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iVCi Starts Investments
 
Home Page \ Kalkınma News \ iVCi Starts Investments

iVCi

Istanbul Venture Capital Initiative (IVCI)

Istanbul Venture Capital Initiative (IVCI) was established in 2007 as Turkey’s first fund of  funds and co-investment program. The co-founders are KOSGEB (Presidency of Small- and Medium-Scaled Industry Promotion and Support Administration), TTGV (Turkish Technology Promotion Foundation), Development Bank of Turkey (Kalkınma) and European Investment Fund (EIF). EIF is at the same time the adviser of the iVCi. Afterwards, Garanti Bank as well as National Bank of Greece (NBG) became iVCi’s partners.    

iVCi draws its strength from the experiences of EIF, which is a specialized financial institution of the European Union for SMEs and the venture capital arm of the European Investment Bank Group.

Investment Strategy

IVCI aims to invest or co-invest mainly in three types of funds:

Experienced Funds: funds managed by teams experienced in venture capital fund management in Turkey. 

New Funds: funds managed by a team no prior joint track record in venture capital fund management.

Established Funds: funds managed by an experienced team, but without experience in Turkey or a joint operation between a new Fund in Turkey and a team with previous track record acquired abroad.

How does the investment process work?

Generally, funds and co-investments must comply with strict investment criteria shaped in the EIF’s investment process. Investment proposals are subject to a gradual process repeatedly checked as long as there is a doubt about their full assessment (due diligence) and presentation to Investment Committee.

What is looked for?

In regard of an investment, there is not only one correct answer on what is looked for.

Investment Strategy: what is the scale of the fund and how it is positioned within the competitive picture? Which sector and stage are targeted? Why?
Characteristics of the Fund Management Team: especially as for new funds, a great importance is attached to a team work where ability and experience are well-balanced to succeed in further funds.
Experience: to detect the investment capacity of the team, the failures and success of the previous investments are analysed.
Alignment of Interests: it is important to see if all the components of a fund are compatible with each other. Therefore, the whole structure is scrutinized closely and, if necessary, examined, as far as the investment structure is concerned.

As for co-investments, a reliable partner having experience in specified transactions is required.

What is offered?

iVCi has brought together the first Turkish corporate investor generation and an experienced international consultant disposing of a wide range of investors and funds around Europe. The structure of iVCi is convenient to establish a network within the Turkish venture capital and the industrial environment. With regard to a financial contribution, iVCi is willing to undertake annually a  commitment of 20% of its funds for the investments.