EIF to launch Turkish investment programme

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European Investment Fund (EIF), together with the Technology Foundation of Turkey (TTGV), the SME Development Organisation of Turkey (KOSGEB) and the public Development Bank of Turkey (TKB) are jointly launching a dedicated fund-of-funds and co-investment programme. Istanbul Venture Capital Initiative (iVCi) will have a target of EUR200m and be advised by EIF. The first closing of iVCi took place in Luxembourg in November 2007 at EUR150m. The official public launch is planned for the first quarter of 2008.

EIF has previously invested in Actera Partners and Turkish Private Equity Fund II. Currently the majority of institutional investors in Turkish private equity funds are foreign, and iVCi aims to provide a secure and sustainable environment for Turkish institutions, both public and private, to become involved as investors without hampering the corporate governance of the underlying funds. EIF will invite a small select group of blue-chip Turkish and international institutions to participate in its programme.