Jefferies to Support Successful IPO of the National Investment Fund

Tashkent, Uzbekistan (UzDaily.com) — As part of his business program in New York, the President of the Republic of Uzbekistan, Shavkat Mirziyoyev, held a meeting with Brian Friedman, President of the investment firm Jefferies.

Jefferies is one of the leading independent investment firms in the United States, managing assets of approximately US$65 billion.

During the discussions, the parties explored the company’s role in promoting the National Investment Fund of Uzbekistan and attracting strategic investors for the Fund’s assets, including bringing projects to the international market through an IPO.

The National Investment Fund of the Republic of Uzbekistan was established in 2024 by Presidential Decree dated August 27. It is a joint-stock company holding strategic stakes in state-owned enterprises in Uzbekistan. Initially, the Government of Uzbekistan will be the sole shareholder of the Fund. A key objective for the fiduciary manager is to facilitate the listing of the Fund’s shares both on the Tashkent Stock Exchange and on leading international markets.

Templeton Global Investments, part of Franklin Templeton Investment Management, has signed an agreement with the Ministry of Economy and Finance of Uzbekistan to manage the Fund’s investments.

Under the agreement, minority stakes in 18 state-owned enterprises, valued at approximately US$1.5 billion according to Franklin Templeton, will be transferred to the Fund’s management.