Turkiye Wealth Fund (TWF)

Türkiye Varlık Fonu (TVF) · Turkiye · Europe · Founded 2016 · State holding company · IFSWF full member

Report a correction

Focus

TWF: what it invests in

Financial servicesEnergy: oil and gasTelecoms and mediaMining and metalsAgriculture and food securityReal estate

Strategic state holdingsReal estateVenture capital

Geography Mainly domestic

Scale

TWF: how big it is, and on what basis

TRY 18,997B

Total assets (balance sheet)As of 2025-12-31

In US dollars: about USD 442B. TRY 18,997 billion at the ECB rate of 42.965 lira per US dollar on 31 December 2025.

Transparency

TWF: what it publishes

7.0 of 10 Band 4 of 5

Published 5 · Partly 4 · Not published 1

Our 10 item score. It measures what is public, not how well a fund is run.

Consolidated total assetsS4: TRY 19.0T (about USD 442B, end 2025); As of 2025-12-31
Consolidated equityS4: TRY 2.73T (about USD 63.5B); As of 2025-12-31
Net profit, 2025S4: TRY 371.5B; As of 2025-12-31
Portfolio companiesS6: 34 (plus 2 licences and 46 properties); As of 2026-01-14
New investment since 2016S9: USD 18B; As of 2026-01-14
Group employeesS6: 188,631 (2024); As of 2026-01-14
Fitch ratingS11: BB- (positive outlook, March 2026); As of 2026-03-24
Transparency scoreS4: 7 of 10; As of 2025-12-31

At a glance. Turkiye Wealth Fund is the state holding company for Turkiye's biggest public enterprises, from Ziraat Bank and BOTAS to Turk Telekom and Borsa Istanbul. Built from asset transfers rather than oil money, it reported consolidated total assets of TRY 19.0 trillion at end 2025, about USD 442 billion, a figure that includes the balance sheets of the banks and insurers it owns. S4 S7 S8

Key points

Owns 34 companies in seven sectors, 2 licences and 46 real estate assets, per the General Manager at end 2025. S6
Has made USD 18 billion of new investment since 2016 through capital increases, acquisitions and greenfield projects. S9
Consolidated equity was TRY 2.73 trillion and net profit TRY 371.5 billion in 2025. S4
Group companies employed 188,631 people and earned EBITDA of TRY 839 billion in 2024. S6
A USD 1 billion two-part Eurobond in September 2025 drew orders of almost USD 10 billion from over 250 investors. S10
Fitch affirmed the fund at BB- with a positive outlook in March 2026. S11
None of its borrowing carries collateral or a Treasury guarantee, per the General Manager. S6

Interesting facts

It owns 80.6 percent of Borsa Istanbul, the national stock exchange. S7
The Istanbul Finance Centre, about USD 1.5 billion invested, was put at about USD 2.9 billion at end 2024, with 20,000 people on site. S6
Its 2025 ten-year Eurobond was the first by a Turkish issuer other than the Treasury in eight years. S10

Mandate and goals

A strategic state investor that owns and develops national companies, funds large projects and deepens Turkiye's capital markets. S3

Contribute to strategic investments in the Turkish economy. S3
Support large infrastructure projects. S3
Strengthen and deepen the domestic capital markets. S3
Raise the value of portfolio companies through restructuring, mergers and new investment. S6

How it invests

Industries	Financial services, Energy: oil and gas, Telecoms and media, Mining and metals, Agriculture and food security, Real estate, Technology, Transport and logistics S7 S12
Asset classes	Strategic state holdings, Real estate, Venture capital S7 S3
Stages	Buyout, Growth, Infrastructure, Real estate, Venture S6 S3
Geography	Mainly domestic. Almost entirely Turkish companies, licences and property S7
Direct / through funds / co-invest	Yes / Yes / Yes S3 S6
Ticket size	No ticket size is published. S6
Deal sizes seen	About USD 285M (insurer merger, 2020) to USD 1.65B (Turk Telekom 55%, 2022)
External managers	Venture managers through the Turkiye Technology Fund; core holdings are run by the companies themselves S3
Co-investment programme	No open programme; partnerships are set up through government and fund-to-fund agreements, such as the technology fund with ADQ S3 S5

Largest holdings: Ziraat Bankasi (100%), Vakifbank (73.26%), BOTAS (100%), TPAO (100%), Turk Telekom (61.68%), Borsa Istanbul (80.6%), Turkiye Sigorta (81.1%), Turkcell (26.2%), Eti Maden (100%), Turksat (100%) (as of 2025-09-30) S7

Fund commitments

Manager	Fund	Amount	Year
Various venture managers	Commitments through the Turkiye Technology Fund	Over USD 140M since 2023	Not published S6

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2025	USD 1B dual-tranche Eurobond. Funding deal: 5.5-year at 7.00 percent and 10-year at 7.75 percent, listed in Dublin. S10	Direct investment	Multi-sector	Credit	USD 1B raised
2025	Vakifbank stake sale. Sold 1.53 percent to foreign institutions, cutting the stake to 73.26 percent. S7	Sale or exit	Financial services	Public markets	Not published	1.53%
Not published	Istanbul Finance Centre. Financial district; valued at about USD 2.9B at end 2024. S6	New company or platform	Real estate	Real estate	About USD 1.5B invested
2022	Turkiye Technology Fund. Fund of funds with a direct arm, set up with ADQ; target USD 1B. S3 S6	Joint venture or partnership	Technology	Venture	USD 300M initial
2022	Turk Telekom. Bought 55 percent; stake now valued about USD 2.7B by management. S6	Direct investment	Telecoms and media	Buyout	USD 1.65B	55%
2020	Turkiye Sigorta and Turkiye Hayat ve Emeklilik. Merger of state insurers into one non-life and one life and pensions group. S3 S6	New company or platform	Financial services	Buyout	About USD 285M
2020	Borsa Istanbul. Bought a further 10 percent from the EBRD. S3	Direct investment	Financial services	Buyout	Not published	10%
Not published	Ziraat Bankasi. State bank transferred in full. S7	State asset transfer	Financial services	Not stated	Not published	100%
Not published	BOTAS. National gas pipeline and trading company. S7	State asset transfer	Energy: oil and gas	Not stated	Not published	100%
Not published	TPAO. National oil and gas producer. S7	State asset transfer	Energy: oil and gas	Not stated	Not published	100%
Not published	Eti Maden. Boron and minerals producer. S7	State asset transfer	Mining and metals	Not stated	Not published	100%
Not published	Turk Altin Holding. Gold mining group, formerly Koza Ipek Holding. S7	State asset transfer	Mining and metals	Not stated	Not published	100%

Case studies

Turk Telekom: buying control S6

What: Bought 55 percent of the telecoms operator and later extended its fixed-line concession to 2050.
When: 2022
Size: USD 1.65B
Why: To bring a strategic operator under national ownership and invest in fixed networks.
Outcome: Management puts the stake at about USD 2.7B, with USD 2.5B paid to the Treasury under the concession.

One state insurer instead of many S6 S3

What: Merged the public insurers into Turkiye Sigorta and Turkiye Hayat ve Emeklilik.
When: 2020
Size: About USD 285M
Why: To build scale in insurance and pensions.
Outcome: Turkiye Sigorta was worth about USD 2.7B per management in January 2026; TWF holds 81 percent.

Funding without a Treasury guarantee S10 S11

What: Built a funding curve with a Eurobond, sukuk, murabaha and a syndicated loan.
When: 2024 to 2025
Size: USD 1B Eurobond, September 2025
Why: To fund investment in its own name.
Outcome: Orders near USD 10B for the 2025 bond; Fitch BB- with positive outlook.

Investment process

The President of Turkiye chairs the board and appoints the General Manager, deputy chair and directors. The board met 12 times in 2024, all chaired by the President. The management company TVF Yonetim AS runs the portfolio. S3 S6

Committee	Role
Executive and Human Resources Committee	Chaired by deputy chair Erisah Arican S7
Audit Committee	Chaired by board member Fuat Tosyali S7

State stakes, licences and property are transferred to the fund by government decision. S3
The management company restructures companies and adds capital, acquisitions or greenfield projects. S9
Statements and audit reports go to the parliament Plan and Budget Committee. S6

How to approach: Partnerships run through government-to-government or fund-to-fund agreements and capital market deals. The investor relations pages are the public channel; no direct staff contacts are listed. S13

Size and returns

Headline size: TRY 18,997B (Total assets (balance sheet), as of 2025-12-31) S4 S8
In US dollars: about USD 442B. TRY 18,997 billion at the ECB rate of 42.965 lira per US dollar on 31 December 2025.
Consolidated equity: TRY 2,729B (about USD 63.5B) (Net assets or equity, as of 2025-12-31) S4
Returns: the fund does not publish a return figure.
Staff: 188,631 employees across group companies in 2024 S6
Size over time (TRY billion): 2023 9,400, 2024 12,714, 2025 18,997 S4 S6

Leadership

Name	Title	Since
Recep Tayyip Erdogan	President of Turkiye and Chairman S5	2017-09-12
Erisah Arican	Deputy Chair S5	2021-01
Salim Arda Ermut	General Manager and board member S5	2021-03
Ahmet Burak Daglioglu	Board member S5	2020-11-28
Mustafa Rifat Hisarciklioglu	Board member S5	2018-09
Alpaslan Cakar	Board member S5	2021-05
Fuat Tosyali	Board member S5	2018-09

Governance and transparency

Legal basis: Law No. 6741 of 26 August 2016, amended after 2017 so the President chairs the fund S1 S3
Oversight: Accounts and audit reports reviewed by the parliament Plan and Budget Committee with the State Supervisory Council report S6
Santiago Principles: Full IFSWF member; its integrated report is hosted on the IFSWF site S2 S14
Integrated annual reports follow GRI standards. S14
Directors receive no attendance fees at the management company or subsidiaries. S6

Transparency score: 7.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, holdings or deal list, audited financial statements, governance and mandate documents, named leadership. S4 S5 S7
Partly published: annual return, asset allocation, geographic or sector split, regular reporting schedule. S4 S12
Not published: long-term returns. S4

History

Date	Event
2016-08-26	Founded under Law No. 6741. S1
2017-09-12	President becomes chairman of the fund. S5
2020	Further 10 percent of Borsa Istanbul bought; state insurers merged. S3
2021-03	Salim Arda Ermut appointed General Manager. S5
2022	Turkiye Technology Fund launched with ADQ. S3
2024	First Eurobond (USD 500M) and USD 750M sukuk. S10
2025-09-05	USD 1B Eurobond with orders near USD 10B. S10
2026-01-14	General Manager reports USD 18B invested since founding. S6
2026-03-24	Fitch affirms BB- with positive outlook. S11

For family offices

TWF does not publish forums or programmes for family offices. Outside investors meet it mainly as buyers of its bonds and sukuk, as buyers of stakes it sells, or through fund-to-fund agreements. S1 S10

Buying TWF Eurobonds and sukuk, which are sold to international investors. S10
Taking part when it sells minority stakes, as in the 2025 Vakifbank placement with foreign institutions. S7
Venture managers can seek commitments from the Turkiye Technology Fund. S6

Reports

Consolidated financial statements 2025: https://www.tvf.com.tr/uploads/file/twf-consolidated-financial-statement-31-december-2025.pdf S4
Integrated annual report 2024: https://www.tvf.com.tr/uploads/file/twf-2024-integrated-annual-report.pdf S7

Common questions

How big is Turkiye Wealth Fund?

TRY 19.0 trillion of consolidated assets at end 2025, about USD 442 billion, including the balance sheets of its banks and insurers. S4 S8

Who runs Turkiye Wealth Fund?

President Recep Tayyip Erdogan chairs the board; Salim Arda Ermut is General Manager. S5

How many companies does it own?

34 companies in seven sectors, plus 2 licences and 46 real estate assets, at end 2025. S6

Does TWF publish returns?

No portfolio return is published. It reports consolidated profit, TRY 371.5 billion in 2025. S4

Is TWF an IFSWF member?

Yes, it is a full member. S2

Oesterreichische Beteiligungs AG (OBAG) Austria · EUR 30.05B
Sociedad Estatal de Participaciones Industriales Spain · EUR 15.01B
Slovenian Sovereign Holding Slovenia · EUR 14.0B
Federal Holding and Investment Company (SFPIM / FPIM), Belgium Belgium · EUR 11,679M
Growthfund (Hellenic Corporation of Assets and Participations S.A.) Greece · EUR 12.3B AUM (2024)
Parpublica (Portugal) Portugal · EUR 10.82B

All sovereign wealth funds in Europe · All state holding companys · All funds in Turkiye

Sources

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.