On February 7th, I happened to notice a page view in my statistics from the office network of Financial News Online, a UK financial newspaper. They just so happened to be searching google for "Private Equity Turkey 2006". So I decided to bite, and to my amazement, it seems the Private Equity industry (in addition to the foreign investment in the Turkish banking industry) is taking off.
Actera Partners, formed by Isak Antika, managing director of Antika Partners, and Murat Cavusoglu, formerly a managing director at Bedminster Capital Management, which runs a South Eastern Europe fund (formerly Soros Investment Capital Ltd), have formed a targeted €250m ($325m) joint venture between the €65bn Ontario Teachers' Pension Plan and the €67bn
Canada Pension Plan Investment Board (press release).
That's right. Two very large Canadian pension funds have come together to form one of the largest PE funds focusing exclusively on Turkey. The fund will be focusing on buyout and growth equity investments across all sectors in Turkey, and will also partner with Turkish groups to help them expand internationally.
The deal is cited to be the result of increased harmonization between Turkey and Europe. Jim Leech, senior vice-president of Teachers' Private Capital, was quoted as saying, "Turkey is an attractive private equity market, with a large and growing population, a high number of quality mid-market businesses, and a developing economy which is expected to benefit from becoming increasingly harmonised with Europe."
Maybe the hopes and dreams cited in Evren Unver's powerpoint slide from Athens VC Conference in 2004 have finally come true for Turkey.
As well, perhaps that is why I saw so many google searches for Antika Partners last month – due diligence taking its course. But regardless, would anyone else care to have a beer over the continued traction of Private Equity in Turkey? Most likely Murat and Isak are. I ask you, are we finally seeing the fruits of an emerging market and perhaps more entries to come? Stay tuned.
Technorati Tags: Private Equity, Isak Antika, Antika Partners, Deal Flow, Turkey, Murat Cavusoglu, Bedminster Capital, George Soros, Ontario Teachers' Pension Plan, Canada Pension Plan Investment Board, Actera Partners, Jim Leech, Evren Unver
Labels: Actera, deal flow, Emerging Markets, fundraising, Venture Capital