frequently asked questions (FAQ)

frequently asked questions (FAQ)

1. What is CDIF?

CDIF (Chevron Direct Investment Fund Ltd.) is Chevron’s investment vehicle to support Kazakhstan’s economy by investing into profitable local enterprises across various industries.

2. Who can apply?

Any applicant wishing to get equity financing from CDIF can submit the application, provided that the project is eligible and meets selection criteria specified on the CDIF website.

3. Can I submit several applications for different projects?

CDIF can accept several applications for investments in different projects from one company. However a unique email address must be used for each project application submission.

4. Is there deadline for application submission?

There is no deadline for the application submission, however applications must be completed within 60 days from the date commenced.

5. What language should I use to submit my application?

CDIF web-portal offers three languages (Kazakh, Russian and English) for the applicant to choose for application submission. CDIF investment team may request translations of certain application information or supporting documents if it is necessary for the evaluation and decision-making process.

6. Can I apply for a job in CDIF through CDIF web-portal?

CDIF is not taking applications for employment opportunities.

7. Can I meet with CDIF team to present my project and discuss the next steps?

CDIF accepts all applications through the CDIF web-portal. A meeting can be set up with the company by the investment team at later stage of the project evaluation, as needed.

8. Where can I find the contact details of CDIF?

If you have a technical issue or a press enquiry, please get in touch with us using the enquiry function in the “Contact” section of the website. If you have a project or investment related enquiry, please read this FAQ. We strongly encourage you to answer all the questions in the application form. The answers you provide will be used for assessment of your project. Should the investment team have any further questions, they will contact you directly, using the contact information, provided in your application.

9. What are the investment criteria?

  1. The planned investment by CDIF should be higher than $2m*.* CDIF may consider projects with deal size with lower or higher size, subject to final meeting other eligibility criteria and Chevron's investment evaluation.
  2. CDIF cannot assume control. The planned maximum share in the equity capital is 49%.
  3. CDIF is eligible to invest only in the companies registered in Kazakhstan, which business is conducted primarily in Kazakhstan.
  4. The project or company should be profitable or have a clear path to profitability.
  5. The project or company should show robust Environmental, Social and Governance (ESG) characteristics.

10. What is the source of funds for the CDIF?

The funding for CDIF is being provided solely by Chevron.

11. What is the investment horizon?

In line with the life of CDIF, the intention will be to exit investments within 10 years following its launch or till 1 January 2031. This however will not preclude exploring earlier exit opportunities should the opportunity arise.

12. Do you invest in greenfield projects?

Yes, CDIF can invest in greenfield projects as well as existing and operating companies.

13. What are the stages of the investment process?

The investment process starts with the evaluation of the applications submitted by the applicant. All applications should meet the eligibility criteria as described on the web-portal.

  1. The investment team makes the first assessment of the project, contacts the applicant for more details if necessary. Should the application pass the initial screening, it is submitted for a review by the Advisory Board.
  2. The investment team will conduct an in-depth due diligence on the projects that pass the Advisory Board, including financial/tax, legal and compliance checks. At this stage external service providers may be involved.
  3. Should the investment team decide to proceed based on the results of enhanced due diligence, preliminary term sheet with the parameters of the deal will be agreed with the applicant.
  4. The project will be presented to the Investment Committee of CDIF for approval. After the approval by the Investment Committee the final agreement will be signed, and funds released. The diagram below describes the summary of investment process.
Before applying, please ensure that project satisfies eligibility criteria provided on the website.
What are the stages of the investment process?

14. How long the due diligence process will last?

The investment team aims to close deals within six months from Advisory Board. However, timeline may vary depending on the complexity of project.

15. What investment instruments are eligible for CDIF?

CDIF considers equity and equity-linked instruments.

16. Can the CDIF invest in the debt securities or provide debt financing?


17. What is the role of the Advisory Board and its structure?

Advisory Board consists of the representatives of Chevron and the Ministry of Energy, representing the RoK. The role of the Advisory Board is to ensure projects meet the eligibility criteria.

18. What is the role of the Investment Committee and its structure?

The main role of the CDIF Investment Committee is to action all final investment decisions and decisions to exit the projects.

19. Which sectors does CDIF consider for investment?

CDIF considers investment across all sectors. Targeted sectors for investment include, but not limited to manufacturing, works and services in oil and gas industry with potential of developing the local supply chain; environmental stewardship; information technologies, including digital technologies.

20. How long it will take to hear if my project will be considered by CDIF?

CDIF aims to respond on a project being rejected or considered for further evaluation within 3-4 months.

As a reminder, if the project passes the Advisory Board, it does not guarantee an investment, as the project should also pass the enhanced due diligence process and Investment Committee.

21. Is my project ready for the CDIF investment?

CDIF considers projects that are already at a certain stage of planning and development, the project’s team must demonstrate (if applicable):

  • Availability of equity funding of other shareholders than CDIF - MoU’s or LOI’s or term sheets with other possible shareholders.
  • Evidence of availability of the debt funding.
  • Evidence for the possible off-take, MoUs, LOI’s with potential customers.
  • Evidence of availability of supply of raw materials and other inputs.
  • Evidence that regulatory approvals, licenses or permits were obtained.
  • Technical or feasibility study.

22. Do I have to answer all the questions?

Please provide as much information as possible. It will help the investment team in the assessment/evaluation process and will speed it up. Reverting with follow-on questions can slow the process significantly.

23. Questionnaire

Please answer all the questions as long as they are relevant to your project. If a particular question is irrelevant, please briefly (but clearly) describe why this is not applicable to you. Download version of the questionnaire is also available on the web-portal.

Documents required for CDIF consideration:

  • the presentation
  • financial model
  • historical financial statements
  • industrial studies or research
  • any other documents, which you think will help the investment team to evaluate the project and make the right decision

Please fill in provided excel tables:

  • Financials monthly or quarterly (which better suits the nature of your business)
  • Historical and projected annual financials
  • Internal Rate of Return (IRR) calculation with an explanation of that calculation
  • Information on jobs created
  • Information on projected tax payments