Big Sky Capital is an international venture capital firm founded by Kazakhstani partners Adil Nurgozhin and Jahn (Zhan) Karsybaev. Their inaugural $20 million fund (Fund I) was announced in 2023. In December 2025, the team commenced fundraising for their second flagship vehicle (Fund II) targeting $50 million, and in January 2026, Venture Capital Journal cited Karsybaev reporting its successful close. RAEM examines what is publicly verified, where the capital originates, and how the fund bridges Central Asian tech with Silicon Valley.
Executive Dossier: Big Sky Capital at a Glance
| Metric / Parameter | Verified Fund Details |
|---|---|
| Managing Partners | Adil Nurgozhin and Jahn Karsybaev |
| Inception Year | 2022; Fund I formally announced in 2023 |
| Fund I Size | $20,000,000 |
| Fund I Portfolio | 29+ active portfolio companies; reported performance multiple of approx. 2.2x MOIC |
| Fund II Target Size | $50,000,000; announced close in January 2026 |
| Average Check Size | Fund I: approx. $200,000; Fund II: $500,000 to $1,500,000 |
| Geographic Hubs | Miami / San Francisco (USA), Singapore (Southeast Asia), Astana / Almaty (Central Asia) |
| Investment Focus | Enterprise AI and B2B SaaS; approx. 50% of portfolio concentrated in artificial intelligence |
| Official Web Portal | bigskycapital.vc |
The Transatlantic Investment Thesis
Big Sky Capital’s core investment thesis leverages regional valuation and engineering cost arbitrage. Central Asian tech founders often build exceptional engineering products at a fraction of Silicon Valley burn rates. However, regional domestic markets remain too small to support unicorn valuations.
Big Sky Capital identifies high-traction B2B SaaS and Enterprise AI startups across Kazakhstan, Uzbekistan, and Southeast Asia, helps them incorporate holding structures in Delaware or Singapore, introduces them to US enterprise clients, and leads subsequent institutional financing rounds with American co-investors.
Adil Nurgozhin’s Track Record in Regional Venture Capital
Co-founder Adil Nurgozhin is widely recognized as one of the pioneers of Kazakhstan’s institutional venture ecosystem. Prior to co-founding Big Sky Capital, Nurgozhin served as Managing Director at sovereign holding Baiterek and headed early-stage venture funds in Almaty, leading investments in regional fintech, EdTech, and enterprise software champions.
His partner Jahn Karsybaev brings deep corporate IT leadership experience in the United States, having served as a Chief Information Officer (CIO) and executive across several American technology and healthcare organizations.
With $50 million under management in Fund II, Big Sky Capital stands as one of the most capitalized independent venture institutions with Central Asian heritage, playing a pivotal role in exporting regional engineering talent onto global markets.
