Turkey Wealth Fund is one of the 10 largest funds in the world with 360 billion dollars.

Turkey Wealth Fund Reaches $360 Billion in Its 10th Year

The Turkey Wealth Fund has achieved an active size of $360 billion in its 10th year, successfully placing itself among the top 10 largest funds in the world. Dividend income has risen to the top of the Fund’s revenue streams, surpassing lottery income.

Evaluations on the Strategic Direction and Future of the Fund

In a meeting with the economic press, Turkey Wealth Fund General Manager Arda Ermut and the management team provided detailed evaluations regarding the Fund’s current status, future goals, and the companies within its portfolio.

Investments and Financial Performance

Ermut stated that they made a total investment of $13 billion for the assets acquired later. For the year 2024, it is projected that EBITDA will be $25.6 billion, and net profit will be $11.3 billion.

Strategic Share Sales

Fund manager Ermut evaluated the Vakıfbank share sale as an important strategic move. The demand that followed the sale and the profit gained highlighted the rationality of their approaches.

Management of Financial Services and Telecommunications Sector

The Fund includes state banks such as Ziraat Bank, Vakıfbank, and Halkbank, along with Borsa Istanbul and Turkey Insurance. Ermut noted that they are developing strategic approaches regarding Türk Telekom and Turkcell, indicating that 61.7% of Türk Telekom belongs to the Fund.

Investment Plans in the African Market

The Fund’s strategies focused on African investments also drew attention. Ermut announced their goal to turn towards mining investments in Africa with the initial public offering of Turkish Gold abroad.

Technology Funds and Investment Strategies

Turkey Wealth Fund has started working on creating a $250 million fund in the technology sector. Ermut stated that they are looking for investment opportunities in technology abroad, planning to progress through international partnerships and collaborations.

Improved Financial Status of Çaykur

Çaykur, which is part of the Fund’s portfolio, has successfully achieved net profit. After a three-phase improvement process, it has increased its financial health.

Public Banks and Capital Needs

Ermut emphasized that they are currently the largest investor on BIST and do not see any capital needs for public banks at this moment. He stated that they would take necessary steps if they required assistance.