Turkey Wealth Fund


Turkey Wealth Fund is a $33 billion sovereign wealth fund founded in August 2016 owned by Government of Turkey. The fund is operated with "Strategic Investment Plan", which was approved by the Cabinet. On September 12th, 2018, the TVF leadership was changed to R.T. Erdogan as its chairman and Berat Albayrak, his son in law and Minister of Treasury and Finance, as its deputy chairman.

History

On 6 February 2017, it is announced that Ziraat Bankası, TÜRKSAT, BOTAŞ, PTT, BİST, TPAO, Türk Telekom, Eti Maden, Çaykur have been handed over to TVF. In addition to the companies, 3 billion liras worth Defense Industry Support Fund were transferred to TVF for 3 months. The fund also has several lands in Antalya, Aydın, İstanbul, Isparta, İzmir, Kayseri and Muğla, which were previously owned by Treasury of Turkey. One day later Treasury stakes of Turkish Airlines and Halkbank also handed over to the fund.

2018 changes

On the 12th of September President Erdoğan sacked the entire management staff of Turkey's sovereign wealth fund and named himself chairman of the fund. He also appointed Zafer Sonmez, formerly of Malaysia's government investment vehicle Khazanah Nasional from September 2012 until September 2018, as Senior Vice President & Head. Erdoğan's son-in-law Berat Albayrak was named as his deputy on the board of the sovereign wealth fund.

2020 changes

On April 2020, TWF Financial Investments was founded with previously government owned shares of Güneş Sigorta, Halk Sigorta, Ziraat Sigorta, Vakıf Emeklilik ve Hayat, Halk Hayat ve Emeklilik and Ziraat Hayat ve Emeklilik.
On 18 June 2020, TWF acquired controlling stakes of Turkcell from Telia for 350 million USD.

Companies

Licenses: