Istanbul Venture Capital Initiative (iVCi)

EIF has provided advice in relation to Istanbul Venture Capital Initiative (iVCi), a dedicated Turkish fund-of-funds programme, set up in 2007. iVCi is a fund of EUR 200m.

It's objective is to serve as a catalyst for the development of risk capital in Turkey, whilst providing a platform for the first wave of domestic institutional investors in this asset class. The daily operations of iVCi are managed from Istanbul and Luxembourg, with the official public launch of the programme expected during 2008.

iVCi’s first closing at EUR 150m took place in November 2007 in Luxembourg, with cornerstone investors the SME Development Organisation of Turkey (KOSGEB), the Technology Foundation of Turkey (TTGV), the public Development Bank of Turkey (TKB) and EIF, whose investment was EUR 50m (EIF’s investment was derived from funds mandated by the EIB and EIF’s own funds).