Garanti, Cerberus establish USD 400mn private equity fund focusing on Turkey.

By bne IntelliNews October 5, 2011
Private lender Garanti Bank's 100% subsidiary Garanti Securities and Cerberus Capital Management LP's Cerberus Turkey LLC signed an agreement to establish a USD 400mn private equity fund to invest in Turkey and neighbouring countries. The two companies target to increase the fund size to USD 1bn next year and target investments amounting in a range of USD 50mn and USD 250mn, the statement from the companies details. The companies also underline that they may consider investments outside the range and 80% of the fund's investments are planned to be located in Turkey, daily Sabah reports. Daily Sabah also quotes CEO of Garanti Securities, Metin Ar, saying that the fund may invest in any sectors.

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