Abraaj holds $526m final close for 1st Turkey-focused fund

Launched in September 2014, the vehicle is the GP's first fund focused exclusively on Turkey. According to a statement, the GP raised a total of $486m with a further $40m committed for co-investment.

To date, the fund has already invested in two companies, online marketplace Hepsiburada in February 2015 and commercial bank Fibabanka in June 2016.

Investors
The fund raised committed capital from a range of new and existing investors. According to a statement, European and North American LPs committed 70% of the total capital raised, with institutional investors and sovereign wealth funds accounting for 78% of the total amount.

Investments
The vehicle will focus exclusively on Turkish mid-market businesses operating in the consumer goods and services sectors, as well as healthcare, financial services, logistics and retail.

According to Abraaj partner Selçuk Yorgancıoğlu, the GP intends to invest in 6-10 companies with an equity ticket ranging in between $30-75m.

People
The Abraaj Group – Arif Naqvi (founder, CEO); Selçuk Yorgancıoğlu (partner).

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