Kazakhstan is looking to grow its returns on a potential $93 billion in sovereign welfare funds. It appears some of real estate’s largest private equity companies could be the biggest beneficiaries, according to the Real Deal.

Kazakhs head-of-state Nursultan Nazarbayev hosted a September dinner at the Four Seasons Hotel in Midtown Manhattan with the attendance of the founder of KKR & Co, Henry Kravis, Blackstone Group Chairman Stephen Schwarzman and co-founder of the Carlyle Group, David Rubenstein.

Nazarbayev was seeking to boost interest in opportunities to invest in the Central Asian republic of Kazakhstan, but his country also is planning to grow its own investments into areas such as real estate, private equity and hedge funds in an effort to increase returns, Bloomberg reports.

The $64 billion Kazakh National Fund has fought to obtain an average 2 percent annual return for the past five years, and Central Asia’s largest economy and energy exporter is now turning its attention to real estate and other alternative investments as the oil price hits an 11-year low and returns on commodities slide to levels last seen in 1999. “We are sitting on a huge pile of cash and not making real returns,” CEO of Kazakhstan’s National Investment Corp, Berik Otemurat commented.

Read more at the Real Deal.