Ak Asset Management PE Fund I has invested into Spinteks Tekstil İnşaat Sanayi ve Ticaret A.Ş., the leading carbon fabric producer in Denizli, Turkey with 25% stake on Dec 20, 2018.
Spinteks produces carbon, bazalt or mixed technical fabrics that are utilized in high technology composite products in composites, aviation, automotive, health and construction industries. As the largest local carbon fabric weaver in Turkey, the Company generates nearly half of its revenues from export sales.
Carbon fabric, the future technology to replace conventional metal usage, can achieve lighter, more durable parts with conductivity and better corrosion characteristics.
Gunisigi, a JV between Erikoglu Yatirim Holding and Ak PE Fund completed its second phase of solar investment in Tavas, Denizli. The unlicensed solar plant in Tavas has a total capacity of 2.3 MW. Gunisigi continues to expand its portfolio with a third phase of solar investments which is a licensed project under construction.
Currently, Gunisigi operates a total of 8 MW solar power plant in Denizli and targets to reach 19 MW by the year end 2017.
Ak Asset Management participated in EMEA Finance Project Finance Awards Ceremony as the first and only player from asset management industry in Turkey. We are honored to be present as the only asset management company alongside all major players in Project Finance including major financial institutions and reputable sponsors. Gunisigi Temiz Enerji A.Ş., a joint venture founded by Ak Asset Management PE Fund and Erikoglu Investment Holding, has received the “Best Solar Deal in CEE Region” award from EMEA Finance in the Ceremony for its solar power plant project that was financed by a non-recourse project loan from Akbank. With this Project, for the first time in Turkey, Turkish institutional and individual investors had the opportunity to invest into equity of a solar power plant and hence an infrastructure project indirectly through a private equity fund vehicle.
Gunisigi is a renewable energy investment platform, established in 2016 by Ak PE Fund I and Erikoğlu Holding, a porminent industrialist family in Denizli region, with equal participation. Gunisigi has completed 5.6 MW solar power plant in Denizli Turkey, and already started electricity generation. It is now in construction process for an additional 2.3 MW solar power capacity. With its additional solar projects with capacity of 20 MW in financing stage, Gunisigi has the target to reach a total 28 MW of solar power capacity within 2 years.
The motivation of our investment was:
Foreseenable cash flow
Low operational and local risks
Up to 80% leverage opportunity with low cost financing from international sources
Clean and sustainable investment
Reputable partners and strong management team
Typical target in case of consolidation in the industry for strategic buyers
Over the past 12 months, AK Asset Management has managed to reign in the Turkish market by expanding its offering of capital-protected funds beyond Turkish equities and commodities, exploring European and Asian underlyings.Between September 2012 and October 2013, Ak Asset Management launched a total of 24 capital-protected funds, collecting TL307 million ($155 million). It has expanded the range of asset classes with funds linked to equity indexes from the G-7 countries (41% of the total), its own proprietary indexes (22%), commodities (14%) and emerging markets equity indexes (13%), as well as emerging markets forex (9%).
Ak Asset Management started to manage BIST 100 Equity Fund as the second step of the TRY Money Market Fund Management in Japan. Ak Asset Management penetrated into Japan Mutual Fund Market being one of the largest financial market in the world, with TRY Money Market Fund in October. Ak Asset Management has been the manager of BIST 100 Equity Fund which was founded by Mizuho Financial Group.
Alp Keler, CEO, Ak Asset Management: The euro crisis last year affected the success of the program in the second half of the year. But this year, global conditions have supported the central bank’s policy, while the dual-interest-rate policy increased the central bank’s flexibility. Under the new policy, through the adjustment of interest rates, the central bank is able to respond more quickly to signs of economic slowdown or faster-than-expected loan growth. Also, it has improved the stability of the Turkish lira against other currencies. The strategy is working, and Turkey is in a much more stable condition.
Ertunç Tümen’s article; "Spotlight on Turkey: searching for the correct growth model on the road to 2023" has been published by Euromoney publications in "Investing in Emerging and Frontier Markets" with a foreword by Mark Mobius.
Ertunç Tümen CFA has joined Ak Asset Management as Assistant General Manager of the Sales and Marketing division. The division manages the clients of Ak Asset Management, encompassing domestic clients like Akbank, AvivaSa, Groupama, and mandates as well as international clients spanning Europe and the Far East. Mr. Tümen will bring value and vision to the long-term growth plans of Ak Asset Management by expanding the client base and product spectrum through marketing initiatives.
As of June 2012, one of the world’s leading financial publications, EMEA Finance, in evaluating the best banks and financial institutions of the Middle and East Europe (CEE) and the Commonwealth of Independent States (CIS) named Ak Asset Management “Turkey’s Best Asset Management Company”. Having been selected from among nearly 100 companies, the entire Ak Asset Management family is proud to be the first Turkish Asset Management company to have received this accolade from such a reputable international award program.
World Finance has decorated Ak Portföy with the “2011 Investment Manager of the Year in Turkey Award”. The award was given for excellence in decision making and risk management processes, as well as innovativeness, and superior client services, along with its contribution to the development of the financial markets in Turkey.
The “World Finance Awards”, renowned as one of the top awards in international finance, and organized by World Finance, one of the most prestigious financial magazines in the world, have been announced. The Magazine annually elects the most innovative, leading, and best executive companies in the finance and business world every year.
As Ak Asset Management, we are the “first” Turkish asset management company to have signed the Principles for Responsible Investment (PRI). The United Nations-supported Principles for Responsible Investment (PRI) initiative is an international network of investors working together implement the six Principles for Responsible Investment. As a signatory of PRI, we understand the implications of sustainability for investors and support signatories incorporating these factors into their investment decision making and ownership practices. In implementing the Principles, we undertake contribution to the development of a more sustainable global financial system.