Japan, Abu Dhabi firms set up $100 mln Turkey fund
Tokyo-based SBI, a financial services firm which recently listed in Hong Kong, and government-owned Invest AD will each contribute $50 million to the fund, which is touting for deals in sectors such as consumer goods, retail, services and pharmaceuticals and healthcare.
The two companies set up a $100 million Africa fund last September to take advantage of its fast-growing frontier markets.
Invest AD has already made one acquisition in Turkey, buying a significant minority stake in late 2009 in EKOL Logistics, the statement said.
Turkey's economy grew 8.9 percent last year, one of the fastest growth rates in the world, and probably expanded 9 percent in the first quarter on the year, according to the country's Finance Minister Mehmet Simsek.
Invest AD and SBI will look to raise similar funds, which will also be open to other investors, the statement said.
Invest AD is owned by Abu Dhabi Investment Council (ADIC), which focuses on countries closer to home and is a separate entity from Abu Dhabi Investment Authority (ADIA), one of the world's largest sovereign wealth funds.
SBI Holdings was originally part of the Softbank (9984.T) group of companies that invested in internet ventures.