The European Investment Fund, the Technology Foundation of Turkey, the SME Development Organisation of Turkey and the Development Bank of Turkey have launched a new fund of funds and co-investment programme dedicated to investments in Turkey. The fund, called Istanbul Venture Capital Initiative (iVCi), held a first closing on €150m in November. It has a target of €200m.

iVCi is to be advised by the EIF. EIF has some experience in the country, having already invested in Actera Partners and Turkish Private Equity Fund II.

EIF chief executive, Francis Carpenter, said, 'We are extremely proud of supporting and being advisor to this pioneering initiative in Turkey. We have first class local partners and are confident that iVCi will accelerate the development of a sector which is key to the development of the Turkish economy.'

EIF is part of the EIB Group and has a tripartite shareholding, which includes the European Investment Bank, the European Union represented by the European Commission, and a number of public and private European banks and financial institutions.

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As the Honorary Turkish Consul General for Georgia, it is my duty and pleasure to promote Turkey to the citizens of the United States and to encourage educational, economic, cultural, touristic and humanitarian relationships between the United States and the Republic of Turkey.

Mona Tekin Diamond
Turkish Honorary Consul General for Georgia