• Discover investment opportunities in Uzbekistan

    Quite simply, one of the most compelling investment cases in the world. Uzbekistan is a historically significant country, which has been artificially held back for decades and is now primed for growth.


2019 GDP per capita (Current US$)


2019 GDP Growth (Real)




2019 Gross Debt/GDP

Invest in Uzbekistan – why now?

A unique opportunity to invest in a country that has recently been through its ‘fall of the Berlin Wall’ moment: the rapid and widespread shift from a closed socialist state towards a free market economy. Having been closed off, Uzbekistan’s GDP per capita is artificially low and penetration levels of modern retail, consumer products, IT and financial services are at much lower levels relative to its peers. It is currently possible to invest in future industry-leading companies, and related enabling technologies, at their inception.


The Opportunity Why Sturgeon Further Info

Growth catalysts

Government reforms
  • Fundamental free market reforms (think Poland 1990, Georgia early 2000s).
  • Currency liberalisation, improved foreign relations and visa-free travel.
  • Belt & Road: Having removed FX restrictions, FDI is expected to flow into the country.
Private sector participation
  • A huge demand for the development of private enterprises to provide product and service innovation that meet the needs of 87 million consumers in the region.
  • A streamlined tax system incentivising private business.
  • Privatisation.
Macro downside protection
  • Large countercyclical FX reserves (54% GDP).
  • Low government debt-to-GDP (<25%).
Demographic dividend
  • A large young population (33m, largest in Central Asia), with 50% below the age of 25.
  • This is combined with high educational levels
  • The dynamics are similar to Vietnam or China at the beginning of their high growth stages.
One-off leveraging
  • Credit is very low across consumer, corporate and sovereign entities.
  • Opportunities for increased retail/SME lending present enormous opportunities for capital-light Fintech offerings.

A unique opportunity

Country facts

Central Asia’s most populous country.

Bukhara, a medieval city in Central Asia situated on the Silk Road, is over 2,000 years old.

The world’s largest open-pit gold mine is at Muruntau in the Qizilqum desert.


The government has embarked on a series of market-driven reforms, fostering privatisation and liberalisation.

Its local stock market has limited liquidity but attractive valuations.

The financial sector is undergoing profound transformation and is likely to be a key beneficiary of the reforms.

Uzbekistan is aspiring once again to become a place of integration and innovation. Over just the last two years, its reforms have captured global attention. Now you have the chance to capitalise on this momentum and pursue a path that will create inclusive growth throughout the country.

— Christine Lagarde, IMF Director (May 2019 in Tashkent)

Seizing the growth in frontier markets

Sturgeon’s investment team comprises of an experienced group of professionals based between London and Tashkent, Uzbekistan. Led by seasoned frontier markets experts, with over 15 years experience of investing in global markets including Uzbekistan and the wider region. With an in-country investment team, Sturgeon’s regional knowledge, expertise and network is unparalleled.

Why Sturgeon?

Our focused team of regional experts
  • Dedicated investment team, with collective experience of deploying $105 million in private equity within Uzbekistan and the wider region.
  • Pre-COVID19 we spent at least one week every month on the ground in Uzbekistan.
Our global network
  • Our local team and strategic partners ensure the highest quality deal flow and closely monitor potential risks.
  • Ability to utilise our network to bring high quality management to portfolio companies.
We have clear ambitions
Our responsibilities
  • To identify quality private businesses which we understand, run by management with a history of execution and whose interests are aligned with minority investors.
  • Actively research, assimilate and consider ESG & Impact factors: Sturgeon is signatory to the PRI and we map all investments to the Sustainable Development Goals.
We have begun allocating Fund capital
  • We have an extensive pipeline of immediately actionable deals.
  • Having held our first close, we have already begun deploying capital.
We have a Fund
  • We have assembled an exceptional group of Limited Partners.
  • Please contact us for an introductory conversation.


Sturgeon has invested in Central Asia for 15+ years


We only consider companies capable of generating +40% IRRs


We maintain active board representation on 100% of our companies

Further information

Find out more about Sturgeon Capital’s frontier markets expertise and discover our dedicated Uzbekistan private equity fund which is investing in this exciting country at a pivotal time in its history.

Find out more

Discover new opportunities to invest in frontier markets and find out more about our investment strategy in Uzbekistan.


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