Türkiye Wealth Fund General Manager Arda Ermut Meets with Members of the Press

Portfolio Structure, Investments, and the Fund’s Approach

According to the latest report published by Global SWF, Türkiye Wealth Fund entered among the world’s top 10 wealth funds in terms of assets under management. In the meeting, it was stated that the market value of publicly listed companies in TWF’s portfolio approached 25 billion dollars.

In his evaluation regarding TWF’s portfolio structure, Ermut emphasized that companies such as Turkish Airlines, Türk Telekom and Turkcell were companies with strong corporate structures and management mechanisms even before being included in the Fund. He underlined that TWF adopts a non-interventionist, supportive, and long-term value-oriented approach in these companies.

Ermut stated that even the investment made only in Türkiye Sigorta has today resulted in a significant market value increase. In this context, he said the main goal in fund management is to realize gains through value-creating exits and transactions at the right time.

Istanbul Financial Center 

In the meeting, the Istanbul Financial Center (IFC), which has strategic importance for TWF, was also brought up. Ermut stated that the daily number of employees in IFC is rapidly increasing and emphasized that completing the metro line in the area’s infrastructure is of critical importance.

Arda Ermut also highlighted that they proposed a “one-stop office” model that will facilitate license and permit processes for investors who will benefit from local incentives in IFC. He said that if the related regulatory arrangements are enacted, investors will be able to carry out their transactions quickly and effectively through a single structure.

Türk Telekom, VakıfBank Transaction and Possible Public Offerings

Ermut underlined that the current timing is not right for a secondary public offering in Türk Telekom, and that the company is in an intensive investment period, and that this issue can be evaluated more soundly after the returns of infrastructure investments are realized.

Regarding the limited share sale in VakıfBank, Ermut emphasized that the transaction was carried out upon demand from qualified foreign investors, that the sold portion corresponds to a small share of the capital, and that TWF still holds strong majority ownership in VakıfBank. He evaluated this transaction as a guiding example for possible public offerings and capital market steps with foreign participation.

Ermut stated that for some private companies in TWF’s portfolio, public offerings of meaningful size and with high foreign interest may also be considered, and that such opportunities are closely monitored in line with the goal of deepening capital markets.

Mining Portfolio, Türk Altın, and New Investment Plans

Ermut said that work is being conducted together with international evaluation institutions for the 26 mining licenses transferred to TWF, and that 4 of these licenses have been prioritized.

Ermut reminded that with the transfer of Türk Altın, one of Türkiye’s largest gold producers passed under TWF, and stated that in this context, some mines are being evaluated through Türk Altın, and new investment decisions are being shaped according to this synergy.

Arda Ermut added that a plan including the necessary investments for İzmir Alsancak Port has been prepared, and that steps to restore the port to its full potential will be taken in the upcoming period.

Sovereign Wealth Funds and International Trends

In the meeting, the transformation undergone by sovereign wealth funds on a global scale was also evaluated. Ermut and Kayacık stated that not only countries with budget surpluses or surplus revenues based on a single commodity, but also countries with different economic structures, for example the United States which has a high current account deficit, are turning toward the sovereign wealth fund model. They conveyed that in many states, the goal is to gather public assets under a single roof to achieve synergy, efficiency, and effectiveness.

Eurobond Issuance, Role in Capital Markets and Outlook

Arda Ermut stated that in the latest Eurobond issuance carried out in September 2025, the issuance was made with a two-tranche structure with 5-year and 10-year maturities, that the transaction attracted demand of over 10 billion dollars, and that it holds the distinction of being the first institution from Türkiye in recent years to make a 10-year maturity issuance. He emphasized that this result reflects the confidence of international investors in TWF and in the Turkish economy.

Mahmut Kayacık, on the other hand, said the TWF is one of the largest investors of Borsa Istanbul in terms of its shareholdings within the portfolio, but that it is not an actor that trades actively in the market every day.

Lastly, Ermut noted that the Türkiye Wealth Fund is sometimes confused with the Turkish Volleyball Federation (abbreviated as TVF), asset management companies, or the SDIF (Savings Deposit Insurance Fund), and that a significant portion of complaints coming to CİMER (Presidential Communication Center) originate from such institutional confusions. He emphasized that TWF is not a structure that takes over confiscated assets, and that the companies and assets included in its portfolio are transferred to the Fund through legally compliant processes and with payment of their value.