Franklin Templeton has officially begun its role as Fund Manager and Trustee of the National Investment Fund of the Republic of Uzbekistan (UzNIF), a state-owned investment vehicle established by presidential decree in August 2024 with an initial net asset value of $1.68 billion.

UzNIF holds minority stakes ranging from 20% to 40% in 18 key state-owned enterprises across sectors including energy, finance, transport, and telecommunications. The Government of Uzbekistan remains the sole shareholder.

 
The fund aims to enhance governance, efficiency, and profitability of its portfolio companies while attracting international investment. A key priority is to list UzNIF on both the Tashkent Stock Exchange and a leading international exchange.

To support fund operations, Franklin Templeton has opened a new office in Tashkent. The local team will work in coordination with Templeton Global Investments’ broader global network, which includes over 100 investment professionals across 17 countries. Marius Dan has been appointed General Director of the Uzbekistan entity.

According to Manraj Sekhon, CIO of Templeton Global Investments, the appointment reflects the firm’s long-term commitment to supporting Uzbekistan’s reform agenda and economic growth. The next phase will focus on preparing select companies for potential IPOs and expanding investor outreach.