Global wealth fund from Turkey climbs into top 10 rankings, boasting $360 billion in assets as per recent reports.
Türkiye Wealth Fund (TWF) Breaks into Top 10 Largest Sovereign Wealth Funds
The Türkiye Wealth Fund (TWF) closed 2024 with a significant milestone, securing a spot among the world's 10 largest sovereign wealth funds. With consolidated assets totalling ₺12.7 trillion ($360 billion), the TWF surpassed Abu Dhabi-based Mubadala Investment Company.
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.
In 2024, the TWF's annual net profit reached an impressive $10.5 billion, a figure that more than doubled from the previous year. This remarkable growth was reflected in the TWF's equity capital, which rose to $58 billion.
One of the key catalysts for this growth was the TWF's successful $1 billion Eurobond issuance in September. The bond drew nearly $10 billion in demand, underscoring the global investor confidence in the TWF. The bonds were oversubscribed, a testament to the TWF's strong financial position.
The TWF's bond issuance was not the only financial milestone achieved in 2024. The fund also completed a €1.1 billion ($1.29 billion) syndicated loan with the participation of 20 banks from 12 countries. The TWF refinanced telecom operator Turk Telekom, reducing its interest burden by more than $150 million.
The TWF's sukuk program expanded to $1 billion in 2025, and financing processes for Türkiye Sigorta and Türkiye Hayat Emeklilik were finalized. The TWF also executed $600 million in murabaha transactions.
The TWF's impressive financial performance in 2024 has cemented its position among some of the largest sovereign wealth funds in the world. It now stands alongside notable funds such as 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.
Looking ahead, the TWF is expected to explore new instruments such as green and sustainable bonds. As the TWF continues to grow and evolve, it is poised to make a significant impact on the global financial landscape.
Despite the TWF's impressive growth, the identity of its current CEO (Chairman of the Board) remains unclear, as search results do not provide this information. Regardless, the future of the Türkiye Wealth Fund looks bright, with cash holdings reported at $31.4 billion.
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