Turkey Development Fund

What Turkey Development Fund does

Turkey Development Fund (Türkiye Kalkınma Fonu) is a state-backed multi-fund investment platform established in December 2019 and headquartered in Ümraniye, Istanbul. It operates through Kalkınma Girişim Sermayesi Portfoy Yonetimi A.S., a 100% subsidiary of the state-owned Development and Investment Bank of Türkiye (TKYB), and is regulated by Turkey's Capital Markets Board (CMB/SPK). The platform manages twelve-plus specialized sub-funds spanning the venture capital lifecycle — including the Regional Development Fund, Technology and Innovation Fund (745M TRY), Innovative and Advanced Technologies VCIF (952M TRY), Development Participation VCIF, Kalkınma ODTÜ TEKNOKENT VCIF (Invest 101), TÜBİTAK BIGG and BiGG+ seed funds, OİB Automotive Mobility GSYF, and the DIBT / TKYB Üst Fonu fund-of-funds vehicles — with total assets under management exceeding 4.2 billion TRY. TDF invests both directly into Turkish startups and SMEs across deep-tech, defense, fintech, hospitality-tech, sales automation, and manufacturing-export sectors, and indirectly via LP commitments to leading Turkish VC platforms including Mediterra Capital, Revo Capital, ACT Venture Partners, 212, DCP, 500 Istanbul, and ScaleX.

The platform serves three primary client segments: (1) high-growth-potential companies needing expansion capital or structured finance, (2) export-oriented manufacturers in priority sectors aimed at reducing Turkey's current account deficit, and (3) technology-oriented startups in deep-tech, health-tech, fintech, mobility, and smart cities. Capital deployment is supplemented with strategic support in management institutionalization, operational productivity, and corporate governance. Go-to-market is institutional: deal flow originates from dedicated online application portals, KAP regulatory disclosures, the corporate website, and formalized partnerships with TÜBİTAK, METU Teknokent, and the Automotive Exporters Union. Revenue mechanics are implicit in fund management fees and capital appreciation on portfolio realizations; specific revenue and carried-interest figures are not publicly disclosed. The leadership team — chaired by İbrahim H. Öztop (CEO of TKYB) with Elif Altuğ as CEO of the management company since July 2022 — combines deep Turkish development-banking and asset-management backgrounds.

Name

Turkey Development Fund

Legal name

Kalkınma Girişim Sermayesi Portföy Yönetimi A.Ş.

Website

https://turkiyekalkinmafonu.com.tr

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Turkey Development Fund is a state-backed multi-fund investment platform, fully owned by the Development and Investment Bank of Türkiye, that provides venture, growth, and structured capital to Turkish technology startups, SMEs, and export manufacturers through twelve-plus specialized sub-funds totaling over 4.2 billion TRY in AUM.

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity Fund Management

NAICS

Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Growth Equity Fund-of-Funds (FSANAGAE)

akta.pro secondary industry

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC)

Keywords

• Venture capital funds
• Fund of funds
• Growth capital investment
• Technology startup investing
• Portfolio management services

Headquarters

HQ city

Umraniye

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Investment Returns: Generates returns through equity investments in portfolio companies and venture capital fund participations

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Turkey Development Fund is a state-backed investment platform that provides capital and structured finance to high-growth-potential companies through multiple specialized venture capital and fund-of-funds vehicles. Operating as a 100% subsidiary of Development and Investment Bank of Türkiye, it manages over 4.2 billion TRY across sub-funds targeting technology startups, regional SMEs, export-oriented manufacturers, and defense/advanced-technology enterprises. The platform makes both direct equity investments and indirect LP commitments to leading Turkish VC funds.

Product overview

Turkey Development Fund operates as a multi-fund investment platform managed by Kalkınma Girişim Sermayesi Portföy Yönetimi A.Ş., offering a portfolio of specialized investment funds. The platform includes Regional Development Fund for SMEs, Technology and Innovation Fund for VC ecosystem support, Innovative and Advanced Technologies VCIF for defense and dual-use tech, Development Participation VCIF for manufacturing export companies, Development ODTÜ TEKNOKENT VCIF (Invest 101) for early-stage tech startups, DIBT Fund of Funds for VC/growth/PE fund commitments, and sector-specific funds like TÜBİTAK BIGG/BiGG+ and OİB Automotive. Total capital under management exceeds 4.2 billion TRY.

Differentiator

Problem solved

Functional benefit

Products and services

• Regional Development Fund (Bölgesel Kalkınma Fonu) A fund that provides minority capital investments to regional SMEs with high export or import substitution potential in priority sectors, offering growth capital as a bridge between venture capital and private capital.
• Technology and Innovation Fund (Teknoloji ve İnovasyon Fonu) A fund that supports venture capital funds in the ecosystem through commitments and makes co-investments with other VCs in technology-oriented start-ups with high growth potential.
• Innovative and Advanced Technologies Venture Capital Investment Fund (Yenilikçi ve İleri Teknolojiler GSYF) A fund that makes capital investments in enterprises producing high technology-oriented products for the Defense industry and civilian sectors, with one direct investment in cybersecurity.
• Development Participation Venture Capital Investment Fund (Kalkınma Katılım GSYF) A fund that transfers resources from participation accounts to the real economy, investing in export or import substitution companies in manufacturing sectors to reduce current account deficit.
• Development ODTÜ TEKNOKENT VCIF (Invest 101) A venture capital fund established in cooperation with METU Teknokent that invests in early-stage new generation technology startups operating in incubation centers, providing mentorship and network opportunities.
• Development and Investment Bank of Türkiye Capital Fund (TKYB Sermaye Fonu) A fund that makes indirect fund-of-funds investments and direct investments in technology-oriented companies with high growth potential through capital injection or structured finance instruments.
• TÜBİTAK BIGG Fund A fund that invests in enterprises with seal of excellence received within TÜBİTAK 1812 program, targeting companies with potential for value-added growth.
• TKYB Üst Fonu (Fund of Funds) A fund of funds that makes commitments to VC, growth capital, and private equity funds that will invest in technology and growth-oriented initiatives benefiting Türkiye's development.
• DIBT Fund of Funds A 50 million USD fund of funds investing in venture capital, growth capital, and private equity funds focused on technology and growth-oriented businesses.
• Otomotiv Endüstrisi İhracatçıları Birliği (OİB) GSYF A 1.7 million USD fund investing in early-stage companies in mobility technologies built on Turkey's automotive industry and supply chain ecosystem.
• TÜBİTAK BiGG+ GSYF A 2.7 million USD seed fund investing in technology ventures previously supported under TÜBİTAK's BiGG program, with plans to invest in approximately 15 companies annually.
• Kalkınma Katılım GSYF A participation-based development fund targeting export-oriented companies in priority development sectors.

Named customers4 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• British International Investment (BII, formerly CDC): UK development finance institution that channels capital into fund managers and direct investments across Africa and emerging markets. Closely comparable structure: sovereign-backed DFI deploying committed capital through fund-of-funds and direct VC/PE tickets.
• FMO (Netherlands Development Finance Company): Dutch DFI that invests in private equity funds and directly in growth-stage businesses in developing countries. Comparable as a state-backed DFI operating a multi-fund venture/private capital platform with similar LP-to-manager relationships.
• DEG (German Investment Corporation): German development finance institution providing long-term financing to private enterprises in emerging markets, including through VC/PE fund commitments and direct investments. Highly comparable mandate and fund-of-funds operating model to TDF.
• Proparco (Agence Française de Développement subsidiary): French DFI taking minority equity stakes in funds and businesses across Africa, Asia, and emerging markets. Comparable as a state-backed DFI deploying through fund-of-funds and direct investments in growth-stage ventures.
• Türkiye Sınai Kalkınma Bankası (TSKB): Turkish industrial development bank providing investment and project finance, including direct and indirect VC/PE commitments. A domestic Turkish DFI peer operating a comparable mandate within the same regulatory and macro environment as TDF.

Broad incumbents

• KfW (Kreditanstalt für Wiederaufbau): German state development bank financing development projects globally through credit lines, fund commitments, and direct investments via subsidiaries. Comparable as a state-owned development finance group with multi-vehicle investment structures.
• International Finance Corporation (IFC): World Bank Group's private-sector arm and a blended finance DFI that runs its own VC/PE fund commitments and direct investments in emerging-market startups. Most comparable as the archetypal sovereign-backed DFI operating a fund-of-funds/VC platform analogous to TDF's mandate.
• European Bank for Reconstruction and Development (EBRD): Multilateral bank actively investing in Turkey with equity, debt, and fund-of-funds commitments to local financial institutions and VCs. Comparable as a sovereign-backed DFI with explicit Turkey-country focus and active fund-of-funds strategy.
• BNDES (Brazilian Development Bank): Brazilian federal development bank offering credit and equity vehicles for priority sectors including VC/PE. Comparable as a state-owned development bank running multiple specialized investment funds via a portfolio management subsidiary.

Regional players

• Türkiye İhracat ve Kredi Bankası (Türk Eximbank): Turkish state export credit bank operating export financing programs. Comparable as a Turkish state-backed development finance institution with adjacent development mandate and direct overlap with TDF's export-oriented investment focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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M&A

Investments164 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Turkey Development Fund