RHEA buys out Turkish VCT

Private equity firm RHEA Investments has acquired the Vakif Venture Capital Investment Trust, an Istanbul Stock Exchange-listed joint stock company for an undisclosed sum.

Although the details of the transaction were not disclosed the company has a market value of US$6.5m and the assets in the company are said to be fully liquid

Established in 1996, VVCIT was listed on the Istanbul Stock Exchange in 2000 and was the first venture capital investment trust established in Turkey. The company claims the establishment of the trust led to the formation of regulation on private equity and venture capital investing in the country.

CEO of RHEA Investments Onur Takmak said: “We are aiming to dramatically expand VVCIT’s capital base and provide local and international retail and institutional investors the opportunity to co-invest and access Turkish and regional investment opportunities.”