Monday, 30 May 2011 at 11:10, Bloomberg
Invest AD, an Abu Dhabi government- owned money manager, said it aims to acquire Turkish companies this year in areas such as drug making, food and household goods, and manufacturing.
An investment “probably will come within the next three or four months,” Samir Assaad, head of the company’s private equity team, said in an interview today in Seoul, where he is attending a forum. “Top sectors we are targeting are pharmaceuticals, food and consumer goods, and industrial manufacturing.”
Turkey is promising for private equity because it has a shortage of capital and a diversified economy, Assaad said. He said he met potential South Korean strategic partners today that could provide industry expertise.
Invest AD agreed to form a $100 million fund with Japanese financial services provider SBI Holdings Inc to invest in unlisted Turkish companies, according to a statement released last week. The unit of the Abu Dhabi Investment Council made its first private-equity investment in Turkey in late 2009, buying a stake in supply-chain manager Ekol Logistics.
As well as SBI Holdings, Invest AD’s business partners include German private bank BHF-Bank AG, Korea Development Bank and Hong Kong-listed financial services company Quam Ltd, according to Abu Dhabi Investment.
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