EIF and KOSGEB launch €250m Turkish fund-of-funds
The European Investment Fund (EIF) and the Small and Medium Enterprises Development Organisation of Turkey (KOSGEB) have established a Turkey-focused fund-of-funds targeting €250m.
EIF and KOSGEB have committed €60m each to the newly launched Turkish Growth and Innovation Fund of Funds. Other local partners are expected to join the initiative.
The vehicle follows the €160m Istanbul Venture Capital Initiative (iVCi) fund-of-funds, which was launched in 2007 and is nearly fully invested. To date, iVCi has invested in nine Turkish funds, committing €134.5m so far, with a 10th investment expected to be completed in July.
The newly launched vehicle will be advised by EIF and will target growth capital funds as well as the country's nascent early-stage segment.
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