Templeton Global Investments, a specialist investment manager of Franklin Templeton is pleased to announce the signing of an Investment Management Agreement (IMA) with the Ministry of Economy and Finance of Uzbekistan.
The National Investment Fund of the Republic of Uzbekistan (“UzNIF”) was established through the Decree of the President of the Republic of Uzbekistan on 27 August 2024. UzNIF owns strategic stakes ranging from 25% to 40% in some of the country's most important State-Owned Enterprises (“SOEs”). The Fund's primary goal is to drive long-term sustainable economic growth and development for the benefit of the people of Uzbekistan.
USD 1.93 billion
Valuation
2024
Year established
15
Number of portfolio companies
UzNIF and Franklin Templeton
Franklin Templeton Asset Management Foreign Enterprise Limited Liability Company, has been appointed as the Trustee and Manager of UzNIF, following the signing of an Investment Management Agreement with the Ministry of Economy and Finance of Uzbekistan. Investment management professionals of Franklin Templeton Asset Management Foreign Enterprise Limited Liability Company are part of Templeton Global Investments (“TGI”), a leading specialist investment manager of Franklin Templeton.
TGI is a pioneer in global and emerging markets, with decades of experience navigating financial markets. Partnering with the Ministry of Economy and Finance of Uzbekistan reflects Franklin Templeton’s mission to support clients achieve better outcomes, by contributing to Uzbekistan's economic reform program, aimed at enhancing the efficiency, profitability, and global appeal of the country's SOEs.
Key Highlights
- Investment Management Agreement (IMA): Franklin Templeton Asset Management Foreign Enterprise Limited Liability Company, a subsidiary of Franklin Resources Inc., has been appointed as the Trustee and Manager of UzNIF.
- Portfolio Value:UzNIF has been endowed with minority stakes in 15 SOEs, estimated to be valued at approximately USD 1.93 billion.
- Economic Reform: This partnership supports Uzbekistan's efforts to build stronger capabilities in key SOEs, attract international investments, and strengthen its capital markets.
- Global Stage: UzNIF represents a unique initiative that will showcase Uzbekistan's rapid economic modernisation to the global investment community.
- Experience and Expertise: With nearly 40 years of experience in emerging markets, Templeton Global Investments is well-positioned to drive the transformation of UzNIF's portfolio companies.
- Future Plans: The Fund is expected to be listed on both the Tashkent Stock Exchange (TSE) and a leading international stock exchange, enhancing its visibility and appeal to global investors.
- Local Presence: TGI has opened an office in Tashkent in April 2025 with a strong local team, supported by its global network.
- Track Record: TGI has a robust history of managing specialised emerging market funds, including Fondul Proprietatea, a London and Bucharest-listed Romanian closed-end fund with a peak market capitalisation of over USD 3 billion.
- Global Reach: TGI manages over USD 70 billion in assets, has offices in 19 countries and more than 100 dedicated investment professionals.
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