Six Institutions Just Co-Founded a Regional Private Equity Fund: How to Map Warm Paths Through a Consortium of Sovereign and Pension LPs

On 23 October 2026 six institutions announced a proposed Central Asia and Caucasus Private Equity Fund, as we covered in our note on the consortium behind the new fund. The Eurasian Development Bank said it is a co-founder with China Investment Corporation, Oman Investment Authority, the Uzbekistan Fund for Reconstruction and Development, Turkey's OYAK pension fund and Shenwan Hongyuan Securities. No manager, fund size or stake has been disclosed. For a GP that makes the next question practical: when six investors with different mandates sit behind one vehicle, who do you approach first, and how do you reach them without a cold note?

What happened

A joint announcement named the six founders and said the fund aims to invest in companies in Central Asia and the Caucasus. Daniyar Imangaliyev, a deputy chairman of the development bank's management board, said companies in the region need long-term capital. Because the fund is described as proposed and the amounts are not public, this is a mapping exercise and not a pitch window.

The numbers

Two of the six founders are sovereign wealth funds, which is 33% of the count, and each of the other four, a pension fund, a state fund, a development bank and a securities firm, is 17%. Share of capital is undisclosed. That matters for warm paths because the investor with the most capital may not be the one that selects the manager, and the announcement does not say which it is.

How it compares to a single-LP approach

In an earlier note we showed that co-investors are your warmest route to fund LPs, and in another we mapped warm paths through the platforms an LP already backs. A consortium changes the maths of both. Instead of one relationship you need a route to at least one member, and ideally two that do not know each other as your only link.

The named LPs

The group spans China Investment Corporation and Oman Investment Authority, both state investors, and OYAK, a Turkish pension fund, alongside a development bank, a state fund from Uzbekistan and a securities firm. The announcements do not give AUM, past commitments, typical tickets or any history of backing first-time funds, so we make no Fund I or Fund II claim for any of them.

How to map the paths

This section is our advice, not guidance from the founders. Treat a warm path as a chain of named people and shared deals you can check, and build one chain per member.

First, list the six and write one line for each on what it is: a sovereign fund, a pension fund, a state fund, a multilateral bank or a securities firm. Each will care about different things in a manager, such as governance for a bank, reporting for a pension fund, and strategic fit for a sovereign. Second, for each member, find the managers it already works with from public sources such as its own announcements and portfolio news, and note any you know, because a shared manager is a warm introduction that costs nothing. Third, look for people who have moved between members or into the region, because former colleagues often remain the best referees. Fourth, check your own network for advisers and portfolio company executives who have worked with the development bank in the region, since a company reference carries more weight than a title.

Fifth, decide what you are asking for. With no manager named, a sensible first ask is a short call about your regional pipeline and a chance to be considered as a deal partner or co-investor, not a request for a commitment. Sixth, keep the note to a page: strategy, countries, fund number, vintage and one line on why a consortium would value your access. Our guide to warm paths to LPs lays out the sequence. Seventh, record who you contacted and when, so that two members do not receive conflicting messages from your team.

A one-page map you can build today

Make a sheet with six rows, one per founder, and four columns: what the institution is, the managers it has publicly backed, the people you know who have worked with it, and the next action with a date. Fill in only what you can source and mark the rest as unknown, so that nobody on your team treats a guess as a relationship. Then rank the rows by strength of path, not by size or prestige. A weak path into a large sovereign is worth less than a strong path into the development bank, because a founding member that is trusted by the others can carry your name into the room. Avoid contacting all six in the same week, and never imply that one member has endorsed you to another.

What to watch next

Watch for the formal launch of the fund, the appointment of a manager and any new investors that join. When a manager is named, the warm paths above turn into diligence calls. FundLinx members can see which institutions are allocating in your strategy.

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