Turkey Wealth Fund and ADQ launch $300m VC tech fund

A Turkish sovereign wealth fund and an Abu Dhabi-based asset manager have teamed up to launch US$300 million venture capital (VC) fund.

The Turkey Technology Fund, launched by Turkey Wealth Fund (TWF) and ADQ, will focus on VC funds and high-growth companies in Turkey’s tech sector.

The fund will draw from a number of “significant sectors” in its search for target companies, including energy and utilities, healthcare and life sciences, food and agriculture, mobility and logistics, financial services, and education.

“Turkey is an attractive market with substantial opportunities for investing in vital sectors that align with our areas of expertise,” said Mohamed Hassan Al Suwaidi, managing director and chief executive of ADQ.

According to TWF chief executive and board member Arda Ermut, the fund is the first step in TWF’s ambition to develop a $1 billion technology platform and is indicative of the growth of Turkey’s tech and VC sectors

The fund launch also comes on the back of a number of trade agreements struck between the UAE and Turkey over the last 12 months.

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