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Turkish Growth and Innovation Fund (TGIF)
A public-private fund-of-funds policy aimed at supporting venture capital and private equity investment in innovative, high-growth Turkish companies.
What are the main aims and objectives?
The Turkish Growth and Innovation Fund (TGIF) was designed to address the critical gap in risk capital in Türkiye and to stimulate growth among innovative, high-potential companies. By targeting both traditional sectors and technology-driven businesses, TGIF aims to overcome barriers to entrepreneurship such as limited access to funding for early- and growth-stage enterprises, underdeveloped venture capital and private equity markets, and challenges in commercializing research outputs. The objectives of TGIF include mobilizing public and private resources to expand the supply of equity finance, strengthen the ecosystem for venture capital, promote job creation, and help Turkish startups and SMEs compete globally. TGIF seeks to foster a more vibrant entrepreneurial culture in Türkiye, positioning it as a regional leader in innovation and growth.
How does the program work?
TGIF operates as a fund-of-funds, meaning it does not invest directly in companies but instead allocates its resources to selected venture capital (VC) and private equity (PE) funds managed by experienced professionals. The fund brings together financial commitments from public entities—the European Investment Fund (EIF), the Turkish Ministry of Treasury and Finance, KOSGEB (the Turkish Small and Medium Enterprises Development Organization), and the Industrial Development Bank of Türkiye (TSKB)—as anchor investors, while also encouraging participation from private sector co-investors. TGIF prioritizes funds that target innovative and fast-growing Turkish companies, particularly those in technology, life sciences, and scalable consumer services.
Upon launch, TGIF conducted first and final closings (May 2016, August 2017) to confirm its total investment base. Fund managers who receive TGIF investments are carefully vetted for their expertise, experience, and alignment with sector-wide goals. Selected VC/PE funds are expected to combine TGIF capital with other sources, resulting in a strong multiplier effect and increased capital flow into Turkish startups and SMEs.
TGIF also provides non-financial support, offering technical assistance and promoting best practices in fund management, transparency, and reporting. Its design encourages institutional quality in investment processes and helps the market adopt international standards. TGIF investments are spread across lower mid-market companies and innovative startups ready for commercial expansion—many with technology-driven business models. Eligibility for support is based on sector focus, growth potential, and readiness to scale internationally.
The fund acts as a catalyst, enabling underlying funds to reach sufficient size, attract additional investors, and impact the broader ecosystem. By providing significant anchor investments, TGIF helps set benchmarks for fund size, governance, and investment strategy in Türkiye. Ongoing monitoring ensures funds align with program objectives, and lessons from previous initiatives like iVCi have informed TGIF’s operational strategy for maximum efficiency and positive impact.
What is the overall cost?
TGIF’s total fund size is EUR200million (approximately $218million USD as of August 2025). The European Investment Fund (EIF) committed EUR60million ($65million USD), the Turkish Ministry of Treasury and Finance and KOSGEB provided substantial contributions, and TSKB committed EUR20million ($21.7million USD).
How was it implemented?
TGIF was created after extensive consultation with key stakeholders, including EIF, the Turkish Ministry of Treasury and Finance, KOSGEB, and TSKB. The program built on lessons learned from the Istanbul Venture Capital Initiative (iVCi), with EIF serving as the anchor manager and advisor. Planning started in early 2016, during which sector gaps and priorities were assessed through collaborative dialogue with Turkish policymakers and market participants.
Founding partners structured the fund to provide anchor investments to VC and PE funds targeting innovative, high-growth companies, with a focus on sectors like technology and life sciences. After resource commitments were secured, TGIF held its first closing in May 2016 and its final closing in August 2017. The final fund size was set at EUR200million. The implementation required selection and training of experienced fund managers, integration of international best practices, and the establishment of a robust system for portfolio monitoring and reporting. Key advisors included EIF leadership and experts in fund management; information about specific individuals is not publicly disclosed in current reports.
What impact has been measured?
TGIF has made measurable progress in expanding the Turkish entrepreneurial ecosystem. Since launch, TGIF has backed 11 funds supporting 144 portfolio companies, with 100 located in Türkiye. As a result of TGIF’s anchor investments, the program mobilized over EUR1.2billion ($1.31billion USD) in total capital for Turkish SMEs and startups. Three portfolio companies achieved unicorn status, representing Türkiye’s growing global competitiveness in innovation-driven enterprise.
TGIF’s leverage effect is estimated at 6x, meaning every €1 invested mobilized €6 in additional private and institutional investment. Wider impact indicators include increased investment rates in Turkish innovation sectors and a marked improvement in startup survival and growth rates.
What lessons can be learned?
- Short investment periods under TGIF have limited fund managers’ ability to provide sustained follow-on support and maximize portfolio growth. This issue is highlighted in sector reviews and was cited as a barrier to longer-term outcomes.
- Some commentators note that alignment with international standards—like management fees and fund lifecycles—could be improved to attract more global investors and talent.
- The Turkish market still faces challenges in building a stronger equity culture, with local investors remaining relatively risk-averse and hesitant to participate in early-stage VC funding.
- Several observers have called for further development of technical support programs, aiming to connect new entrepreneurs with global best practices and experienced mentors to supplement TGIF’s financial impact.
