Mongolia DealBook 2025:
A Breakout Year for Foreign Capital

We’re excited to share the release of Mongolia DealBook 2025, our inaugural flagship report tracking how Mongolia’s private sector accessed foreign capital—and what it tells us about the country’s evolving investment landscape.

2025 was a breakout year.

Across 40 completed transactions, Mongolian companies raised a total of USD 2.6 billion from international investors, spanning 19 companies and a broadening set of sectors and funding structures.

This DealBook was created to answer four simple but critical questions for global investors:
Who raised capital? Who invested? Why was capital raised? And how were deals structured?

Key Highlights at a Glance

• 40 deals completed
• USD 2.6 billion total capital raised
• 19 Mongolian companies accessed foreign funding
  

Sector Breakdown

Banking: 7 banks raised approximately USD 2.05 billion, reaffirming the sector’s role as the primary gateway for international capital—supported by sovereign credit rating upgrades and improved market access.

Non-Bank Financial Institutions (NBFIs): 8 NBFIs raised USD 108 million, reflecting strong investor appetite for impact-driven and specialized financial platforms.

Mining: Mongolian Mining Corporation issued USD 350 million bond on international market.

Other Sectors: Fintech, agriculture, and conglomerates collectively raised USD 39 million, signaling early but growing diversification beyond traditional sectors.

What This Tells Us About Mongolia

Three themes stand out:

1. Debt-led capital formation remains dominant, with private credit and bonds accounting for the vast majority of funding.
2. International institutional investors—DFIs, IFIs, and emerging market credit funds—continue to anchor Mongolia’s deal flow, particularly in financial services.
3. Use of proceeds is increasingly strategic, focused on SME lending, financial inclusion, digital expansion, and balance sheet optimization rather than short-term financing.
   

In short, Mongolia is not only raising more capital—it is raising it more strategically and from a broader set of global partners.

Why We Built the DealBook

At Capital Markets Mongolia (CMM), our mission is simple: to build a bridge between Mongolia and global capital.

The Mongolia DealBook 2025 is part of that mission. It is designed to:

• Improve transparency around Mongolia’s private capital markets
• Help international investors understand who the active players are
• Support Mongolian companies as they position themselves for global capital

The data in this report is compiled from publicly available sources. While some transactions—particularly in mining—remain undisclosed, we believe this DealBook offers the clearest snapshot to date of Mongolia’s foreign investment activity.

Click on the "Download file" button for the full report.