Yabancı kurumsal yatırımcıların sermaye girişini artırmaya yönelik cazibe güçlenmektedir.
Doğrudan Yabancı Yatırım (DYY)
Finansman Stratejisi Kilit Rol Oynar
Yabancı Yatırım Nasıl Elde Edilir? … Yaygın Yanlış Anlama
Modern Dönemde Sermaye Akışı
Yatırım Mandatları
Gelişen Piyasa Sermaye Akımının I. Aşaması
II. Aşama – Reformlar ve Gayrimenkul
III. Aşama – Geri Dönüşler
IV. Aşama – Günümüzdeki Yabancı Sermaye Finansman Ortamı
Yeni Ortaya Çıkan Finansman Kaynakları
Gelecek
Serving Foreign Institutional Investors in Turkiye since 1989
Foreign Direct Investment (FDI)
Foreign capital flow into Turkiye has a very long history, dating back to the 1700-1800’s. The structures and sources of flows of capital have changed over the course of various eras. This is also true in modern times. Raising capital for receiving capital flow requires an understanding of how and why money flows. This understanding reveals the sources of capital.
Funding Strategy is Key
How to Obtain Foreign Investment? … The Common Misconception
Project Developers in Turkiye share a common misconception that they need the foreign contacts to obtain the foreign investment. Yes it is obviously true, but it is also an over-rated myth. The reason being that investment banks provide these services, and will provide to any and every project that meets investable criteria. The reality is that knowledge of the investment practices and procedures... produces the investor contacts. Project developers only need t4o apply best practices to their project development preparations in order to obtain foreign investment.
Capital flow in the Modern Era
Investment Mandates
The flow of capital is always disciplined and restricted by the parameters of the investment mandate. These are the criteria that must be met before investing. Traditionally, investment managers first assess the country risk, such as measured by Standard & Poors, and Moody’s. These include macro-economic performance, public finance, legal frameworks, geo-political risks, and others. Once a country fulfills these criteria, investment managers review alternative commercial sectors for investment merit, and then assess project-specific risk, which include company finance, management, operations, assets etc. All these parameters are restrictions reflecting risk management practices. These include the funding structures, asset, types, financial criteria including ratios measuring leverage, financial benchmarks, ownership, liquidity, valuations, etc
Phase I of Emerging Market Capital Flow
From 1989 through 1994 culminating in the South East Asian banking crisis of 1998, emerging market flows continued to surge, and Turkiye likewise benefited with inflows. The principals of MyTapu Associates played an active and instrumental role at the forefront of facilitating this foreign capital flow into Turkiye. During this period both FDI and portfolio investment flows predominately followed standard investment management practices of that era. The amount of capital that did not follow these standards was very little and unusual.
Phase II – Reform and Real Estate
The reforms experienced by Turkey from 2003 onward spurred another wave of larger and more diverse capital flow, this time including FDI in real estate. Again, the principals of MyTapu Associates played an active and instrumental role at the forefront of facilitating this foreign capital flow into Turkiye, introducing and on boarding the worlds largest private equity funds into Turkiye. At that time, this activity was triggered by the auctions at the banking deposit liquidation fund at the BDDK, involving real estate assets. The Private Equity funds introduced more refined investment mandates for specific types of real estate. MyTapu Associates facilitated 4the capital flow into Turkiye’s many large real estate projects at the time, including the most famous Istanbul and coastal hotels, shopping malls, residential development regions on Asian and European sides of Istanbul, and all major coastal regions including Izmir, Kusadasi, Bodrum, Fethiye, Antalya, Alanya, etc
Phase III- Reversals
Large funding liquidity was created by global Central Bankers to resolve the 2007 financial crisis in developed economies. This liquidity resulted in an asset price bubble in Turkiye, peaking in 2017. The underlying reasons for the peak were rooted in leading investors' perceptions of geo-political war risk on Turkiye’s borders. Domestic political instability at the time also raised questions about Turkiye’s legal frameworks. This became the superficial reason for Turkiye being relegated from ‘investible' to 'uninvestable’ in the credit rankling analysis of western foreign investors. As a result, the conventional emerging markets capital flows into Turkiye were curtailed, and dwindled. This remains the situation to the present day.
Phase IV- the Present Foreign Capital Funding Environment for Turkiye
Foreign capital flow remains low from traditional western institutions with low and very specific risk appetite such as western insurance companies, pension funds, endowments, etc However, during the ensuing 35 years leading up to the present, Turkiye has matured, as also have the over-all perceptions of foreign investors, generally. This has resulted in capital flow that invests by mandated guidelines that have diverged from standard traditional practices.
Newly Emerging Funding Sources
The occurrence of different types of risk events over the preceding decades since 2007 have included pandemics, technology shifts, war-risks, and most importantly, paradigm shifts. These have resulted in shifts in perceptions about risk, investment mandates, investibility, etc This has led to a diversification in investment mandates. The most notable shift of funds allocations being into ‘Alternative Investment' class of assets, led and largely dominated by US capital, centered around off-shore financial centers, such as the Cayman Islands. This enables the growing segment of individial private investors and family offices to obtain professional investment management for their capital, and likewise also enables traditional western institutions to participate in-directly.
As increasingly large allocations of US and to a lesser extent, European Capital moved offshore, the emergence of large family offices, in addition to sovereign wealth funds, also began to diverge their investment mandates with modifications conducive to managing risks with greater flexibility than standard traditional, investment parameters. As a result, there are additional, more reliable sources of investment funding for Turkiye emerging from other locations around the world including Asia and the Middle East.
