 | |
Native name | Türkiye Varlık Fonu |
|---|---|
| Industry | Sovereign wealth fund |
| Founded | 26 August 2016; 9 years ago (2016-08-26) |
| Headquarters | , |
Key people | Chairman: PresidentRecep Tayyip Erdoğan CEO: Salim Arda Ermut |
| AUM |  US$ 360 billion (2024) |
| Owner | Republic of Türkiye |
Number of employees | 139 (2023) |
| Website | www |
TheTürkiye Wealth Fund (TWF; Turkish:Türkiye Varlık Fonu, TVF) is the sovereign wealth fund of Turkey. It was established on 26 August 2016 under Law No. 6741, with the purpose of contributing to the development of strategic investments, supporting large-scale infrastructure, and strengthening capital markets[1]
As of 2024, its assets under management were estimated at more than US $360 billion, placing the fund among the 10 largest sovereign wealth funds in the world, according to theSovereign Wealth Fund Institute.[2]
TWF's operations have been characterized as secretive and opaque.[3]
TWF was officially founded on 26 August 2016. In its early years, TWF received the transfer of major state-owned enterprises, includingTurkish Airlines,Ziraat Bank,Halkbank, thenational postal operator PTT,Türk Telekom, andTurkish Petroleum Corporation. These holdings provided the fund with a broad base in sectors such as transport, finance, energy, and telecommunications. During the COVID-19 pandemic in 2020, the fund acted as a stabilizing institution by engaging in market-support measures and liquidity initiatives.
By the mid-2020s, it had become more active internationally, launching sector-specific investment vehicles such as a dedicated technology fund to support the country’s innovation ecosystem.
After the2017 Turkish constitutional referendum, thePrime Ministry of Turkey was abolished. In accordance with this change, TWF law was changed to allow thePresident of Turkey to become the chairman of the TWF and to appoint the CEO, Vice Chairman and board members. On 12 September, President Erdoğan became the chairman of the fund.[4][5][6] He also appointed Zafer Sönmez, formerly of Malaysia's government investment vehicleKhazanah Nasional from September 2012 until September 2018, as Senior Vice President & Head.[5] Erdoğan's son-in-lawBerat Albayrak was named as his deputy on the board of the sovereign wealth fund.[7]
In January 2020, TWF acquired an additional 10% stake inBorsa Istanbul from theEuropean Bank for Reconstruction and Development (EBRD). The EBRD had made use of its rights to sell in October 2019 after the appointment of Mehment Hakan Atilla, who wasconvicted in the US for helping Iran evade US sanctions, as chief executive of the stock exchange.[8][9]
In April 2020, TWF Financial Investments was founded with previously government owned shares of insurance companies.[10] In September 2020, the fund completed the acquisition of non-government shares in several insurance companies and consolidated them through mergers. This led to the creation of Türkiye Sigorta, formed by combining Güneş Sigorta, Halk Sigorta, and Ziraat Sigorta, and Türkiye Hayat ve Emeklilik, established through the merger of Vakıf Emeklilik ve Hayat, Halk Hayat ve Emeklilik, and Ziraat Hayat ve Emeklilik. The transactions constituted the largest insurance merger in Turkish M&A history.[11]
On 18 June 2020, the fund agreed to acquire a 26.2% stake inTurkcell fromTelia Company andÇukurova Holding for US $1.801 billion. The deal included US $196 million paid toTelia and a US $1.605 billion loan fromZiraat Bank to finance the transaction.[12][13][14] On 22 September 2020, following amendments toTurkcell’s Articles of Association, TWF gained the right to appoint five of the nine members of the company’s board of directors.[15]
On 26 November 2020, TWF announced the sale of a 10% stake inBorsa Istanbul to theQatar Investment Authority (QIA), a stake it had previously acquired from theEuropean Bank for Reconstruction and Development.[16] The deal was valued at US $200 million, after which TWF retained an 80.6% shareholding.[17] The following day, TWF’s Vice ChairmanBerat Albayrak announced his resignation, shortly after his resignation from the Ministry of Finance.[18]
On 10 March 2022, TWF acquired a controlling stake inTürk Telekom for US $1.65 billion in order to resolve ownership handover issues expected in 2026.[19][20] In December 2022, the fund purchased a minority stake in steel producerKardemir, paying US $35.2 million for 50.3 million shares in the company.[21]
In February 2025, negotiations for the proposed operation of theAlsancak Port inİzmir byAbu Dhabi Ports were canceled after the Turkish government ended the talks. The port remains part of TWF’s portfolio and is operated by theTurkish State Railways (TCDD).[22][23]
TWF was established under Law No. 6741, which provides its legal foundation and sets out its management framework.[1] Unlike traditional state budgetary institutions, the fund is organized as a joint-stock company under private law. This arrangement allows greater operational flexibility while also creating a distinct regulatory environment.
The governance framework of the fund includes several oversight mechanisms. Its accounts are subject to independent external audits, and expert committees provide further evaluation.[24] In addition, the fund is required to report to national authorities. While these measures provide a degree of accountability, commentators have noted that the fund operates with less transparency than some other public institutions and remains partly removed from routine public oversight. On the international level, TWF has stated its alignment with theSantiago Principles of theInternational Forum of Sovereign Wealth Funds.[25]
With estimated assets of more than US $300 billion, the Turkey Wealth Fund is ranked among the world’s largest sovereign wealth funds.[2] Unlike many resource-backed sovereign wealth funds, such asNorway’s Government Pension Fund and theAbu Dhabi Investment Authority, the Turkey Wealth Fund is primarily capitalized through the transfer of state-owned enterprises and financing operations. While it owns companies active in petroleum, liquefied natural gas, and mining, it does not receive direct transfers of natural resource revenues. This structure has led to discussion of whether it should be regarded as a state investment holding company as well as a sovereign wealth fund.
TWF’s model places it alongside other large non-resource-backed funds such asTemasek Holdings inSingapore,Khazanah Nasional inMalaysia, and theIndonesia Investment Authority (INA), which manage national assets and state-owned enterprises rather than natural resource surpluses.
| Chairman & CEO | ||
|---|---|---|
| Mehmet Bostan (2 November 2016 – 8 September 2017)[26] | ||
| Himmet Karadağ (8 September 2017 – 12 September 2018)[27] | ||
| Chairman | Vice Chairman | CEO |
| Recep Tayyip Erdoğan (12 September 2018-)[6] | Berat Albayrak (12 September 2018 – 27 November 2020)[6] | Zafer Sönmez (12 September 2018 – 9 March 2021)[6] |
| vacant (27 November 2020 – 31 January 2021)[18] | ||
| Erişah Arıcan (31 January 2021-)[28] | ||
| Salim Arda Ermut (9 March 2021-)[29] | ||
Turkey Wealth Fund has established a series of formal cooperation agreements intended to promote cross-border investment and strategic partnerships. In March 2017, TWF signed a memorandum of understanding (MoU) with theRussian Direct Investment Fund (RDIF) to create a Russia–Turkey Investment Fund, into which each party would contribute up to US $500 million, with a focus on sectors such as healthcare and tourism.[30] In November 2020, the fund entered into an MoU with theQatar Investment Authority (QIA) concerning a 10% stake inBorsa Istanbul, laying the groundwork for potential governance collaboration.[31] In November 2021, TWF and theAbu Dhabi Developmental Holding Company (ADQ) signed a strategic partnership agreement aimed at joint efforts in fields such as technology, logistics, capital markets, and other sectoral initiatives.[32] Most recently, in April 2025, TWF concluded an MoU with theIraq Development Fund (DFI), targeting collaborative investment in sectors including renewable energy, infrastructure, transportation, agriculture, and fintech.[33]
In 2022, Turkey Wealth Fund established the Türkiye Technology Fund (TTF) together withAbu Dhabi Developmental Holding Company (ADQ).[34] The fund was launched with an initial size of US $300 million and a target of US $1 billion. At the time of its creation, it was described as the largest technology-focused venture capital fund in Turkey.[35] The TTF is structured with both a fund-of-funds (FoF) component, which invests in domestic and international venture capital funds, and a direct investment arm that provides financing to Turkish start-ups and technology companies at different stages of development. The fund’s investment focus includes information technology, telecommunications, and other high-growth sectors.
Turkey Wealth Fund has raised funding through both conventional and Islamic capital market instruments. In February 2024 it issued a US $500 millionEurobond maturing in 2029, the fund’s first internationalEurobond issuance.[36] In October 2024 the fund issued a US $750 millionsukuk al-ijarah with a tenor of just over five years. The issuance was oversubscribed, with investor orders totaling nearly US $7 billion, approximately 14 times the amount offered.[37]
In November 2024, TWF secured a US $150 millionmurabaha financing agreement withDubai Islamic Bank, featuring a five-year maturity.[38] The following year, in March 2025, the fund arranged a €1.1 billion syndicated loan, split between euro and dollar tranches, without a sovereign guarantee.[39] In August 2025, TWF completed a US $600 million, five-yearmurabaha deal with a consortium led byKuwait Finance House, bringing its Islamic finance borrowings to a cumulative total exceeding US $1.8 billion.[40]
Between early 2024 and mid-2025, Turkey Wealth Fund raised close to US $5 billion through a combination of Eurobonds, sukuk, murabaha agreements, and syndicated loans.
| Company | Operating area | Stake |
|---|---|---|
| Borsa Istanbul[41] | Financial services | 80.6%[16] |
| BOTAŞ[41] | Energy | 100% |
| Çaykur[41] | Agriculture and food | 100% |
| Eti Maden[41] | Mining | 100% |
| Halkbank[42] | Financial services | 91.5% |
| Port of İzmir (Alsancak)[43][44][45] | Transport and logistics | 100% |
| Kardemir[46] | Mining | 4.41% |
| Kayseri Şeker[47] | Agriculture and food | 9.41% |
| Türk Altın Holding | Mining | |
| PTT[41] | Transport and logistics | 100% |
| TPAO[41] | Energy | 100% |
| Türkşeker[48] | Agriculture and food | 100% |
| Türk Telekom[49][50] | Technology and telecom | 61.68% |
| Turkcell | Technology and telecom | 26.2% |
| TÜRKSAT[41] | Technology and telecom | 100% |
| Turkish Airlines | Transport and logistics | 49.12%[51] |
| Türkiye Sigorta [tr][11] | Financial services | 81.1% |
| Türkiye Katılım Sigorta | Financial services | 100% |
| Türkiye Hayat ve Emeklilik [tr][11] | Financial services | 92.64% |
| Türkiye Katılım Hayat | Financial services | 100% |
| TWF AEL Electricity | Energy | 100% |
| TWF Energy | Energy | 100% |
| TWF Financial Investments | Financial services | 100% |
| TWF IT and Communications | Technology and telecom | 100% |
| TWF Refinery and Petrochemical | Energy | 100% |
| TWF Technology Investments | Technology and telecom | 100% |
| Türkiye Maden | Mining | 100% |
| Türkiye Technology Fund | Technology and telecom | 100% |
| Türk Tarım | Agriculture and food | 49% |
| VakıfBank | Financial services | 74.8% |
| Ziraat Bank[41][52] | Financial services | 100% |
Real Estate:
Licenses: