Türkiye Wealth Fund (TWF) has entered the ranks of the world's top 10 sovereign wealth funds for the first time, an analysis published on Friday showed.
The sovereign wealth fund's consolidated assets had reached TL 12.7 trillion ($360 billion) as of the end of 2024, according to an analysis published by Global Sovereign Wealth Funds (Global SWF).
The fund closed the year "with larger scale, stronger margins, and ample liquidity – setting up a more confident funding strategy through 2025," Global SWF said.
The report, titled "Türkiye Wealth Fund: 2024 Performance, 2025 Strategy and Road Map," calculated TWF's assets using the 2024 year-end dollar-lira exchange rate.
The fund thus surpassed Abu Dhabi's Mubadala Investment Company to secure a position among the world's largest sovereign investors.
TWF's equity rose to TL 2 trillion, while its annual net profit came in at TL 371.4 billion. Backed by a strong cash position of TL 1.3 trillion and a low leverage ratio, the fund ended the year with a solid financial structure.
In 2024, TWF maintained a steady issuance schedule that attracted strong international investor appetite. Its $1 billion eurobond issuance in September received a demand of nearly $10 billion.
The sukuk program launched at the end of 2024 quickly expanded to $1 billion in 2025, while a $600 million murabaha deal boosted the fund's diversification in Islamic finance.
The TWF also successfully closed an international syndicated loan with the participation of 20 banks from 12 countries, further strengthening its reputation as a reliable and disciplined issuer.
The Türkiye Wealth Fund was founded in 2016 by the government to develop and increase the value of the country's strategic assets and provide resources for investment.
The fund has a portfolio of assets including 31 companies operating in sectors from telecommunications, financial services, transportation, logistics, steel and energy.
The TWF also advanced restructuring efforts in its portfolio firms, according to Global SWF.
The refinancing of Türk Telekom reduced the company's interest burden by more than $150 million and allowed for a more flexible dividend policy.
In the insurance sector, financing processes for Türkiye Sigorta and Türkiye Hayat Emeklilik were completed, bolstering the sector's long-term depth.
The Global SWF report emphasized the TWF's growing recognition for its consistent issuance strategy, which has reinforced investor trust.
It also highlighted the fund's moves in telecommunications and insurance as key drivers in developing Türkiye's capital markets.
The TWF now stands alongside some of the world's largest sovereign funds:
Norway – Government Pension Fund Global
China – SAFE Investment Company
China – China Investment Corporation (CIC)
UAE – Abu Dhabi Investment Authority (ADIA)
Kuwait – Kuwait Investment Authority (KIA)
Singapore – GIC Private Limited
Saudi Arabia – Public Investment Fund (PIF)
Qatar – Qatar Investment Authority (QIA)
UAE – Investment Corporation of Dubai (ICD)
Türkiye – Türkiye Wealth Fund (TWF)
