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Bosphera Private Equity Raising $350 Million for Turkish Buyouts

Bosphera Advisory Ltd., a newly established buyout firm based in Istanbul, is raising $350 million for acquisitions in Turkey, and is in advanced talks with eight potential companies.

Bosphera, set up through a spinoff of Global Capital Management Ltd., a buyout unit of Global Investment House KSCC of Kuwait, aims to complete the fundraising by November, the firm’s founding partner Ihsan Sancay said in an interview on the sidelines of a Euromoney conference in Istanbul on Feb. 7.

“We are aiming to invest between $30 million to $60 million in assets, which may correspond to an enterprise value of as much as $150 million,” Sancay said. Enterprise value is the benchmark used in most mergers and acquisitions to determine the price of a company and is the sum of its debt and equity value.

“We can make two or three investments in six months, after the fund has been raised,” Sancay said. “We have screened 25 companies so far, and negotiations are in advanced stages with 8 of them. Even before we raise the fund, we can do some co-investments.”

BC Partners Ltd., Abraaj Capital Ltd. and Carlyle Group are among international private equity firms that have invested in Turkey in recent years as companies seek to tap the country’s $735 billion economy, which grew 8.2 percent in the third quarter of 2011, the fastest increase among Group of 20 countries after China. Ernst & Young expects mergers and acquisitions in Turkey to rise to $20 billion this year from $14 billion in 2011.

Bosphera prefers to be majority stakeholder in any investment, and is looking at companies in the retail, energy equipment and services, healthcare and food industries, Sancay said.

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