Mediterra hits $144m first close for Turkish mid-market

It is looking to hold a final close by the end of the year on $360m.
Mediterra is a limited liability company incorporated under the laws of Scotland, owned by the management team.

SJBerwin and Carey Olsen are providing legal advice to the fund.

Investors
The EBRD has agreed to commit up to €40m in the fund, iVCi (fund of funds advised by European Investment Fund and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG). Ten of the country's top 50 richest individuals have also been named as investors.

Investments
Mediterra will target mid-market companies with an enterprise value ranging from €50-250m. It will pursue control buyouts as well as growth capital deals where the fund can gain a significant minority stake.

People
Mediterra was set up by Murat Erkurt and Ahmet Faralyali; the former formerly with Lehman's private equity unit and the latter an ex-KKR exec.

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• Buyout
• KKR