The mission of iVCi has been to provide access to finance to Turkish companies by being a catalyst for the development of the local risk capital industry. We have achieved this through direct investments in independently managed funds and co-investments supporting first-time, established and experienced teams across all stages.

HIGHLIGHTS

  • TII resources effectively supported anchor investments in iVCi funds.
  • iVCi helped develop the industry by directly supporting 55 investment professionals, of whom: 70% Turkish nationals, and at least 5 first-time teams.
  • Knowledge management has also been an intrinsic part of iVCi, with over 300 people reached through its dedicated network.
  • We held numerous seminars on venture capital to local stakeholders, and EIF experts delivered more than 20 speaking contributions at national and international events focusing on Türkiye.

RESOURCES

iVCi was set up in November 2007 by three sponsors: the SME Development Organisation of Türkiye - KOSGEB, the Technology Development Foundation of Türkiye - TTGV, and the EIF.

A fourth strategic investor also participated in the first closing, TKYB - the Development Investment Bank of Türkiye.

iVCi undertook its second and final closing in March 2009 reaching EUR 160 million with commitments from Garanti Bank and the National Bank of Greece.

As iVCi nears the end of its lifetime, 57 of underlying portfolio companies have been exited for a cash multiple of 5.39x.

iVCi has distributed EUR 326.11 million back to its investors thanks to continuous liquidity events from underlying funds even in a more difficult macroeconomic environment.

This represents around 2.03x of the amounts drawn by the iVCi investors. More distributions may occur as further exits materialise in the portfolio. The returns to iVCi investors may reach 2.95x.

iVCi has distributed EUR 7 million back to its investors thanks to continuous liquidity events from underlying funds even in a more difficult macroeconomic environment.

iVCi - total investments made by the underlying companies by year (in million EUR)

FUNDS BACKED BY IVCI

Actera Partners II

CEECAT Recovery Fund C C.V.

Darby Converging Europe Fund III

Digital East Fund 2013 SCA SICAR Mediterra Capital Partners I L.P.

Pera Capital Partners Fund I LP Technology in Central and Eastern Europe S.C.A. SICAR

The Clean Energy Transition Fund L.P. Eurasia CP Jersey L.P. G43 Anatolian Venture Capital Fund