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TWF partners with ADQ to create $300m tech fund

The Türkiye Wealth Fund (TWF) and ADQ have announced a $300 million tech fund to invest in and grow Türkiye’s technology ecosystem.

The Fund is the first step for the TWF in its vision to establish a broader $1bn technology platform, the Türkiye Technology Fund (TTF). The TTF is designed to accelerate the growth of Türkiye’s technology ecosystem by deepening access to venture capital through dedicated funds, by investing in disruptive technologies to drive growth in the TWF’s traditional portfolio and advancing strategic technological investments in sectors critical to Türkiye’s development.

The tech Fund established together with the ADQ will first establish a venture capital fund and a fund of funds. The fund of funds will aspire to augment capital available to the existing Turkish venture capital fund universe, while the former will increase funding for the Turkish startup ecosystem. The fund also aims to provide the opportunity for partnerships with other institutional investors while supporting seed, later stage, growth equity, and larger-sized venture capital investments.

Speaking at the Türkiye Technology Fund – ADQ TWF launch, Arda Ermut, the CEO of TWF, said: “Türkiye has grown significantly in its technology ecosystem over the last few years. We believe Türkiye Technology Fund – ADQ TWF will give ADQ and TWF access to a pipeline of compelling investment opportunities specialized in next-generation technologies that will contribute to the strategic growth of Türkiye’s economy ultimately reinforce bilateral cooperation between both our nations. This fund marks the first step taken by the TWF as part of its vision to build a broader $1bn technology platform, to become the reference technology fund accelerating technological growth in Türkiye and driving growth in strategic technological sectors critical to Türkiye’s development. Compared to similar funds in Türkiye, the Türkiye Technology Fund will create a unique added value for our country with its volume and international direct investment dimension and the multiplier effect it will provide for other technology investments.”

H.E. Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, commented: “Launching Türkiye Technology Fund – ADQ TWF builds on the broader commitment to investing in the future growth of Türkiye we made in late 2021 as the UAE and Türkiye continue to advance bilateral trade and investment. Türkiye is an attractive market with substantial opportunities for investing in vital sectors that align with our areas of expertise. By providing access to the national and regional champions in our portfolio, we will help to unlock even greater value for these companies and funds with high-growth potential.”

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