Türkiye Wealth Fund’s investments amount to $13 billion
ISTANBUL
Türkiye’s sovereign wealth fund has invested $13 billion across seven sectors through acquisitions, partnerships and capital injections over the past decade, General Manager Arda Ermut announced in his first meeting with economic journalists at the fund’s Istanbul headquarters.
With total assets of $360 billion, the Türkiye Wealth Fund (TVF) now ranks among the world’s top 10 sovereign wealth funds.
“We are effectively the largest holding company in Türkiye, with 34 companies, two licenses and 46 properties under our umbrella,” Ermut said, adding that the fund is exploring joint projects with other sovereign wealth funds abroad.
Highlighting the fund’s stakes in major telecom operators, Ermut noted that TVF holds a 61.7 percent share in Türk Telekom. “The free float is currently 13 percent, and this could be increased. We acquired the stake for $1.6 billion, and today its value exceeds $3 billion. The company’s mobile business is strong, and we are optimistic about its future,” he said.
TVF also owns 26.2 percent of Turkcell, where Ermut emphasized that governance issues have been resolved. “We hold the golden share here as well. The company is being managed successfully, and both Türk Telekom and Turkcell present opportunities for the future,” he said.
Looking ahead, Ermut revealed plans to establish a direct investment fund, with the Türkiye Technology Fund (TTF) serving as the first step. Rather than investing directly in startups, TTF operates as a fund of funds, channeling capital into venture capital and private equity vehicles.
“In two years, we have committed over $100 million to more than 10 funds, including not only Türkiye-based but also internationally recognized and established funds,” he explained.
According to consolidated financial results as of December 2024, TVF’s assets stood at 12.7 trillion Turkish Liras, EBITDA reached 839 billion liras ($25.6 billion), while total sales amounted to 3.9 trillion liras ($122 billion).
“We have significant cash reserves. We are the largest investor on Borsa Istanbul, with publicly traded shares worth $25 billion. There is no liquidity problem,” Ermut said.
