Japan’s SBI Holdings and Abu Dhabi’s Invest AD to invest $100m in Turkey

Japan’s SBI Holdings and Abu Dhabi’s government owned Invest AD will each put $50m in a new joint private equity fund focused on acquisitions in Turkey.

Jointly managed by the two companies through an office in Instanbul, the fund intends to supply capital to companies, which in turn will use the joint investors’ global networks to grow market share and expand overseas.

Sectors deemed most attractive to the fund include consumer goods, food, retail, services and pharmaceuticals and healthcare.

“I have a strong belief in Turkey’s economy,” said Yoshitaka Kitao, representative director and chief executive officer of SBI Holdings.

He points to IMF forecasts that Turkish economic growth will average 3.8% annually over the next four years, with a strong consumer sector boosted by a fast growing and young population.

“We’re developing a strong long-term interest in Turkey, a strategically important country in the region, which has seen robust economic growth in the last 10 years,” added Nazem Fawwaz Al Kudsi, chief executive officer of Invest AD.

SBI and Invest AD previously signed a similar agreement in late 2010 to invest up to $100m jointly in a fund for Africa. With the two funds in place, the companies will be looking to raise the amount invested by opening them up to other investors.


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