Central Asia Impact Fund (CAIF)

Central Asia Impact Fund (CAIF) is managed by AV Ventures and AV Frontiers, an investment management firm based in Bishkek, Kyrgyz Republic.  AV Frontiers is co-owned by AV Ventures and the Kyrgyz financial institution Frontiers.

Assets Under Management


Evergreen blended finance vehicle

Currently Raising


for follow-on regional fund



SMES in the pipeline, with $16M ready to deploy

Fund Size & Funders

  • CAIF is an evergreen (permanent capital) blended finance vehicle, anchored with $5.2 million investment from a private Kazak investor and ACDI/VOCA.
  • We are currently raising $30 million in follow-on funding for Central Asia Impact Fund (CAIF) anchored with $5.2 million investment from ACDI/VOCA and affiliates.

Investment Thesis

  • CAIF targets the vastly underserved SME sector, focusing on high growth potential firms with a capacity to create systemic or transformative changes in the regional economy.

Portfolio & Pipeline

  • Despite Covid disruptions in pipeline and portfolio building, CAIF approved and disbursed two investments for a total of $800,000.
  • Strong pipeline of 100+ SMEs across multiple sector; priority pipeline is valued at $8 million. Deep network of sectoral experts provide high quality, pre-vetted opportunities, reducing sourcing time and costs.