Cargo hub, data center and 60 companies: How Turlov Private Holding is growing
Turlov Private Holding Ltd. (TPH), which consolidates businessman Timur Turlov’s private investments, will focus on developing its existing assets, CEO Olga Baskakova said. Key priorities include establishing an air cargo hub in Karaganda, building a $500 million data center in Astana and developing various industrial enterprises. Baskakova spoke about the group’s strategy at a press breakfast on Oct. 8.
Turlov’s private holding invests in sectors such as mining, transport, logistics, aviation, technology, media, education and sports. Its portfolio includes more than 60 companies. Unlike the publicly traded Freedom Holding Corp., TPH focuses primarily on long-term strategic investments, including capital-intensive projects.
As Baskakova noted, the holding’s investment portfolio is constantly evolving. The company establishes new enterprises and acquires stakes in existing businesses to help them expand operations.
«Our major task right now is to develop our existing projects. We certainly have no plans to diversify the portfolio any time soon,» Baskakova said.
In the coming years, the holding will primarily focus on scaling up existing projects. At the same time, TPH will continue to evaluate investment opportunities within key sectors of Kazakhstan’s economy.
A cargo hub in Karaganda and the development of an in-house airline
One of TPH’s infrastructure initiatives is the development of Sary-Arka Airport in Karaganda. In 2024, the holding acquired a majority stake in the airport and invested in related logistics and service enterprises.
The goal is to transform the airport into a major cargo hub. Achieving this will require extensive development of airfield infrastructure, warehouse complexes, refueling facilities, ground handling services and rail connections.
«We plan to invest heavily in the airport in 2026 and 2027; we are currently developing it as a cargo hub,» Baskakova said.
According to her, the company is also considering building a second runway.
The Alatau AirCargo freight airline project has become a key component of this logistics strategy. The project — the private holding company’s first public-private partnership — is being implemented jointly with KTZ Express, a major transport and logistics company in Kazakhstan.
Over the next five years, the company may expand its fleet of wide-body cargo aircraft. Options under consideration include both purchasing and leasing aircraft.
«Beyond our strategic objectives, our primary goal is to launch a national cargo carrier and make it a commercially viable project,» the TPH CEO explained.
Plans for the airport and airline will be complemented by multimodal logistics solutions that integrate rail and air transport. This approach will create a unified cargo infrastructure around the airport.
$500 million data center in Astana
Another TPH project involves building the Akashi Data Center in Astana. The complex is being designed to meet Tier IV reliability standards and will consist of four buildings.
According to Baskakova, the project’s total cost is estimated at roughly $500 million.
«We are investing at least $500 million in everything from the construction of the entire facility to the project’s launch,» Baskakova said.
As she noted, TPH and its shareholder are financing the project. The data center is one of the holding’s capital-intensive technology initiatives. Once operational, it will expand Kazakhstan’s data storage and processing infrastructure.
Additionally, TPH is developing other technology projects. These include Med365, a medical platform designed to digitalize healthcare services. For example, it can facilitate remote consultations and medical examinations.
Furthermore, the holding is building in-house development and R&D teams to create and test new technological solutions.
Gold, copper, nickel and industrial production
Industrial and mining assets make up a significant portion of TPH’s investment portfolio. The holding is involved in projects related to gold, copper and nickel deposits. One of its first major acquisitions was a stake in Central Asia Gold in 2023. That same year, TPH entered the cement business in Semey, a sector comprising around 20 companies involved in raw material extraction, processing and manufacturing.
A key feature of such investments is their long implementation timeline. In the mining industry, the period from project start to production launch can span about a decade.
«If we take a subsoil use project, for example, the cycle from entering the site to launching the processing plant averages ten years,» Baskakova noted.
For this very reason, many companies in the portfolio remain in an active investment phase. According to the CEO, there are fewer profitable companies than loss-making ones. However, the holding expects asset values to rise as capital-intensive phases conclude and projects enter the operational phase.
TPH is also considering consolidating several mining companies into a separate group, with a view to a future stock market listing.
From the automotive business to media and sports
In addition to industry and infrastructure, TPH is also developing projects in the consumer and service sectors.
Notably, the holding established Freedom Drive. The company specializes in selling automotive tires and spare parts. It develops its own products and distribution networks while also utilizing digital sales channels via the Freedom SuperApp.
According to Baskakova, Freedom Drive could eventually become a candidate for integration into the publicly traded Freedom Holding Corp., though the company must first achieve the necessary financial benchmarks.
In logistics technology, the holding is developing Relog, a platform that automates interactions between participants in the logistics chain. The company also operates in international markets, including the U.S.
The holding’s sports portfolio includes FC Shakhter Karagandy, which went private in 2025, and several youth football initiatives, such as the QJ League.
The TPH CEO emphasized that commercial potential is the primary criterion for selecting new projects. This approach applies even to socially significant initiatives, as the holding aims to develop them on a sustainable economic model.
How TPH investments are funded
Turlov Private Holding utilizes several sources of capital to execute its projects, including internal funds, shareholder loans, bank financing and debt market instruments.
Certain companies in the investment portfolio are already raising capital through bond issuances within the Astana International Financial Centre (AIFC) jurisdiction.
«We use whatever is more effective for the model,» Baskakova noted, commenting on the financing approach.
The holding company is also exploring opportunities to raise capital in China. Options under consideration include both direct investment and debt instruments, such as Panda bonds.
According to the CEO, TPH wants to diversify funding sources for its major projects, though negotiations with potential Chinese partners take time.
Over 60 companies and an autonomous management model
Despite the scale of its portfolio, TPH’s management team consists of only about 30 people. This reflects its investment model: portfolio companies retain their own management teams, finance departments and operational independence.
According to Baskakova, when acquiring existing companies, the holding places great emphasis on management professionalism and strives to retain established teams.
TPH prefers to acquire controlling stakes in its investment projects but also takes minority stakes in some businesses. The group determines investment amounts and the level of involvement for each business individually.
Unlike Freedom Holding Corp., which is developing an integrated financial ecosystem, Turlov’s private holding company brings together businesses from various sectors. At the same time, opportunities for joint development arise between individual assets — such as the synergy between Sary-Arka Airport, a cargo airline and logistics services.
Turlov Private Holding Ltd. is a private investment company founded on July 19, 2021, and registered in the AIFC. The holding consolidates the personal investment assets of businessman Timur Turlov, the founder and CEO of Freedom Holding Corp.
TPH operates independently of Freedom Holding Corp., whose shares are listed on Nasdaq. The private holding focuses on long-term investments in industry, infrastructure, transport, logistics, technology, media, education and sports. TPH’s portfolio includes over 60 companies, with most of its projects concentrated in Kazakhstan. Olga Baskakova is the holding’s CEO.
