Capital Markets Mongolia (CMM) has released Mongolia DealBook 2025, its inaugural flagship report tracking how the country’s private sector accessed foreign capital and what those transactions reveal about the rapidly evolving investment landscape.
According to the report, 2025 marked a breakout year for Mongolia. Across 40 completed transactions, 19 Mongolian companies raised a combined 2.6 billion USD from international investors, reflecting both a sharp increase in deal volume and growing sophistication in how capital is structured and deployed. The transactions spanned a widening range of sectors and funding instruments, underscoring Mongolia’s deeper integration into global capital markets.
The DealBook was developed to answer four core questions for global investors: who raised capital, who invested, why capital was raised and how the deals were structured. By addressing these questions, the report aims to provide clarity and context for international stakeholders assessing Mongolia as an investment destination.
Financial services continued to dominate foreign capital inflows. The banking sector reaffirmed its position as the primary gateway for international investment, buoyed by sovereign credit rating upgrades and improved access to global markets. Non-bank financial institutions also attracted notable interest, reflecting strong demand for impact-driven and specialized financial platforms. Mining remained a key contributor to total capital raised, highlighted by a major international bond issuance, while sectors such as fintech, agriculture, and diversified conglomerates showed early but growing signs of diversification beyond traditional industries.
Beyond the headline numbers, the report points to several structural trends shaping the nation’s investment profile. Capital formation remains largely debt-led, with private credit and bond issuances accounting for the majority of funding. International institutional investors, including development finance institutions, international financial institutions and emerging market credit funds, continue to anchor deal flow, particularly within financial services. At the same time, the use of proceeds has become increasingly strategic, with capital directed toward SME lending, financial inclusion, digital expansion, and balance sheet optimization rather than short-term financing needs. CMM notes that these developments signal a maturing market. Mongolia is not only raising more capital, but doing so in a more deliberate and strategic manner, while engaging a broader and more diverse set of global partners.
The Mongolia DealBook 2025 forms part of CMM’s broader mission to build stronger connections between Mongolia and international capital markets. By improving transparency, identifying active market participants, and offering insight into deal dynamics, the report is intended to support both global investors and Mongolian companies seeking to position themselves for cross-border financing. The data underpinning the report is drawn from publicly available sources. While some transactions, particularly in the mining sector, remain undisclosed, CMM believes the DealBook provides the most comprehensive snapshot to date of Mongolia’s private-sector engagement with foreign capital.
