RHEA Buys controlling Share of Vakif Venture Capital

Two Turkish private equity firms are set to merge as RHEA Investments has agreed to the acquisition of Vakif Venture Capital Investment Trust. Contingent upon approval from Turkey’s Capital Markets Board, RHEA will purchase Vakif Capital from current owner VakifBank, who is looking to fully divest itself of the subsidiary.

RHEA hopes to have the transaction completed during the final quarter of 2009.

Vakif Venture Capital Investment Trust (www.vakifbank.com.tr)
In 1996 VakifBank established Vakif Venture Capital as Turkey’s maiden venture capital firm, and along VakifBank’s other four subsidiaries, it was first listed on the Istanbul Stock Exchange in mid 2007.

The company’s formation led the Turkish government to establish regulatory control over private equity and venture capital financing, something previously unnecessary for the country. Vakif Venture Capital is currently valued near TL 10 million (USD 6.5 million).

RHEA Investments (www.rhea.com.tr)
RHEA Investments operates as a private investment firm active in the agriculture, healthcare, real estate, and renewable energy sectors. The company’s dealings are both domestic and foreign having interests in several Turkish residential real estate projects while also working as a developer abroad.

Under the leadership of Onur Takmak, RHEA’s management team consists of a group of investment professionals with combined experience of more than twenty years.

RHEA has offices in London, Bucharest, Istanbul, Izmir and Dubai.