Uzbekistan Growth Equity Fund
Quite simply, one of the most compelling investment cases in the world
Sturgeon invests in superior business models with significant barriers to entry and high returns on capital. We only consider private businesses with the potential to leverage Uzbekistan’s growth and become industry leaders in their respective sectors. Mirroring the success stories in neighbouring countries, Sturgeon will cultivate what we believe will become the country’s leading ecosystem for consumers, incorporating financials, eCommerce and technology-enabled businesses.
The team adopts a data-driven approach to both investment and operational decisions. Prior to investing, Sturgeon works with the management teams of portfolio companies to ensure the necessary data infrastructure is in place. This allows the investment team to make judgements through data/facts, which we believe combined with our collective investment experience, leads to optimal outcomes.
The characteristics that we demand from our portfolio companies include:
Superior business models with significant barriers to entry and high returns on capital, that benefit from being in Uzbekistan.
A long runway for growth, with the opportunity to redeploy capital at high rates. We only look for businesses that can meet Sturgeon’s threshold hard currency IRR of +50%.
High-quality management teams with a track record of success, who have incentives clearly aligned with shareholders.
A company priced below a conservative assessment of intrinsic value, in turn providing a margin of safety.
Sturgeon has a strong understanding of how to add value to businesses. We work closely with management or utilise our network to bring in new industry operators whom we are confident can realise our vision.
- Dedicated 6-person investment team, with collective experience of deploying $105 million in private equity within Uzbekistan and the wider region.
- We spend at least one week every month on the ground in Uzbekistan.
- 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 want to build one of the highest performing Frontier market franchises globally.
- 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 an extensive pipeline of immediately actionable deals.
- Having held our first close, we have already begun deploying capital.
- 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
Sturgeon’s 6-person investment team comprises of an experienced group of professionals based between London and Tashkent. Led by seasoned Central Asia experts, with over 15 years experience of investing in Uzbekistan and the wider region, alongside an in-country investment team, Sturgeon’s regional knowledge, expertise and network is unparalleled.
Find out more
Our investment team is available to provide further details about this Fund.
Latest news & insights
Press release: Central Asia Investment Specialist, Sturgeon Capital, Announces the Successful ‘First Close’ of their Uzbekistan Private Equity Fund
The Economist names Uzbekistan as the most improved country in its annual ‘country of the year’ awards. In a world in which the magazine characterises as defined by belligerent nationalism, ‘no other country travelled as far’ as Uzbekistan in 2019.