The TCEF mandate
Our mission
The Trans-Caspian Enterprise Fund (TCEF) is a non-profit investment fund — established by a grant from the United States Government — committed to private sector development across the South Caucasus and Central Asian region.
The Fund seeks to accomplish its mission in close partnership with private capital, deploying investment at the scale needed to activate infrastructure projects that would otherwise not proceed. Through its investments, the Fund seeks to strengthen trade and energy connectivity across a region of strategic importance, promote regional economic integration, and stimulate long-term growth, while generating returns for the American taxpayer, advancing the U.S. interest of building peace through prosperity and enabling long-term self-sustaining investment activity.
The Fund’s activities will be centered on the development of a multimodal connectivity route spanning Azerbaijan and Armenia (known as the Trump Route for International Peace and Prosperity, or TRIPP) as well as the broader Trans-Caspian Trade Route , which spans the South Caucasus and Central Asia region. This includes operations across Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan.
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Where we operate
Key facts
Initial fund size: $201 million
Launched: September 2026
Funding source: United States Government
TCEF guiding principles
01
Enterprise drives peace and prosperity
Sustainable development is built from the ground up by entrepreneurs, through viable businesses that create jobs, strengthen regional connectivity and deepen economic cooperation.
04
Connectivity creates opportunity
The region’s long-term prosperity depends on the critical infrastructure links that connect it to wider markets.
02
Expertise powers impact
Sustainable private sector growth requires more than investment. The Fund will support the adoption of best practices and policy frameworks that give businesses the foundational confidence to invest and grow over the long term.
05
Discipline sustains long-term value
Investing alongside private-sector partners who share a commitment to responsible growth and value creation, the Fund will apply the same rigor, discipline and accountability expected of any leading investment institution.
03
Transparency builds trust
Representing the next chapter of U.S. Enterprise Funds, the Fund holds itself to the highest standards of governance and ethical conduct in all investment decisions, in compliance with U.S. and partner country laws.
TCEF’s mandate in practice
TCEF implements its mandate through the governance, reporting and oversight practices that shape how the Fund operates. Together, these mechanisms help ensure that its work remains independent, transparent and accountable as it mobilizes capital in partnership with the private sector to support long-term growth across the Trans-Caspian region.
Independent governance
Annual reporting
As part of its transparency framework, the TCEF is expected to make an annual report available on its website, which will set out the Fund’s operations, activities, financial condition and accomplishments for the preceding fiscal year.
State Department partnership
TCEF operates as an independent nonprofit institution, while remaining subject to U.S. Government oversight of its operations, financial condition and compliance. This oversight does not extend to directing, approving or influencing individual investments: all investment decisions are made independently by the Fund’s Board and management in accordance with its mandate and established governance processes. This structure is designed to preserve the Fund’s independence and commercial agility, while reinforcing the accountability, public purpose and policy alignment expected of a U.S.-backed initiative.