Istanbul Venture Capital Initiative to Support 3TS Cisco Growth Fund
19 Oct 2009
Istanbul Venture Capital Initiative (iVCi), Turkey's dedicated fund of funds and co-investment programme, which is advised by the European Investment Fund (EIF), is supporting 3TS Capital Partners' Technology, Media and Telecommunications (TMT) investments in Turkey with a EUR 6 million co-investment agreement.
Established in November 2007, Istanbul Venture Capital Initiative (iVCi) is Turkey's first ever dedicated fund of funds and co-investment programme.
Total fund commitments amount to EUR 160 million. Investors in iVCi are the Small and Medium Industry Development Organisation of Turkey (KOSGEB), the Technology Development Foundation of Turkey (TTGV), the Development Bank of Turkey (TKB), Garanti Bank, the National Bank of Greece Group (NBG Group) and the European Investment Fund (EIF). EIF is the adviser to iVCi.
This commitment is in line with iVCi's strategy of serving as a catalyst for the development of the private equity industry in Turkey and providing access to finance for high growth companies in the TMT sector.
3TS Capital Partners is one of the leading private equity and venture capital firms in Central and Eastern Europe operating in the whole region through offices in Budapest, Bucharest, Prague, Vienna and Warsaw.
3TS targets investments in growth sectors including consumer and services, media and marketing, technology and telecoms and energy and environment. Investors in the 3TS funds totaling over € 200 million include 3i, Cisco, Sitra, EBRD and KfW among others.