Highland Capital

We are very excited to announce the appointment of Kodirjon Norov as a Managing Partner, responsible for operations in Uzbekistan. This strategic expansion marks a significant milestone for Highland Capital as it continues to institutionalize and strengthen its presence across Central Asia.

“We are thrilled to welcome Kodirjon to the Highland team,” said Cholpon Jumashukurov. “His track record, wide network and deep understanding of the local market will be instrumental as we expand our footprint.”

Eldan Usubakunov says, “I am particularly excited to work hand-in-hand with Kodirjon and co-lead our operations in Uzbekistan. We share the same passion for investing and commitment to addressing challenges including the need for growth capital, food security, and women economic empowerment.” 

Kodirjon Norov commented on his new role, stating, “I am thrilled to join forces with Cholpon and Eldan at Highland Capital as we embark upon building an investment portfolio of leading private companies of Uzbekistan. We share the same values with the founders of Highland Capital and I look forward to working with our team to create value for our investors and portfolio companies.”

Prior to Highland, Kodirjon founded Avesta Investment Group, a leading investment and capital markets advisory firm operating in Uzbekistan and Turkmenistan since 2003. In 2014, he co-founded Stolik.uz, an online food delivery service. As a professional investor, at different times he founded and invested in companies in the field of insurance, outdoor advertising, printing, media and others. From 2002 to 2005, Kodirjon headed the investment department at the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU). From 2000 to 2002, he worked at Morgan Stanley (Interest rate derivatives strategy, Fixed Income Division) in New York and London. Prior to that, he interned at Deutsche Bank (Fixed income division) and Credit Suisse (Investment banking). Mr. Norov graduated from the Wharton School of the University of Pennsylvania in 2000 with a degree in finance and statistics.

Eldan Usubakunov, participated in the GPCA Climate Training in Singapore, a full-day event organized by the GPCA in collaboration with FMO. This training session is aimed to foster a deeper understanding and prompt action toward climate mitigation and adaptation within private capital portfolios.

The event covered critical topics such as:

• Climate Mitigation and Adaptation: Highlighting the urgent need for private capital portfolios to play a role in combating climate change.
• Physical and Transitional Risks of Climate Change: Presenting models to address and mitigate these risks effectively.
• Evolving Reporting Standards: Focusing on the importance of compliance with emerging standards, particularly in relation to Scope 1 and Scope 2 emissions.
• Pathways to Net Zero: Discussing strategies to transition private capital portfolios toward a "Net Zero" impact.

This initiative reflects our commitment to integrating climate-conscious practices into our investment strategy. As part of our long-term sustainability goals, we aim to not only mitigate risks but also capitalize on new investment opportunities that emerge from the global shift toward climate-friendly policies and innovations.

On September 13, 2023, Cholpon Jumashukurov and Eldan Usubakunov attended the SME Ventures Forum, an event co-sponsored by IFC and Proparco, held in Paris. The forum is a significant platform that brings together a broad network of SME fund managers and investors who are dedicated to supporting high-growth SMEs in some of the world’s most challenging markets.

During the GP Showcase session, Cholpon Jumashukurov presented Highland Capital's latest initiative, the Highland Central Asia Fund II, to a large and distinguished audience of LPs. This fund is designed to build on the success of Highland’s first fund, expanding its mandate to capitalize on emerging opportunities in the Central Asian region.

The SME Ventures Forum serves as an invaluable opportunity for participants to share knowledge, address challenges, and explore solutions in the evolving SME investment landscape. Highland Capital’s active participation underscores the firm’s commitment to driving growth and development in Central Asia by fostering investments in promising SMEs.

We are pleased to announce that Eldan Usubakunov and Cholpon Jumashukurov attended the EBRD Annual Meeting in Samarkand from May 16 to 18, 2023.

At the event, they had the honor of meeting with Anne Fossemalle, Director, Equity Funds at the EBRD. Additionally, the partners engaged in productive discussions with local companies, exploring potential cooperation and further expanding Highland Capital's pipeline of investment opportunities in Uzbekistan. This event solidified our commitment to fostering strong partnerships and supporting the growth of local SMEs.

The Fund signed an investment agreement with CJSC «UBS Transit», the flagship of the logistics industry of the Kyrgyz Republic. The investment will be used for the expansion and development of the company through the purchase of new trucks, which will increase not only the profitability, but also cargo traffic in general.

Founded in 2008, international transport and logistics company «UBS Transit» provides a full range of services that cover the entire supply chain - from logistics and warehousing to distribution and transportation. At the moment, it is the only logistics company in Kyrgyzstan, which has issued its own bonds on the Kyrgyz Stock Exchange and has the status of a Customs carrier.

«UBS Transit» is also the first and only logistics company in Kyrgyzstan to adopt the Corporate Governance Code and implement the Corporate Governance System.

By investing into one of the most important sectors of the economy, we believe that expansion of «UBS Transit» will contribute to the economic trade turnover and integration between Kyrgyzstan and other countries. As elsewhere in the world, Kyrgyzstan has seen a positive growth trend in the logistics sector over the past few years.

The Fund signed an investment agreement of 1 million USD with Pena - the fastest growing national car wash brand within the growing self-service car wash industry. Investments from Highland Capital will help Pena in their plans to expand and open new locations in Bishkek city.

Pena is a self-service car wash network that was founded in 2021 by Nurbek Aibashov, an ambitious entrepreneur and film producer. During this time the company has achieved good results: two successfully operating locations and six more under construction; the franchise brand of Pena with fully automated and optimized processes.

While the self-service car wash sector was already well developed in foreign markets, in Kyrgyzstan it is just beginning to gain momentum. In this regard, Pena entered the market at the right time and was able to create a large-scale brand with international standards.

The Fund committed to invest $2 million in construction of a residential complex in southern part of Bishkek with total area of 59 thousand sqm for middle-class families. The project is implemented by a top-3 development company in Kyrgyzstan, which is reputable in the local market for meeting construction deadlines, providing post-sale customer service and high standards of construction quality. The complex is located in a new residential area with developed infrastructure and better quality of air as compared to other areas of Bishkek. The developing company committed to complete the construction in 2024

The Fund announces its acquisition of an equity stake in Cool Bro’s, one of the largest garment manufacturers in the Kyrgyz Republic. Total size of investment is $1,500,000 to be used to support expansion of Cool Bro’s activities.

Cool Bro’s is a producer of cotton knitwear with 15 years of experience. The Company was founded by Suimonkul Joldubaev, a passionate and ambitious entrepreneur. It operates three factories and employs 1,500 people in total. The garments are exported to the markets of Russia, Kazakhstan and other countries. The company has obtained EEU conformance certificate and Standard 100 by OEKO-TEX certificate obtained in 2021 - one of the world's best-known labels for textiles.

Suimonkul Joldubaev, a founder of Cool Bro’s, said: “We started communicating with Highland Capital a while ago and at some point realized that the partnership between the companies would create significant synergies. We see Highland Capital as a ‘smart money’ investor in this transaction — Highland Capital’s experience in developing corporate governance practices and management systems coupled with our expertise will significantly accelerate the development of Cool Bro’s.”

Cholpon Jumashukurov said: “The Kyrgyz garment sector is one of priority sectors of the economy of the Kyrgyz Republic with a high export share. Highland is excited to partner with Cool Bro’s and support its rapid growth, which will affect the development of industry as a whole. We look forward to taking the Cool Bro’s to the next level of development.”

The Kyrgyz garment manufacturing sector has been growing over years driven by its inherent competitive advantages in supplying Russian and other CIS countries: low labor costs, proximity, common culture, absence of a language barrier and favorable customs agreements. Within this thriving sector Cool Bro’s has been one of the leading players.

About Cool Bro’s

Cool Bro’s specializes in producing cotton underwear, leggings, shorts, pants, skirts, T-shirts, blouses, and jackets. It operates factories with annual production capacity of more than 20 million units of garment and employs 1,500 people in total. For more information, please visit www.coolbrs.com

The Fund invested $1.5 million in construction of an affordable multi-family apartment complex in Bishkek with total area of 70 thousand sqm. The residential complex has convenient location next to big hypermarket, shopping mall near intersection of two large important transportation arteries in the eastern part of Bishkek. The area has been developing during last 7 years and turned into an attractive residential area. The project targets demand for affordable housing with flexible payment terms up to 5 years installment plans. The developing company committed to complete the construction in 2024

The Fund announces its final close at $23 million of capital commitments. EBRD has provided a commitment of $8 million in the final closing. In August 2018, the Fund held first close with capital commitments of $15 million, including $8 million from IFC, a member of the World Bank Group, and $7 million from private investors and General Partner.

Since launch, the Fund is actively investing into Kyrgyz companies and targets to deploy the remaining funds within two years.

Cholpon Jumashukurov said: “We are very pleased to welcome our new investor EBRD. EBRD’s participation in our Fund contributes to the development of the private equity industry of Kyrgyzstan as well as its economy.”

The Fund will continue its focus on providing equity and mezzanine financing targeting local SMEs in services, agricultural processing, healthcare, education, retail and TMT. Investments ranges from $0.8 million to $3.0 million.

About EBRD

European Bank for Reconstruction and Development (EBRD) is an international commercial organization, the major role of which is to provide assistance to the countries of Central and Eastern Europe and Commonwealth of Independent States in building market economy. It has been established in 1991 and since played a historic role and gained unique expertise in fostering change in the region - and beyond -, investing more than €140 billion in a total of over 5,600 projects.

About IFC

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

The Fund has committed $1.6 million to the construction of a state-of-the-art business center in Bishkek, Kyrgyzstan. The project will provide modern office spaces, fostering economic growth and supporting local and international businesses. This investment aligns with Highland Capital's mission to promote SME development in Central Asia, creating a vibrant hub for business activity.

The Fund has signed an investment agreement with Icon Development for $1.8 million. The investment will be directed toward the construction of the Malina residential complex, a state-of-the-art project featuring modern Dutch architectural design. This development will set new standards for living in Bishkek.

Highland Capital has sponsored Bishkek Investment Forum (BIF) 2019, which was held on October 10-11 at Cultural and Ethnographic Complex Dasmia under “The Future is Now” slogan. Main topics were IT and access to financial technology, women's entrepreneurship, green technology and e-commerce. The Forum was attended by over 1000 visitors from Kyrgyzstan and neighboring countries representing a wide spectrum of industries, from both the private and public sectors.

This year, together with the BIF, an important event for regional business was held – the International Franchise and Trade Expo providing opportunities to businesses from the United States, European Union countries, and Middle East countries to build and expand brand exposure in Kyrgyzstan and among other Central Asian countries.

Highland Capital has conducted 2 master classes to raise awareness in the field of new financial instruments and trends. Master classes were held by Highland Capital team together with Mr. Mirsaid Kupuev, who has more than 7 years of experience in PE Funds (currently at NBK Capital Partners). The speakers introduced innovative financial products offered by Private Equity funds and Highland Capital specifically. Mr. Mirsaid Kupuev also took part in plenary discussion on the subject of “Central Asia - strong growth with the world”.

About BIF​​​​​​​​​​​​​​

Bishkek Investment Forum (BIF) is a platform where small and medium-sized businesses meet with large businesses, domestic and foreign investors, representatives of government agencies, international and local organizations, embassies and the business community. The Forum presents the most successful and promising business projects, the participants discusses the expected trends and changes in the economy, business environment and financial sector, as well as new vectors of cooperation for entrepreneurs.



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SME Ventures Forum is an annual forum hosted by IFC for investment funds. This forum provides an excellent opportunity to gain new knowledge in the field of investment fund management, as well as the opportunity to exchange experience with colleagues from other countries.

During the forum, the team also completed advanced training courses (Bain and Company, BVCA).

One of the leading private schools in Bishkek received a $1 million investment to expand and build an additional building.

The Fund announces its investment in Kupuev Academy, a leading provider of pre-school and school education in Osh city. $800,000 of growth capital investment enabled the further development of the Academy, initially formed in 2013, by supporting the construction of modern purpose-built facility to provide world class K-11 private education in the South of Kyrgyzstan.

New facility, officially opened on 30th of October 30 2019, is the second campus of Kupuev Academy and features bright modern classrooms that can house up to 330 students. The school is located in the central part of Osh, near major residential and commercial centers. The Academy curriculum is based on the Ministry of Education standards with enhanced emphasis on math & sciences, English language and further supplemented by extracurricular activities aimed at fostering creativity and critical thinking of pupils. The backers of this school are western-educated progressive professionals who have embraced the objective of providing education that meets commercial and social targets.

Aselia Kupueva, one of the founders of Kupuev Academy, said: “Kupuev Academy has been growing and becoming one of the widely acknowledged brands in the education sector of South region. Our team is excited to partner with Highland Capital, a Kyrgyzstan’s first institutional investment fund. We believe Highland Capital is a like-minded partner that shares our values and culture. This investment will solidify our position as a leading school in South region, enabling us to equip our students to become global leaders of tomorrow.”

Cholponbek Jumashukurov said: “Highland is committed to developing the education sector in the country and excited to partner with Kupuev family in their passion to develop our education. We look forward to taking the Kupuev Academy to the next level of development.”

The education sector is vital for Kyrgyzstan’s future given that 37% of the population are under the age of 19. The city of Osh alone has more than 66 thousand students with insignificant amount enrolled in private schools.

About Kupuev Academy

Kupuev Academy is a licensed educational provider with two campuses in Osh, Kyrgyz Republic. The school was founded in 2013 and has 290 students. The founders are Western-educated business and finance professionals passionate about education. For more information, please visit www.kupuev.academy.

On May 31, 2019, Highland Capital participated in the investment forum “Small Business - Together to Success” arranged by the European Bank for Reconstruction and Development (EBRD). The forum gathered around 300 representatives of Kyrgyz SMEs, as well as key players of the financial market. Cholpon Jumashukurov spoke in the plenary discussion, while other team members of the Fund participated in the B2B sessions and provided advice on attracting alternative sources of growth capital for SMEs.

In April 2019, Highland Capital hosted a delegation of institutional investors, including the EBRD. Over a week, the investors explored the Funds's portfolio, team, and processes while gaining insights into Kyrgyzstan's economy and financial market.

The Fund has invested in Kant TSP, a leading construction materials producer in the Kyrgyz Republic, supporting further development. Investments will enable Kant TSP to launch the factory in the South of the country, which in turn will significantly reduce operational expenses of the company and expand availability of locally made construction materials to the South of the country.

Kant TSP is one of the largest producers of roofing slates in the region. It is the only enterprise within the territory of the Kyrgyz Republic, which produces the high-quality chrysotile-cement products confirmed by the government certificates for each type of products. Kant TSP is already a proven market leader with strong growth potentials.

Construction sector takes a leading position in the economic development of the Kyrgyzstan and overall plays crucial role in developing countries

The official presentation of the Fund was held on November 1st, 2018 at the Orion hotel. The presentation gathered representatives of local businesses, international financial organizations and state bodies, including Agency for the Promotion and Protection of Investments of the Kyrgyz Republic.

During the presentation, the Head of the International Finance Corporation in Kyrgyzstan, Martin Negele, noted the following: “We believe that the Kyrgyz Republic is a priority for us, it is a strategic country. You see that good factors of economic development play more and more role in the region. We believe that it is a good time to invest in the real sector”

Cholpon Jumashuurov, highlighted main criteria for enterprises: “It must be a break-even business with a high growth potential and high turnover and entrepreneurs must be with high ambitions who need to reach the next level of further development and business knowledge”

Kyrgyz Deputy Economy Minister, Eldar Abakirov, also commented on the opening of the Fund: “This indicates an improvement of the investment climate in our country and investors are confident in our private business. We, as a state, are supporting the investment environment as a whole from the legislation point of view of and in terms of execution".

SME Ventures Forum is an annual forum hosted by IFC for investment funds. This forum provides an excellent opportunity to gain new knowledge in the field of investment fund management, as well as the opportunity to exchange experience with colleagues from other countries. Institutional investors such as CDC, Norfund, EBRD, DGGF, Shell Foundation, SIFEM/Obviam, FMO were also invited to the Forum. During the forum, Highland Capital had the opportunity to present the Fund to institutional investors.

The Fund announced the first closing with $15 million in capital commitments. The fund seeks total $30 million and expects to hold the final close by August 2019.

IFC, a member of the World Bank Group, is investing $8 million in the fund to help expand access to finance for small and medium enterprises (SMEs) in the Kyrgyz Republic. In addition to IFC, Gregory Serrurier, the fund’s first international investor, and Emil Umetaliev, a reputable local businessman, are among the fund’s investors.

With currently $15 million in capital commitments, the new Highland Private Equity and Mezzanine Fund is the institutional private equity fund in the Kyrgyz Republic. The fund will provide equity and quasi-equity financing to local SMEs in services, agricultural processing, healthcare, education, telecommunications, media, and technology. This is critical because smaller business across the country often struggle to access the capital they need to expand. The fund will provide growth capital of $800,000 to $5.0 million, generating attractive investment returns while promoting job creation and economic growth.

Cholpon Jumashukurov said: “We are thrilled to have built a diversified base of high‐caliber investors, including IFC and other private investors. We are also thankful to Emil Umetaliev and Gregory Serrurier, who trusted our team and approach by investing in our fund. Our investment approach fits the local market very well as it addresses the huge deficit of risk capital. We see a large number of compelling investment opportunities and we favor investments, where our team can add significant value beyond capital provision.”

IFC’s financing is helping Highland Private Equity and Mezzanine Fund to provide risk capital to up to 15 SMEs in the form of equity and quasi-equity financing while helping them develop strong management systems and corporate governance practices. Highland Capital seeks total $30 million and expects to hold the final close of the fund by August 2019.

“IFC’s investment is part of our broader efforts to foster investments in SMEs while spurring the creation of a local private equity market,” said Cassandra Colbert, IFC Regional Manager for Central Asia. “By supporting the country’s first local private equity fund, we hope to send a strong signal to other investors thinking of entering the Kyrgyz private equity market.”

Highland Capital’s local knowledge and customized investment approach are well-positioned to capitalize on the country’s rapidly growing sectors, its liberal currency and capital repatriation system, rising middle-class population, and favorable macro environment.

Highland Capital proudly sponsored the Bishkek Investment Forum (BIF) 2016, held on December 8 at the Damas Hotel. The forum, designed to connect investors with local entrepreneurs, featured Cholpon Jumashukurov as a keynote speaker. Highland Capital's involvement underscored its commitment to fostering economic growth and development in Kyrgyzstan.

The company "Grigorievsky Sad", located in the village Grigorievka (Issyk-Kul region, Kyrgyzstan), is engaged in the production of direct-pressed juices from local organic fruits under the "Nakktai" trademark. Juices "Nakktai" are 100% natural juices of direct extraction, produced by mechanical pressing of fresh, natural fruits and vegetables grown in Issyk Kul region.

Cholpon Jumashukurov and Eldan Usubakunov participated in Private Equity Masterclass in Hong Kong held by EMPEA (Emerging Market Private Equity Association) and Asia Private Equity Forum 2016.

The masterclass was useful and the knowledge that was obtained was later used to form the concept and basic conditions of the Fund.

First meetings with potential investors of the Fund were held during this trip to Hong Kong.

Adal Azyk LLC is a top-3 producer of sausages in Kyrgyzstan with well-regarded brand name “Toyboss” and direct distribution channels. The company is owned and managed by three brothers: self-made entrepreneurs with a good reputation.

Toyboss has been demonstrating strong performance growing at a large rate. Recently it has built a brand-new production facility and own slaughterhouse, which increased the capacity manyfold. In 2017, the company received FSSC and ISO certifications that allows the company exporting to Kazakhstan and other member countries of the Eurasian Economic Union.

“Burger House (“BH”) is a fast casual restaurant specialised on “better burgers”. Investment in BH provided an opportunity to be the first mono burger concept in Bishkek and address this empty market niche. BH’s concept of better quality ingredients with quick service benefits from a global shift from fast food to fast casual sector. BH offers an opportunity to develop a premium local consumer brand based on local high quality fresh meat and ingredients vs. buying a global fast food franchise and using imported frozen ingredients. Engagement with Maverick Consultants, US-based restaurant consulting company with 15+ years of experience, helped to launch the restaurant and lowered the start-up risk.”