Teachers’ Private Capital, the investment division of the Ontario Teachers’ Pension Plan, and the Canada Pension Plan Investment Board (CPP Investment Board) have launched Actera Partners, a private equity fund that invests in the Republic of Turkey. Each group has committed €75 million ($97.5 million) to the fund.
Led by Isak Antika and Murat Cavusoglu, Actera is the largest fund to focus on Turkey, CPP said in a statement.
“Turkey is an attractive private equity market, with a large and growing population, a high number of quality mid-market businesses, and a developing economy which is expected to benefit from becoming increasingly harmonized with Europe,” Jim Leech, the senior vice-president of Teachers’ Private Capital, said in the statement.
The Ontario Teachers’ Pension Plan, worth C$100 billion oversees the pensions of 264,000 active and retired teachers in Ontario. It committed $250 million to the Asian private equity firm MBK Partners’ debut fund in June of 2005.
Toronto-based CCP Investment Board pays current benefits using funds not needed by the Canada Pension Plan. It is valued at C$103.3 billion. The group is a limited partner in the €1 billion Partners Group Secondary 2006 Fund, a fund managed by Swiss-listed Partners Group. That fund closed in October of 2006.