Baring Fintech Fund III Managers Ltd

2. Key Holdings

The portfolio’s sole holding is KASPI KZ JSC (KSPI), a dominant fintech and e-commerce ecosystem company based in Kazakhstan. The position is valued at $1.18 billion, representing 100% of the fund's assets. The fund holds 14.42 million shares of KSPI. By allocating its entire capital base to this single entity, the firm demonstrates an exceptionally high level of conviction in the company's long-term growth prospects. KSPI operates a "super app" model, integrating payments, marketplace, and fintech services, which suggests the fund is specifically targeting exposure to the digital transformation of emerging markets rather than broad market exposure.