Istanbul Venture Capital Initiative (iVCi) is a dedicated Turkish fund-of-funds advised by EIF acting in support of the development of risk capital in Turkey.
First closing took place in November 2007 with cornerstone investors the SME Development Institute of Turkey (KOSGEB), the Technology Foundation of Turkey (TTGV), the public Development Bank of Turkey (TKB) and EIF. After final closing in early 2009, iVCi has a total of EUR 160m under management.
The initial main objective is to serve as catalyst for the development of risk capital in Turkey. Since the fund's first closing, there has been a strong pipeline of investment proposals and EIF is currently screening them and undertaking the due diligence process to identify suitable investment possibilities.
On 31st march 2009 Garanti Bank, Turkey's second largest private bank, joined iVCi, becoming the first private Turkish institutional investor of reference in this programme. Read more on the press release.
