Why family offices are entering now
Family offices are increasingly diversifying beyond mature markets in search of long-duration growth exposure. Central Asia — Uzbekistan in particular — offers demographic scale, reform momentum, and under-penetration that align well with patient-capital objectives.
Access modes
- Direct minority or control positions in operating businesses
- GP-led fund exposure across PE, real estate, infrastructure, and credit
- Single-asset co-investments alongside a lead sponsor
- Structured products — preferred equity, mezzanine, and asset-backed instruments
Structuring considerations
Most family offices access the region through Cayman, Luxembourg, or Netherlands vehicles with SPVs and feeder structures tailored to each family's tax and regulatory needs. The key questions are governance rights, exit path, and how proceeds are repatriated.
Full write-up in preparation
Executive summary and highlights below. Full report available on request under NDA.