Turkven closes first ever non-captive Fund for Turkey

Turkven, an affiliate of Advent International, has closed on USD44 million and will invest in Turkish growth opportunities alongside Advent International

Turkven Private Equity has closed the first Turkish private equity fund ever raised and managed by a local team of investment professionals.

Turkish Private Equity Fund I has raised USD44 million from a number of significant institutional investors including the IFC, NBG, FMO, EIB, DEG and TTGV.

Turkven is led by Evren UNVER and Seymur TARI, both previously with McKinsey & Company, and Eren NIL, previously with JP Morgan Chase.

The fund will undertake to make equity investments in Turkish growth companies and invest alongside the Central and Eastern European investment team of Advent International, the global private equity firm that struck an exclusive partnership with Turkven in 2001 to start making private equity investments in Turkey.

According to Seymur Tari, a director of Turkven, “Turkish companies have high growth potential, driven both by exports and a sizeable domestic market. There are a large number of well run, mid-sized and family owned Turkish companies, which are starting to broaden their vision and adapt their strategies to compete in international markets.”

Advent’s role in the venture will be co-ordinated by Joanna James, who heads up the firm’s Central European operations. Commenting on the announcement, James said: “We believe the time is ripe for private equity investment to begin in Turkey, paving the way for increased foreign direct investment.”