Central Asia’s M&A surge: What’s driving investor interest?

The inflow of Asian capital into the Eurasian region reached $20 billion in 2025, despite a global slowdown in investment activity, according to the Eurasian Development Bank. 

Central Asia continues to account for the majority of this activity, attracting around 57% of investment, with Kazakhstan, Uzbekistan, and Turkmenistan as key destinations. 

We spoke with Aizhan Mussakhanova, Vice President at ScholzvonGleich, an independent investment bank. She explained what’s driving this momentum, how investor behavior is evolving, and the realities of executing deals in the region.

Q. You started your career in corporate services at ScholzvonGleich. What made you move into investment banking? 

Corporate services gave me an understanding of how deals are put together through client onboarding and the day-to-day coordination of transactions. 

Over time, I became more involved in the deals themselves, preparing pitches, attending client meetings, and working on documentation. This brought me closer to the key decisions, and I enjoyed being part of that process. 

Working at a firm like SvG, which is how we tend to refer to ScholzvonGleich, made the transition relatively simple. Our team is lean and people wear lots of hats, so I was always exposed to the deals we worked on. That gave me a good foundation and made the move into investment banking feel like a natural next step.

Q. What most surprised you about investment banking when you first started?

I originally thought technical skills would be the most important part of the role. To that end, I completed a finance and management degree to support my move into banking.

However, I soon realized that soft skills are what carry you through an M&A transaction. You spend a lot of time working with management teams, founders, and other stakeholders, and success is ultimately measured by how well you serve the client and whether you get the deal across the line. You can only achieve that if you’re proactive, patient, and even empathetic. 

I’ve seen analysts with strong academic backgrounds struggle in the role. Technical know-how might get you in the room, but the way you think, communicate, and present yourself is what keeps you there. 

I was fortunate to have a great boss who became a mentor. He stressed the importance of seeing the bigger picture in M&A transactions and staying focused on outcomes. This has shaped how I prioritize my time and work with clients.

Q. What’s been the most memorable deal in your career so far? 

My most memorable deal was actually the fastest transaction I’ve worked on. 

We were mandated to bring in an international investor for a major Uzbek bank to help scale its microfinance business. The deal was also of national importance. Shortly after we began, a presidential decree reinforced microfinance as a key economic priority for Uzbekistan.

What made the deal memorable was the combination of speed, scale, and complexity. We approached 130+ investors across a broad universe: private equity funds, microfinance investment vehicles, international financial institutions (IFIs), fintechs, and traditional banks. 

From there, we narrowed it to 27 interested parties, then eight shortlisted investors, and ultimately two final bidders. It took just four months from talking to potential investors to selecting the preferred investor, and the joint venture was signed shortly after.

It really shows what’s possible when strong preparation, the right advisor, and timing come together. Even in more developed markets, that kind of speed on a deal of this complexity is rare, especially when working with state-owned entities.

Q. Kazakhstan is targeting $62.7 billion in total investment for 2026. Where are you currently seeing the most activity?

Mining and critical minerals is currently the most active area, which isn’t surprising given the country’s geological potential. Over the past two years, we’ve seen real momentum in tungsten, lithium, rare earths, and copper, with growing interest from Western investors who previously had very limited exposure to Central Asia.

More broadly, what stands out is how much the market has widened. Financial services continues steadily, energy spans both traditional and renewable assets, and consumer and digital businesses are attracting capital. Logistics and infrastructure are also seeing strong demand, driven by the Middle Corridor. 

A few years ago, investment in Central Asia was confined to a handful of sectors. Today, activity is spread across sectors of the economy, and that shift is the more important story. 

Q. Are more international investors and financial sponsors entering the market?

We are seeing increasing interest from international investors and sponsors, with Uzbekistan attracting particular attention due to its reform agenda.

What’s also changing is the type of deal being done. It’s no longer just early-stage exploration capital or commodity plays. There’s an increasing appetite for value-add infrastructure and long-term joint ventures that anchor investors in the region. 

That shift is important because it shapes our role as advisors. Investors don’t just want to execute transactions. They’re focused on structuring partnerships and ensuring these deals work over a 10-20 year time horizon. 

That said, the conversion from initial interest to completed transactions is slower than headline activity would suggest. Investors take time to get comfortable with the country’s governance, legal framework, and exit routes, and we play a key role in bridging the gap between the local context and their expectations.

Q. How are Central Asian businesses preparing themselves to become more attractive to investors? 

We’re seeing a focus on strengthening corporate governance and board structures. Many companies are moving toward IFRS reporting, bringing in Big Four audits, clarifying legal structures and ownership, and building ESG frameworks.

Leading companies are making progress, particularly those that have already completed cross-border transactions or secured financing from international capital markets, like Eurobonds. However, the broader market still has work to do.

As advisors, we’re focused on helping clients understand what true investor readiness looks like in reality before they go to market.

Q. What typically differentiates successful deals in Central Asia from those that don’t close?

Successful deals tend to share a few key characteristics, which are generally established before valuation and negotiation discussions even begin. 

First, the seller comes to the process genuinely prepared, with realistic valuation expectations grounded in market reality rather than aspiration. Just as importantly, founders, management, and shareholders are aligned internally on the decision to sell. This sounds obvious, but it’s often where deals quietly fall apart. 

Second, there’s a clear focus not just on price, but on selecting the right investor. This needs to be someone whose vision and capabilities genuinely fit the business. 

On our side, disciplined process management and cultural understanding are critical, particularly in aligning expectations between international, regional, and local stakeholders, which can differ significantly. 

Q. Looking ahead, which themes do you think are currently underappreciated by investors but could drive the next wave of M&A activity? 

In my view, there are two themes that are still underappreciated.

The first is healthcare and pharmaceuticals. Central Asia has a rising middle class that is spending more on healthcare, and a high level of import dependency in pharma. That combination creates opportunity, both for building local capacity and for consolidation. International investors haven’t focused on it yet, but the fundamentals are there. 

The second is education and edtech. With one of the world’s youngest and fastest-growing populations and governments that are actively pursuing education reform, the sector is poised for long-term growth. Private capital that enters early and partners with the right local players has the potential to build scalable, market-leading platforms.