Turkven expects Turkey Growth Fund IV final close in mid-2022

The fund's predecessor, Turkish Private Equity Fund III, held a final close in the third quarter of 2012 with capital commitments of USD 840m, according to Unquote Data.

Fund IV will invest in growth equity and buyout transactions with a focus on high-growth, digital, export-focused manufacturing, and consumer goods businesses. It targets investments in the USD 15m-75m range.

The vehicle has already made investments into IT services company Eclit and Picus Security, a San Francisco-based Breach and Attack Simulation (BAS) technology firm, following the first close. Turkven expects to finalise two more deals in Q4, Tari said.

"We see high-quality companies with great export potential at attractive valuations due to the lack of competition," Tari said. "Huhtamaki's acquisition of Elif Packaging in Q3 and Ebara's buyout of Vansan Pumps in Q1 are testament to the attractiveness of our portfolio for strategic buyers."

Established in 2000, Turkven has taken part in 29 investments totalling more than USD 5bn to date in companies that employ over 45,000 people, according to company records.

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