SINCE TURKEY EMERGED from the aftermath of the 2001 currency crisis, it has made huge advances in attracting foreign investors. The economic and political stability of the country has revealed its investment potential, and the Turkish economy has grown at an average annual rate of 7.5% for the past six years. Inflation, which was above 50% at one point, is now at around 8%. Foreign direct investment was about $20 billion in 2006, and that figure is growing. Perhaps belatedly, private equity firms are finally beginning to see the potential.
TurkVen, Turkey’s first independent private equity firm, raised its second fund last year. At $428 million, the fund is 10 times bigger than the company’s first fund, launched in 2002, and amounts to one of the largest increases in a fund size ever for a second raising. TurkVen had originally planned to raise about two-thirds of what was finally raised but increased and eventually limited that figure, halting at $428 million when it could have raised more. Last month, the fund took a stake in BC Partners’ deal to buy 51% of Turkey’s largest supermarket chain, Migros, in the country’s largest-ever LBO. The potential for private equity funds in Turkey is only now becoming evident, and it has been a long road.
You do not currently have access to this content, to gain access visit the subscription page or call our hotline on +44 (0)207 779 8999.
Are you already registered? If so, please enter your username and password here to continue.
Know your email address?
Click here for your password.
Questions about your subscription status?
Email us or call: +44 (0) 20 7779 8888
Subscribers to Euromoney benefit from:
- Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000.
- 12 monthly issues of Euromoney magazine
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
Click here to subscribe
Because the financial sector is oversupplied with information, facts and figures and daily emails, you need one trusted source that will keep you updated on many markets. Reading Euromoney will save you time, save you money, help you spot new business opportunities and minimise risks to your existing operations.Every issue gives you a concise yet detailed update on the key developments from your specialist sector whilst keeping you informed of what is happening in other core areas.
Your free trial will bring you -
Exclusive interviews: Read what the best minds in the markets are thinking. Euromoney speaks to CEOs, Finance Ministers and Central Bank Governors so that you get first hand details behind the success or failure of the world's leading institutions and nations.
In-depth features: Get the detail, data and analysis behind the headlines that other financial press don't have time to provide. Our journalists give you the legal, regulatory and market considerations that are driving developments in the global capital marlets.
Market Insight: You get insight that data screens just don't give you. Our journalists based in the local markets, as well as the major financial centres, get you closer to the action. Helping you spot market trends, threats and opportunities, and sharing insights into the latest developments shaping the world you work in.
Don't miss out on this offer. Take a free trial today!
Click here to take a online trial