Turkish fund minted with $144m first close

The news reinforces the trend towards backing MINT opportunities (Mexico, Indonesia, Nigeria and Turkey) as investors exhaust BRIC options.

Mediterra is aiming to hold a final close on $360m by the end of the year to invest in the country's mid-market (deals worth up to €250m).

Mediterra is the brainchild of Murat Erkurt and Ahmet Faralyali; the former was previously with Lehman's PE unit and the latter an ex-KKR exec.

The first close has been primarily non-institutional money, such as the aforementioned high-net-worths, as well as the EBRD, iVCi (an EIF-managed fund of funds) and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG).

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• Buyout
• KKR