fundraising

Uzbekistan’s largest-ever public market transaction has highlighted growing investor interest in the country and its economic reforms, while shifting attention to the next stage of developing its financial markets.

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The listing of the National Investment Fund of Uzbekistan, managed by Franklin Templeton, raised more money than all previous IPOs in the country combined over the past 30 years, according to Marius Dan, Central Asia CEO at Templeton Global Investments.

For investors and market operators, the transaction has drawn attention to a wider issue: how Uzbekistan develops the rules, institutions and market depth needed to support capital markets, debt financing, venture capital and private investment.

“What investors really want to know is that they’ll put their money in and that they will get their money back,” Julia Hoggett, chief executive of the London Stock Exchange, told Euronews.

Hoggett said investors usually begin by looking at a country’s fundamentals, including currency stability, inflation, economic growth, population trends and assets, before turning to the regulatory environment.

Building the infrastructure behind investment

Uzbekistan is preparing new financial legislation as it seeks to expand the range of financing available to companies and investors.

Laziz Kudratov, the country’s minister of Investment, Industry and Trade, told Euronews that legislation establishing the Tashkent International Financial Centre is expected to be signed soon.

The project would create a separate jurisdiction based on common law principles. Kudratov said the aim is to give foreign financial companies a legal environment based on international standards rather than requiring them to operate solely through local legislation.

He also said the planned jurisdiction would include 50 years of tax incentives, including exemptions from corporate income tax, value-added tax (VAT), property tax and customs duties.

The government is also preparing legislation covering alternative investment structures, including venture capital, private equity and limited partner-general partner investment models.

“We are also coming up with a new law on alternative investments,” Kudratov said. “It will create a framework to protect venture capital, LP and GP investment, and private equity investment in Uzbekistan.”

Dan said the National Investment Fund listing showed that international investors were willing to participate when transactions were structured in the right way.

“The initial public offering of the National Investment Fund shows that, in the right structure, investors are very keen to participate in the capital markets of the country,” he said.

Creating a deeper market

Dan said Uzbekistan’s capital market would need more companies, greater liquidity and more foreign institutional investors in the coming years.

He said continued listings of state-owned enterprises, both within and outside the National Investment Fund’s portfolio, would be important in broadening the investment universe.

Local debt markets are also beginning to attract more attention, he said, with retail investors looking more closely at investment opportunities inside Uzbekistan.

Kudratov said reforms introduced since 2017 had changed the investment environment through tax reforms, currency liberalisation and the removal of restrictions on profit repatriation.

“Any investor can come, invest and get their revenues out of the country within one day,” he said.

For Hoggett, investor confidence also depends on a proven track record.

“You can’t change things overnight and say people need to believe it. They need the evidence to see it,” she said.

Broadening participation

The growth of local debt markets and the entry of more retail investors are early signs that Uzbekistan’s financial market is beginning to widen beyond foreign institutional capital, according to Dan.

Hoggett said public markets can play a wider role by opening investment opportunities to more participants.

“The public markets are democratising,” she said.

Hoggett added that private companies are often owned by a relatively small group of investors, while public markets allow a broader range of investors to access company growth. That wider access comes with stronger disclosure requirements for issuers.

For Uzbekistan, broader participation would mean more than attracting foreign capital. It would also involve creating opportunities for domestic investors to participate in the growth of listed companies, debt markets and other financial products.

Governance and market discipline

Governance remains central to the development of Uzbekistan’s capital markets.

Dan said several companies within the National Investment Fund’s portfolio had already introduced board-level changes, including the appointment of independent directors.

“Corporate governance is key,” he said.

He described stronger oversight of state-owned companies as part of improving their operations.

Hoggett said public markets also impose discipline on companies seeking capital.

“The first rule of doing an IPO is meet your estimates, hit what you say you’re going to do,” she said.

That requires companies to build systems, controls, accounting capacity, finance teams and planning processes, she said. Hoggett added that such structures can help companies operate at scale and grow faster.

The Washington National Opera filed a lawsuit on Thursday that demands more than $17 million from the John F. Kennedy Center for the Performing Arts. The opera company claims it is owed millions in donations that have been withheld.

The lawsuit claims that after the opera company and the Kennedy Center parted ways in January, center officials have not returned more than $17 million in gifts and donations that belong to the opera company. The lawsuit lists the federal government as a defendant because the Kennedy Center was established by Congress.

According to the suit, the opera company and the Kennedy Center had a longstanding contract in which WNO produced its operas at the Kennedy Center, which in return, provided a number of services and other support for the opera company including managing its donations.

In late 2025, after approximately 15 years of affiliation, the suit claims that the Kennedy Center stopped performing the obligations of their agreement, which included marketing, fundraising and administrative support, as well as timely reporting on the growth of the opera company’s funds. When the opera company requested the Kennedy Center remedy the issue, center officials asked to sever ties.

“Five months have now passed since the termination of the affiliation, and the Kennedy Center still has not returned the funds to WNO,” reads the suit. “To the contrary, according to the Kennedy Center’s Chief Financial Officer, the Kennedy Center has put a significant portion of WNO’s money at risk by using it to collateralize the Kennedy Center’s line of credit.”

In an emailed statement responding to the lawsuit, Roma Daravi, a spokeswoman for the Kennedy Center, told The Times that the contract between the opera house and the center financially burdened the center for more than a decade. The statement claimed that taking into account the company’s endowment, an external accounting firm calculated that the opera company had “accumulated a $72 million deficit to the center” between 2011 and 2026.

“The Center has acted transparently and in the best interests of the public throughout this process,” the statement reads. “This lawsuit is meritless, and we plan to pursue a countersuit to defend the institution.”

The legal action comes during a tumultuous time for the Kennedy Center. Last year, President Trump fired the board and appointed himself chairman of the Kennedy Center.

In December, President Trump’s name was installed on the exterior of the center the day after his handpicked board of trustees voted to change the institution’s name to the “Trump-Kennedy Center.” Last month, a federal judge ordered President Trump’s name to be removed from the exterior of the building within two weeks and a halt to the Trump administration’s planned two-year closure of the venue.

On Friday, the court-ordered deadline for removing his name sparked widespread interest and crowds gathered outside the center. A live cam was also placed near the structure.

The Times arts editor Jessica Gelt contributed to this report.

Los Angeles City Council member Traci Park has raised more than $1.2 million for her reelection campaign in the city’s June 2 primary, more than double the amount collected by challenger Faizah Malik, according to finance reports filed this week.

Malik, a civil rights attorney, reported raising roughly $454,000 in her bid for the District 11 seat that skirts along the Westside, including Mar Vista, Pacific Palisades, Venice and Westchester, the reports show.

At nearly $1.7 million, the money raised in the race is the highest for the eight council seats, out of 15 total, on the ballot in the June 2 primary. Any candidate who wins a majority in the election will win the seat outright, otherwise the top two vote-getters will compete in the Nov. 3 general election.

Two of the eight races are open seats to replace termed-out incumbents, and in five other races, incumbents Eunisses Hernandez, Park, Hugo Soto-Martínez, Tim McOsker and Katy Yaroslavsky posted large fundraising leads against their challengers. One incumbent, Councilmember Monica Rodriguez, is running unopposed.

In the west San Fernando Valley’s 3rd District, three candidates are seeking to replace termed-out Councilmember Bob Blumenfield.

Insurance company founder Tim Gaspar was leading the pack in fundraising, reporting nearly $430,000. Barri Worth Girvan, an aide to Los Angeles County Supervisor Lindsay Horvath, has raised about $235,000. Tech entrepreneur Christopher Robert “CR” Celona was far behind with about $12,300.

In Council District 1, which includes Highland Park and Pico-Union, incumbent Hernandez topped the field with about $319,000 in contributions. Challenger Maria Lou Calanche, a former Los Angeles police commissioner, reported raising about $182,000.

Among other challengers in the race, Sylvia Robledo, a small-business owner and longtime City Council aide, reported about $75,000 in contributions. Raul Claros, founder of a nonprofit called California Rising, listed $70,500 in contributions and entrepreneur Nelson Grande reported raising about $55,000.

There are six candidates vying to replace incumbent Curren Price in the 9th District, which includes USC and communities along the Harbor Freeway corridor.

Jose Ugarte, a former deputy chief of staff for Price, led the field in reported financial contributions, amassing $477,000.

Estuardo Mazariegos, head of the Alliance of Californians for Community Empowerment Los Angeles, reported roughly $200,000 in contributions and Elmer Roldan, director of a nonprofit, has raised about $114,000.

Entrepreneur Jorge Nuño and therapist Martha Sanchez trailed with about $25,000 and $13,000, respectively. Educator Jorge Hernandez Rosas did not report any contributions.

In the other races:

• Yaroslavsky reported raising about $431,000 for her 5th District seat, which includes Westwood, Palms and Hancock Park. None of her opponents, Henry Mantel and Morgan Oyler, reported raising more than $35,000.
• McOsker reported raising 242,000 for his 15th District seat in San Pedro. Challenger Jordan Rivers, a community organizer, told The Times he did not raise any funds.
• Soto-Martínez reported raising more than $170,000. The three challengers in the race — Colter Carlisle, Dylan Kendall and Rich Sarian — reported a combined $152,000.

The outcome of the Park-Malik contest in District 11 will be determined in the June 2 primary because there are only two candidates in the race.

In a statement, Councilmember Park credited her fundraising lead to her efforts to clear homeless encampments.

“I raised an historic number of donations from local Westside residents because I’ve been on the ground since Day One solving our number one priority: getting people off the streets into housing and treatment and removing dangerous encampments from our neighborhoods,” Park said. “Residents, workers and visitors all see the difference.”

Kendall Mayhew, communications director for Malik’s campaign, said in a statement that Park and her supporters are spending unprecedented money because “we are winning and they simply don’t know what else to do.”

“What our campaign has demonstrated so far, and what we will demonstrate at the ballot box in just a few weeks, is that corporate money cannot defeat an honest, people-powered campaign,” Mayhew said.

The fundraising totals reported this week represent money given by individual donors, who are limited to contributions of no more than $1,000 in this election cycle. While the reports offer a glance at fundraising, money is also coming in through independent expenditures, which have no limit on how much can be given.

For example, in District 1, the L.A. County Federation of Labor has reportedly spent more than $226,000 in support of Hernandez. Calanche is also receiving supporting funds: the Fix Los Angeles PAC Supporting Calanche, Ugarte and Park for City Council 2026 has spent about $46,000 on her campaign to unseat Hernandez.