MSM CAPITAL / Portfolio and projects

Assets that shape
the real economy

The MSM CAPITAL portfolio is diversified across five industries and four regions of Uzbekistan. Below is the allocation structure and the key areas of investment.

Portfolio allocation

A balance between growth and stability

The portfolio is balanced between growth assets and stable income-generating areas. Shares are given at fair value at the end of the reporting period.

2025year
Industry36%
Finance28%
Real estate20%
Energy16%
Key assets

Selected areas of the portfolio

Asset / areaSectorRegionStakeStatusDescription
Industrial clusterIndustryTashkent RegionControlDevelopmentMaterials manufacturing
Financial groupFinanceTashkentMinorityGrowthBanking and payment services
Development platformReal estateSamarkandJVConstructionCommercial real estate
Logistics operatorInfrastructureFerganacontrolStableWarehouse infrastructure
Real estate · Development
Finance · Services
Industry · Manufacturing
4
Industries in the portfolio
4
Regions of presence
10+
Portfolio companies
1 500+
Jobs