Turkey Wealth Fund targets tech sector

Turkish lirasThe sovereign wealth fund of Turkey has announced plans for a $250 million technology fund. Arda Ermut, general manager of the Turkey Wealth Fund (TWF), said that board room approval had been granted for the fund launch. “We aim to invest in value-added, leading areas of the new economy that will fill the gap in the ecosystem in our country,” said Ermut, addressing the parliament’s planning and budgetary commission. The fund’s current portfolio comprises 28 companies in seven sectors, including the stock exchnage Borsa Instabul, Turkish Airlines and natural gas provider Botaş. In addition, it has been reported that the Abu Dhabi state wealth fund ADQ is in discussions with the TWF about investment opportunities. ADQ’s chief executive Mohammed Hassan al-Suwaidi told the Financial Times that the weakness of the Turkish lira could mean it was a “great time” to buy Turkish assets for investors that take a “long-term view”. ©2022 funds global mena

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