3/23/2022

TWF Partners with ADQ to Create USD 300 Million Tech Fund

​The Türkiye Wealth Fund (TWF) and Abu Dhabi Developmental Holding Company PJSC (ADQ) have announced a USD 300 million-tech fund to invest in Türkiye's technology ecosystem.

The fund is the first step for the TWF in its vision to establish a broader USD 1 billion technology platform, the Türkiye Technology Fund (TTF). The TTF is designed to accelerate the growth of Türkiye's technology ecosystem by deepening access to venture capital through dedicated funds, by investing in disruptive technologies to drive growth in the TWF's traditional portfolio and advancing strategic technological investments in sectors critical to Türkiye's development.

Established together with ADQ, the tech fund will first establish a venture capital fund and a fund of funds. The fund of funds will aspire to augment capital available to the existing Turkish venture capital fund universe, while the former will increase funding for the Turkish startup ecosystem. The fund also aims to provide the opportunity for partnerships with other institutional investors while supporting seed, later stage, growth equity, and larger-sized venture capital investments.

Speaking at the Türkiye Technology Fund – ADQ TWF launch, TWF CEO Arda Ermut said, “Türkiye has grown significantly in its technology ecosystem over the last few years. We believe the Türkiye Technology Fund – ADQ TWF will give ADQ and TWF access to a pipeline of compelling investment opportunities specialized in next-generation technologies that will contribute to the strategic growth of Türkiye's economy ultimately reinforce bilateral cooperation between both our nations. This fund marks the first step taken by the TWF as part of its vision to build a broader USD 1 billion technology platform, to become the reference technology fund accelerating technological growth in Türkiye and driving growth in strategic technological sectors critical to Türkiye's development. Compared to similar funds in Türkiye, the Türkiye Technology Fund will create a unique added value for our country with its volume and international direct investment dimension and the multiplier effect it will provide for other technology investments."

H.E. Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, commented, “Launching Türkiye Technology Fund – ADQ TWF builds on the broader commitment to investing in the future growth of Türkiye we made in late 2021 as the UAE and Türkiye continue to advance bilateral trade and investment. Türkiye is an attractive market with substantial opportunities for investing in vital sectors that align with our areas of expertise. By providing access to the national and regional champions in our portfolio, we will help to unlock even greater value for these companies and funds with high-growth potential."

Source: https://www.tvf.com.tr/en/contact/disclosures/2022/twf-partners-with-adq-to-create-300m-tech-fund

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TWF; ADQ; technology fund; venture capital