There are three documents to read before investing in a Turkish real estate or venture capital fund. This guide explains what each one is, what it contains and where to find it.
The bylaws are the founding document and core rulebook of a Turkish investment fund: in effect, its constitution.
Fund name and type, founder and portfolio manager, custodian, investment objective and strategy, investment limits, rules for buying and redeeming units, fund expenses and fees, valuation principles, term and liquidation rules.
The founding portfolio management company drafts them and the CMB approves them. Any change also requires CMB approval, a key safeguard for investors.
The issuance document explains how units are sold and what the investor is buying. For REIFs and venture capital funds sold to qualified investors, it is the main document to read before signing.
Investment strategy and target assets, how the unit price is calculated, subscription and redemption windows, minimum investment, management fee and other costs, risks, taxation and ongoing disclosures.
It tells you when and how you can get your money back, which fees you pay and which risks apply. For a citizenship investment, the three-year holding and exit rules are set out here.
This is the agreement the investor signs when entering the fund, with the founder or the distributor that sells the units (a bank or brokerage). It covers the purchase order, payment, crediting of units to the investor's account, redemption terms and each party's responsibilities, and it refers to the bylaws and issuance document.
Fund assets are held by the custodian and units sit in the investor's own account. The manager cannot use fund assets for its own account.
Properties are valued by CMB-licensed appraisal firms, and the unit price is calculated from these values.
Bylaws, issuance document, financial reports and material events are published on KAP, open to anyone.
The fund's financial statements are independently audited and the results shared with investors.
See Turkish citizenship through fund investment for the full process. FT Portföy fund documents are published on KAP, and English translations are available on request. Türkçe
The bylaws set the fund's permanent core rules; the issuance document explains the terms of the unit offering, fees, risks and taxation to investors.
The bylaws and issuance document are published on the fund's page on KAP (kap.org.tr) and can also be requested from the founding portfolio management company.
The official documents are in Turkish. FT Portföy provides English translations for information to foreign investors.
Yes, but only with CMB approval, and material changes are announced to investors.
You sign an account and subscription agreement with the bank or brokerage through which you buy units; it refers to the fund's bylaws and issuance document.
Related guides: Real estate investment funds in Turkey · Venture capital fund tax benefits · Turkish citizenship through a fund · FT Portföy
This page is general information, not an investment offer or investment, tax or legal advice. Tax law can change; please confirm your own position with a tax adviser. Fund units carry risk and their value may go up or down; past performance is not a guarantee of future results.
Sources: Capital Markets Board of Türkiye · Public Disclosure Platform (KAP).
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