Capital raising, M&A, privatization and regulated market access, led from Tashkent by an independent senior team.
Investment banking for Uzbekistan.
Founded2012
Senior experience20+ years
Transaction volumeUS$1.5bn+
Assets under custodyUS$2.0bn+
Our firm
Advisory and execution under one mandate.
Portfolio Investments combines transaction advice with direct knowledge of Uzbekistan’s market infrastructure.
Our work spans the transaction lifecycle — from strategy, valuation and structuring to investor engagement, placement and closing support.
Discover our firm
Selected experience
Selected transactions in Uzbekistan.
Representative mandates; roles and transaction values are based on Portfolio Investments’ company records, with public sources linked where available.
Capital Markets01
Gross proceedsUZS 33.25bn
Uzbektelecom JSC
Initial Public Offering
Portfolio Investments
Lead underwriter · NBU and SQB as co-underwriters
2023Public record
M&A & Privatization02
Sale priceUZS 297.9bn
Invest Group Centre LLC
State asset privatization
Portfolio Investments
Privatization consultant
2025Public record
Capital Markets03
Transaction valueUZS 3.35tn
Mikrokreditbank JSCB
Equity placement for the Ministry of Economy and Finance and UFRD
Portfolio Investments
Exclusive broker
2024–2025Company record
Expertise
Capital markets, M&A and market access.
One team coordinates transaction preparation, regulatory work, investor engagement and closing.
0102030405
M&A & Privatization
Buy-side, sell-side and privatization support from initial decision framing through negotiation and transaction coordination.
Equity Capital Markets
IPO and SPO advice for issuers and shareholders, connecting readiness, positioning, investor engagement and local execution.
Debt Capital Markets
Debt-securities advice from the funding objective and proposed structure through investor materials, placement and closing.
Brokerage & Market Access
Market access for eligible institutional and private clients, supported by onboarding, brokerage, custody and post-trade coordination.
Investment Management & Advisory
Discretionary asset management, private wealth advisory and strategic investment advice aligned with the client’s stated objectives, decision framework and agreed scope.
How we work
How each mandate is run.
Direct senior involvement, a defined workplan and clear responsibility through closing.
Named deal lead
One senior banker owns the mandate and remains the primary escalation point.
Defined scope
Deliverables, decision points and dependencies are agreed before the transaction launches.
Local coordination
Regulatory, exchange, legal and investor workstreams are coordinated from Tashkent.
Clear role
The firm’s responsibility is stated explicitly in the mandate and in public transaction records.
Munir YakubovFounder & Chief Executive Officer
Founder-level attention on major mandates.
Portfolio Investments was founded in 2012. Munir Yakubov remains directly involved in key mandates, bringing more than 20 years of experience across capital markets, privatization and strategic transactions.
Meet the founder
Uzbekistan
Local infrastructure, explained clearly.
We help investors and issuers understand access, regulation, transaction mechanics and the practical route to execution.
Speak with our teamRecent market and policy developments.
Published updates from Portfolio Investments on the developments affecting issuers and investors in Uzbekistan.
Remittance inflows to Uzbekistan reached $9.3 billion in H1 2026
Cross-border remittance inflows increased by 13% to $9.3 billion in the first half, while foreign-exchange turnover between banks and individuals rose by 31% to $19.1 billion.
Read insight
Business sentiment in Uzbekistan improved further in Q2 2026
In the Central Bank’s survey of 2,391 entrepreneurs, 64% reported better business conditions than a year earlier and 82% expected macroeconomic conditions to improve over the next three years.
Read insight
Uzbekistan extends foreign-exchange trading to 5:00 p.m.
From 10 August, currency-exchange trading runs until 5:00 p.m., while official rates for 74 foreign currencies are published at 5:30 p.m. on each banking business day.
Read insightInstitutional network
Selected relationships across Uzbekistan’s financial market.
Banks, insurers and market participants with whom Portfolio Investments has worked across mandates, distribution and regulated execution.
Logos identify selected institutional relationships and do not imply endorsement or exclusivity.
Start with a confidential briefing.
Tell us the decision you are working toward. We will identify the relevant team and next practical step.
Discuss a mandate