Actera to launch second Turkey fund this year

The Istanbul-based buyout firm is expected to target about €500m for its second fund, which will launch in the second half of 2011.

Actera Group, which invests in Turkey, plans to come to market with its second fund later this year and expects to target around €500 million, according to a person with knowledge of the firm.

The firm, which closed its debut fund on €325 million in 2007, has been working to line up a placement agent for the fundraising, the person and market sources told Private Equity International.

Actera declined to comment.

Focus on

Fund I is not yet fully invested but is expected to be reach that stage by the second half of the year, the person said. Actera sealed an exit from the fund earlier this year when it sold Mey Icki, a Turkish producer of alcoholic beverages. TPG led the buyout of Mey Icki for $900 million in 2006 with Actera as a minority investor, and the firms sold the company to Diageo, a London-headquartered owner of liquor brands for an enterprise value of $2.1 billion.

The debut fund received backing from global institutional investors, including Canadian pension funds Ontario Teachers’ Pension Plan and the Canada Pension Plan Investment Board, as well as the European Investment Fund. The firm also received a commitment from the Singaporean sovereign fund GIC.

Actera pursues growth equity and buyout deals. The firm was co-founded by Murat Cavusoglu, a former managing director of Southeast Europe Equity Fund, which was sponsored by Soros Fund Management, and Isak Antika, the managing partner of Antika Partners. The firm was sold to Merrill Lynch once Actera was formed.

Private equity opportunities in Turkey will be explored in-depth at Private Equity International's third annual Turkey Forum set for 20-21 September in Istanbul.