Uzbekistan Growth Equity Fund

Quite simply, one of the most compelling investment cases in the world

Sturgeon is the only investment manager offering a dedicated Uzbekistan Private Equity Fund, investing in this historically significant country, which has been artificially held back for decades and is now primed for growth.

Strategy Why Sturgeon Find Out More

Investment strategy

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:

Sustainable competitive advantage

Superior business models with significant barriers to entry and high returns on capital, that benefit from being in Uzbekistan.

Scalable business

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 +40%.

Strong governance

High-quality management teams with a track record of success, who have incentives clearly aligned with shareholders.

Attractive valuations

A company priced below a conservative assessment of intrinsic value, in turn providing a margin of safety.

Area of expertise

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.

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)

Why Sturgeon?

Our focused team of regional experts
  • 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 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

Investment team

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.

Alex Branton

Investment Director & Head of Business Development

Find out more

Our investment team is available to provide further details about this Fund.

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