Invest AD to seal first Turkey deal within four months
State-owned Abu Dhabi investment vehicle Invest AD is looking to buy Turkish companies focused on pharmaceuticals, food, consumer goods and industrial manufacturing. Samir Assaad, head of the company’s private equity unit, told Bloomberg that the first investment is likely to come within three or four months. Assaad was speaking Seoul where he was meeting potential South Korean strategic partners with expertise in the target industries.
Invest AD sees considerable investment opportunities in Turkey, which has a diversified and fast-growing economy but a shortage of capital. Last week, the company reached an agreement with SBI Holdings, the Japanese financial conglomerate, to create a $100 million fund focused on unlisted Turkish companies. The fund will target companies in the same sectors as those highlighted by Assaad.
Invest AD, which is controlled by the Abu Dhabi Investment Council, has also launched partnerships with Quam, a Hong Kong-listed financial services company, Korea Development Bank and BHF-Bank AG, a German private bank. It made its first private equity investment in Turkey in late 2009, buying a stake in supply-chain manager EKOL Logistics.
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