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The Türkiye Wealth Fund (TWF), the country’s sovereign wealth fund managing state-owned assets across key sectors, closed 2024 with assets totaling $360 billion, placing it among the world’s 10 largest sovereign wealth funds for the first time, according to a new analysis by Global SWF.
The report, titled "Türkiye Wealth Fund: 2024 Performance, 2025 Strategy, and the Road Ahead," noted that the fund’s consolidated assets reached ₺12.7 trillion ($360 billion), surpassing Abu Dhabi-based Mubadala.
By entering the global top 10, the TWF now stands alongside some of the largest sovereign wealth funds in the world.
These include Norway’s Government Pension Fund Global, China’s SAFE Investment Company and China Investment Corporation, the Abu Dhabi Investment Authority, Kuwait Investment Authority, Singapore’s GIC, Saudi Arabia’s Public Investment Fund, Qatar Investment Authority, and the Investment Corporation of Dubai.
The TWF overtook Abu Dhabi’s Mubadala Investment Company to secure its position among this group.
The surge in TWF’s assets stems mainly from stakes in 34 companies, two licenses, and real estate across seven sectors. The portfolio is dominated by financial services, including Ziraat Bank, HalkBank, Vakifbank, Borsa Istanbul, and major insurers. It also spans transport and logistics through Turkish Airlines and PTT, energy assets such as BOTAS and Türkiye Petroleum, and telecoms through Turk Telekom, Turkcell, and Turksat, alongside mining, agriculture, and real estate, including properties tied to the Istanbul Financial Center.
The TWF’s equity capital rose to $58 billion, while annual net profit reached $10.5 billion. Its cash holdings were reported at $31.4 billion, supported by a low debt ratio, signaling a solid financial structure.
Global investor interest in the fund remained high throughout the year. The TWF’s $1 billion Eurobond issuance in September drew nearly $10 billion in demand. In addition, its sukuk program, an Islamic financing instrument, expanded to $1 billion in 2025. The fund also executed $600 million in murabaha transactions, another Islamic financing method structured without interest payments.
The TWF also completed a €1.1 billion ($1.29 billion) syndicated loan with the participation of 20 banks from 12 countries, a step that analysts said highlighted its transition from opportunistic borrowing to a more reliable issuance model.
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At the portfolio level, the TWF refinanced telecom operator Turk Telekom, reducing its interest burden by more than $150 million and creating flexibility in dividend distribution. Financing processes for Türkiye Sigorta and Türkiye Hayat Emeklilik were also finalized, enhancing long-term stability in the insurance sector.
Global SWF emphasized that the TWF is increasingly recognized for its predictable issuance model, which has boosted investor confidence. The report also noted that the fund’s actions in the insurance and telecommunications sectors have supported the development of Türkiye’s capital markets.
Looking ahead, the TWF is expected to explore new instruments such as green and sustainable bonds in order to broaden its investor base and align with global financing trends.
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