American asset management firm Franklin Templeton has officially begun managing the National Investment Fund of the Republic of Uzbekistan (UzNIF), according to a press release published on the fund’s website.
UzNIF was established to stimulate economic growth, attract foreign investment, and advance Uzbekistan’s capital markets. Created by presidential decree on August 27, 2024, the fund holds minority stakes—ranging from 20 to 40 percent—in 18 key state-owned enterprises, including banks and major industrial companies. The fund’s total asset value is estimated at $1.68 billion, with the government remaining its sole shareholder.
The portfolio of companies and the stakes transferred to UzNIF include:
Navoiyazot — 25%
Regional Electric Networks — 40%
Thermal Power Stations — 25%
People’s Bank — 30%
Uzbekhydroenergo — 20%
Microcreditbank — 40%
Uzbektelecom — 25%
Business Development Bank — 25%
Uzbekistan Airways — 25%
Uzbekistan Airports — 25%
Temiryulinfratuzilma — 25%
Hududgazta’minot — 40%
Toshshahartanskhizmat — 25%
Uzbekistan Post — 25%
National Electric Networks of Uzbekistan — 40%
Uzbekistan Republican Commodity Exchange — 40%
Uzinsurance (Uzbekinvest) — 20%
Uzsuvta’minot (Water Utility Company) — 40%
Franklin Templeton has been appointed as the fund’s fiduciary manager. One of its immediate priorities will be preparing UzNIF for public listing on the Tashkent Stock Exchange and leading international platforms.
Founded in New York in 1947 and headquartered in San Mateo, California, Franklin Templeton is one of the world’s largest investment management firms, with more than $1.4 trillion in assets under management. The company operates in over 30 countries, providing services to both institutional and retail investors. Its core business includes asset management, the promotion of international corporate governance standards, and driving financial performance.
Franklin Templeton emphasized its extensive experience managing similar sovereign funds in developing economies. The company expects that professional oversight and global engagement will position UzNIF as an attractive vehicle for international investors and bring long-term benefits to Uzbekistan’s economy and population.
In the near term, UzNIF will focus on preparing for an initial public offering (IPO), organizing investor roadshows, and engaging with international stakeholders.
