China Investment Corporation, Oman Investment Authority and four other institutions are setting up a Central Asia and Caucasus private equity fund, but its size, manager and timetable have not been disclosed.

Six institutions are establishing the Central Asia and Caucasus Private Equity Fund (CACPEF), according to a joint statement dated 23 October 2026 reported by Asia Asset Management and Trend. The backers are China Investment Corporation (CIC), Oman Investment Authority (OIA), the Uzbekistan Fund for Reconstruction and Development, Turkish military pension fund OYAK, the Eurasian Development Bank (EDB), and Chinese brokerage Shenwan Hongyuan Securities. No fund size, manager or closing date has been published.

TL;DR

  • CACPEF is a proposed private equity fund for Central Asia and the Caucasus, backed by two sovereign wealth funds, a development bank, a pension fund, a state fund and a brokerage.
  • Size, manager, fee terms, legal structure and launch date are not disclosed in the coverage reviewed.
  • For APAC allocators it is a signal of Chinese and Gulf capital heading to the region, not yet an investable product.

Who is behind the Central Asia and Caucasus Private Equity Fund?

CIC is China's sovereign wealth fund. OIA is Oman's sovereign wealth fund. The EDB is a multilateral development bank. OYAK is a Turkish military pension fund, as described by Asia Asset Management. Trend adds that sovereign wealth funds of Central Asian countries, regional development banks, pension funds and other financial institutions are also expected to participate, which is an expectation, not a commitment.

What will the fund invest in?

The EDB says the fund will invest in high-potential companies across Central Asia and the Caucasus, pooling long-term capital and industry resources to support the region's industrial development. EDB deputy chairman Daniyar Imangaliyev said regional companies need long-term capital to expand and enter new markets. Asia Asset Management links the initiative to the EDB's 2027 to 2031 strategy, which favours specialised investment vehicles.

Why does it matter for APAC investors, and what should allocators ask?

Two of the six backers, CIC and Shenwan Hongyuan, are Chinese, and OIA is a Gulf investor, so the vehicle links Asian and Middle Eastern capital to a frontier private equity market. That reading is editorial. Allocators weighing any eventual commitment would want to know the fund size, who manages it and on what fees, how decisions are governed among six sponsors, which currencies and exit routes apply, and how it differs from existing regional funds. None of those answers has been published. For context on how private equity is being sized across the region, see our coverage of Preqin's 2031 private equity forecast and Bain Capital's record Asia Fund VI.

What is not confirmed?

Fund size, manager, structure and timing are undisclosed. One online headline cites a US$500 million figure, but none of the coverage reviewed confirms it, so it is not used here. Dates vary slightly by outlet: Trend published on 23 October, 24.kg on 26 October and Asia Asset Management on 29 October.

Frequently Asked Questions

What is CACPEF?

The Central Asia and Caucasus Private Equity Fund is a proposed private equity fund being established by six institutions, including China Investment Corporation and Oman Investment Authority.

How big is the fund?

The size has not been disclosed in the coverage reviewed, and neither has the manager.

Can APAC investors commit to the fund?

Nothing published says the fund is open to outside investors. Trend reports that other sovereign funds, development banks, pension funds and financial institutions are expected to participate. This is not investment advice.

Sources and Method

Original rewrite based on Trend (23 October 2026), 24.kg citing the Eurasian Development Bank (26 October 2026) and Asia Asset Management (Goh Thean Eu, 29 October 2026). The EDB's own release was not opened directly. Descriptions of the sponsors are general context.