Japan’s SBI, Abu Dhabi-based Invest AD launch Turkey-focused PE fund
Japanese financial conglomerate SBI Holdings and Abu Dhabi state-owned Invest AD will invest $100 million in a new private equity vehicle targeting companies in Turkey.
The Turkish economy is considered a faster-growing emerging market, with the IMF forecasting average GDP growth of 3.8% of annually over the next four years. SBI and Invest AD firms will make capital injections of $50 million each in the joint fund, which will be operated by a team of professionals from both firms based at an office in Turkey. The fund will look at opportunities in several sectors, spanning consumer goods, food, retail, pharmaceuticals and healthcare.
Yoshitaka Kitao, Representative Director and Chief Executive Officer of SBI Holdings, Inc., said in a statement, “I have a strong belief in Turkey’s economy, and believe that our partnership with Invest AD can add significant value to ambitious Turkish companies.” Nazem Fawwaz Al Kudsi, CEO of Invest AD, added that his fund is developing a strong long-term interest in Turkey, which he deems a strategically important country in the region bolstered by “robust economic growth over the past 10 years.”
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