Turkey Wealth Fund Marks a Decade with $13B Investments

Approaching its 10th anniversary, the Türkiye Wealth Fund (TVF) stands as the country’s largest holding company and one of the world’s fastest-growing sovereign wealth entities. Managing 34 companies across strategic sectors such as finance, technology, telecommunications, logistics, energy, mining, food, and agriculture — along with 2 licenses and 46 properties — the Fund’s total assets now exceed 12.7 trillion Turkish lira. With $13 billion invested to date and $25 billion in publicly listed companies on Borsa İstanbul, TVF continues to strengthen Türkiye’s position in the global economic landscape.

A Decade of Growth and Global Recognition

During a roundtable in Istanbul, TVF CEO Arda Ermut and Deputy CEO Mahmut Kayacık provided a detailed overview of the Fund’s expanding influence. Ermut emphasized that with $360 billion in total assets, TVF now ranks among the top ten sovereign wealth funds globally, a testament to Türkiye’s growing financial clout. “We’ve transformed from a fund seeking investment to one that attracts it,” Ermut said. “We are receiving numerous proposals from both domestic and international investors, and we’re evaluating each carefully.”

Driving Innovation Through the Türkiye Technology Fund

A major pillar of TVF’s innovation strategy is the Türkiye Technology Fund (TTF) — a fund of funds designed to fuel venture capital and private equity markets rather than investing directly in startups. Ermut noted that the TTF has committed over $100 million to more than ten funds in the last two years, including internationally recognized ventures. Its goal is to deepen Türkiye’s entrepreneurship ecosystem and expand the nation’s capital markets by attracting global investors to local innovation.

Mining, Petrochemicals, and Strategic Resource Development

Highlighting TVF’s resource-driven investments, Ermut revealed that Türkiye Maden, one of the Fund’s subsidiaries, holds 25 mining licenses and has completed 300,000 meters of drilling across four priority regions. “In Balıkesir’s İvrindi district, we discovered gold reserves worth $2.5 billion, and in Kastamonu’s Taşköprü region, high-grade copper deposits,” he said. These findings, Ermut added, are being mobilized to feed directly into the national economy.

The Fund’s focus on petrochemical production aims to reduce Türkiye’s dependence on imported raw materials. Currently, Türkiye spends around $25 billion annually on petrochemical imports, meeting less than 10% of domestic demand through local production. The Eastern Mediterranean Petrochemical Project, centered in the İskenderun Gulf, will use 4 million tons of naphtha and 1.3 million tons of LPG per year to produce 4.1 million tons of petrochemical products, potentially cutting imports by 50% once completed.

Financial Performance and Global Financing Strategy

Deputy CEO Mahmut Kayacık reported a 16% increase in TVF’s equity last year, surpassing 2 trillion lira, alongside 548 billion lira in operating profit and 371 billion lira in net profit for 2024. He also noted that the Fund secured $5.3 billion in financing, of which $4.5 billion came from international markets and $1.8 billion through Islamic finance instruments.

This dual financing approach demonstrates TVF’s ability to attract global capital while maintaining strong ties with regional markets and ethical finance ecosystems. The Fund’s diversified investment model allows it to bridge local development needs with international strategic partnerships, bolstering Türkiye’s resilience amid shifting global economic dynamics.

A Vision for the Next Decade

As it marks a decade of operations, TVF is positioning itself not just as an investment vehicle but as a strategic engine for national transformation. By strengthening critical industries, supporting high-tech innovation, and mobilizing natural resources, the Fund aims to reduce import dependency and expand Türkiye’s footprint in global trade and production chains.

CEO Ermut summarized the Fund’s vision succinctly: “Our goal is to create sustainable value — to build industries that make Türkiye stronger, more independent, and more competitive globally.”