

Kyrgyzstan experinced remarkable economic growth over the past two decades. Between 2007 and 2017, Kyrgyzstan’s compound annual growth rate (CAGR) of GDP was 6.5%.

6.3 million
Literacy rate
99% of population
Age rate
60% under age 30
Visa-free regime
61 countries
Doing Business 2019
70 countries

Rising Economy

Rising Economy
Large SME landscape
  • 11,100 SMEs
    produce $3.0 bln worth goods & services
  • 39%
    GDP contribution of SMEs
  • 430k
    people employed by SMEs
Kyrgyzstan - Freedom Star in Central Asia
  • #1 country in capital freedom
  • #1 country in freedom of speech
  • #1 country in visa free access

Kyrgyzstan experinced remarkable economic growth over the past two decades. Between 2007 and 2017, Kyrgyzstan’s compound annual growth rate (CAGR) of GDP was 6.5%.

Private consumption is the main growth driver of the economy. From 2006 to 2016, average income per capita increased four times.


Get In Touch
With Us

Highland Private Equity and Mezzanine Fund

7 Bell Yard, London, United Kingdom, WC2A 2JR

Tel.: +44 20 3925 0395

Fax: +44 20 7183 3073

Investment Advisor of the Fund
125/1 Toktogul Street, 7th floor, Bishkek, Kyrgyz Republic, Tel: +996 312 961 935 info@highland.kg.
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