Pragma

What Pragma does

Pragma is a privately held investment banking and private equity firm founded in 2002 and headquartered in Istanbul, Türkiye. The firm operates two core business lines: Investment Banking Advisory, providing M&A advisory and debt finance advisory services focused on complex cross-border transactions for multinational and Turkish corporates, and Asset Management, executed through its wholly-owned investment platform Pragma Capital Partners (PCP), which deploys capital across venture growth, growth equity, and buyout strategies in industrial and technology companies. The firm has completed more than 128 M&A transactions since 2005 totaling over US$10 billion in aggregate transaction volume, and PCP manages assets under management exceeding US$1 billion across 17 portfolio companies spanning aerospace components, automotive parts, cable glands, packaging machinery, water filtration, mining, biotechnology, cybersecurity, and intelligent automation.

The firm employs approximately 40 investment bankers led by five co-founders (Değer Şahbaz, Ömer Bilhan, Özlü Yalaza, Mustafa Akgün, Saltuk Buğra Akbulut) who remain in active senior roles, supported by directors and advisory board members with backgrounds at Global Securities, Citigroup, Dresdner Kleinwort, Bain, UniCredit, and Shell. Revenue is generated through three streams: M&A advisory fees (transaction-based professional services), debt finance advisory fees, and asset management economics (management fees and investment returns) through PCP's fund vehicles including Industrial Buyout Fund II, Industrial Buyout Fund III, and the Technology Opportunities Fund. Distribution is exclusively direct, senior-banker-led enterprise engagement with no digital or intermediary channels; marketing relies on Mergermarket awards (Türkiye M&A Financial Advisor of the Year in 2016, 2019, 2023, 2026), earned media (Forbes Türkiye, Bloomberg HT), and LinkedIn presence.

Geographically, Pragma is concentrated in Türkiye but executes cross-border mandates connecting Turkish assets with international strategic and financial buyers. Customer segments span large multinational corporates seeking Turkish M&A exposure, Turkish conglomerates pursuing strategic divestitures and acquisitions, private equity firms and sophisticated investors co-investing via PCP funds, and founders/management teams of high-growth industrial and technology companies receiving growth capital. Pricing is not publicly disclosed and is negotiated per mandate, with fees varying by transaction size, complexity, and scope.

Name

Pragma

Legal name

Pragma

Website

https://pragma.com.tr

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

11–50 employees

Short description

Pragma is a privately held Istanbul-based investment banking firm founded in 2002 that advises on M&A and debt finance transactions while also investing in industrial and technology companies through its Pragma Capital Partners platform, serving multinational corporates, Turkish enterprises, and growth-stage founders.

Ownership category

akta.pro rank

Headquarters

HQ city

Istanbul

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. M&A Advisory Fees: Revenue generated from providing merger and acquisition advisory services to buyers and sellers, including sell-side and buy-side mandates, cross-border transactions, and divestitures.
2. Debt Finance Advisory: Fees from providing debt finance advisory services for complex transactions.
3. Asset Management / Investment Returns: Through Pragma Capital Partners, they invest in portfolio companies across venture growth, growth equity and buyout strategies, generating returns through equity ownership.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Pragma is an investment banking firm providing M&A advisory and debt finance advisory services to corporations, investors, and financing sources for complex cross-border transactions in Türkiye. In parallel, it actively invests in industrial assets and high-growth technology companies through its Pragma Capital Partners platform, executing venture growth, growth equity, and buyout strategies via dedicated funds.

Product overview

Pragma is a leading investment banking and private equity firm offering two core services: Investment Banking Advisory for M&A transactions and Asset Management through its Pragma Capital Partners platform. The company executes cross-border M&A deals while also actively investing in portfolio companies across Industrials (aerospace components, automotive parts, cable glands, packaging machinery, mining, water treatment) and Technology sectors (cybersecurity, biotech, digital fashion, automation, 3D printing, HR management).

Differentiator

Problem solved

Functional benefit

Brands

• Pragma Capital Partners (PCP): Investment platform of Pragma that invests across venture growth, growth equity and buyout strategies to support visionary entrepreneurs and management teams in fast-growing, export-oriented and tech-enabled companies in Türkiye.

Quantifiable outcome

• US$10 billion+ in 128 completed M&A transactions since 2005
• +2 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Bilim Virüsü (Science Virus)coreStrategic or Co-development Partner · 1 February 2023Co-led the 'Young Pragmatist' entrepreneurship program targeting sustainable future in collaboration with young individuals. The program attracted over 100 university students with business ideas in sustainability fields. Top two projects received funding to transform into startups.
• Pragma Capital Partners (PCP)coreOthersInvestment platform through which Pragma invests across venture growth, growth equity and buyout strategies in fast-growing, export-oriented companies in Türkiye. Has invested in 17 companies managing AUM exceeding US$1 billion.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• İş Yatırım: Leading Turkish investment bank and brokerage arm of İş Bank, active in M&A advisory, equity capital markets, and asset management across Türkiye. Directly competes with Pragma on local M&A mandates and serves a similar Turkish corporate client base.
• QNB Finansinvest: QNB Group's Turkish investment bank offering corporate finance, M&A advisory, and brokerage. Competes with Pragma on cross-border Turkish M&A and capital markets transactions.
• Mediterra Capital: Türkiye-focused private equity fund manager investing in growth and buyout transactions. Comparable to Pragma Capital Partners in deploying capital into Turkish mid-market industrials and consumer companies.
• Ünlü & Co: Turkish investment bank providing M&A advisory, capital markets, and asset management. Directly comparable to Pragma as a leading independent advisory franchise competing for Turkish mid- and large-cap M&A mandates.
• Ak Investment: Akbank's investment banking subsidiary providing M&A advisory, capital markets, and structured finance in Türkiye. Comparable to Pragma in serving mid- and large-cap Turkish corporates on domestic and cross-border transactions.
• Actera Capital: Türkiye-focused private equity firm investing in mid-market growth and buyout opportunities. Directly comparable to Pragma Capital Partners in deploying institutional capital into Turkish industrial and consumer businesses.
• Yapı Kredi Yatırım: Investment banking arm of Yapı Kredi offering M&A advisory, equity research, and asset management in Türkiye. Competes directly with Pragma for local advisory mandates and corporate finance deals.
• Global Securities (Global Menkul Değerler): Turkish investment bank where Pragma's founders previously worked. Comparable as a domestic M&A and capital markets advisor serving Turkish corporates, with similar client segments and transaction types.

Broad incumbents

• Rothschild & Co: Global advisory firm with strong emerging-markets M&A practice competing for premium Turkish cross-border mandates. Represents the broader incumbent competition Pragma faces on the largest deals involving international acquirers or targets.

Regional players

• KPMG Türkiye (Advisory): Big Four advisory practice in Türkiye providing deal advisory, due diligence, and valuations. Comparable to Pragma on the lower-mid market and on cross-border transactions where international buyers prefer Big Four execution alongside local M&A advisors.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/537506/admin/feed/posts

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments6 records

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

Frequently asked questions about Pragma