- On 17 September 2026 Türkiye's Capital Markets Board (CMB/SPK) ordered the liquidation of 131 funds run by 7 portfolio management companies.
- Most of them were equity-intensive funds and money market funds; no real estate investment fund (GYF), real estate project fund (PGYF) or venture capital fund (GSYF) is on the list.
- FT Portföy is licensed only to establish and manage GYF, PGYF and GSYF; FT Portföy funds are not part of the liquidation.
- The state and the competent authorities have taken the necessary measures, and payments to investors have started.
What happened?
On 17 September 2026 the Capital Markets Board of Türkiye decided to liquidate 131 investment funds belonging to 7 portfolio management companies. These funds have around 456,000 investors. They represent 4.6% of the total number of funds in Türkiye and 7.7% of total fund portfolio value. The share is limited, but the event is significant and it has shaken confidence in the market – we do not play that down.
Which funds?
Most of the liquidated funds are equity-intensive funds and money market funds – funds that invest in listed shares and cash-like instruments. The list contains no real estate investment fund (GYF), real estate project fund (PGYF) or venture capital investment fund (GSYF).
Why FT Portföy is different
FT Portföy is a portfolio management company licensed only to establish and manage GYF, PGYF and GSYF (CMB licence GGSPYŞ/PY.10/420). We do not set up or manage money market funds, equity funds or similar products. Our funds are based on real assets:
- GYF and PGYF: the portfolios consist of real title deeds – residential and commercial real estate and development projects.
- GSYF: the portfolio consists of shares in venture companies.
- Cash portion: managed, depending on the fund type, through instruments such as lease certificates (sukuk) and time deposits. Our funds hold no listed equities.
To date, no fund with a structure like ours has been placed into liquidation.
Not every fund is the same product
A money market fund and a real estate fund whose title deeds are registered in the fund's name are completely different in their assets and risk structure. A problem in one type of fund does not mean that other fund types carry the same risk.
The state and the competent authorities have acted
Events like this shake general market confidence, but the state and the competent authorities acted quickly:
- The liquidation is being carried out by Ziraat Bankası and Türkiye İş Bankası.
- Payments to investors in the first funds started on 8 October 2026.
- Following a law published on 22 October, interim payments of up to TRY 1 million were announced to start on 30 October.
The start of payments to investors is an important development.
For citizenship investors
Citizenship investors in our funds hold units in real estate funds, registered in their own custody accounts at the Central Registry Agency (MKK) and supervised by the Capital Markets Board. How the fund route to Turkish citizenship works.
Questions
Our funds' internal regulations, issuance documents and portfolio information are public on KAP, and their daily prices on TEFAS. You can contact us with any question.
This information does not constitute investment advice.
Frequently asked questions
Are FT Portföy funds affected by the liquidation of 131 funds in Türkiye?
No. FT Portföy funds are not on the Capital Markets Board's liquidation list of 17 September 2026. FT Portföy establishes and manages only real estate investment funds (GYF), real estate project funds (PGYF) and venture capital investment funds (GSYF).
What types of funds were liquidated?
Most were equity-intensive funds and money market funds. No real estate investment fund, real estate project fund or venture capital fund is on the list.
Have payments started in the liquidated funds?
Yes. The liquidation is run by Ziraat Bankası and Türkiye İş Bankası; first payments started on 8 October 2026, and interim payments of up to TRY 1 million were announced to start on 30 October 2026.
Does this affect Turkish citizenship through real estate funds?
The liquidated funds were not real estate investment funds. Citizenship investors in FT Portföy's real estate funds hold fund units in their own MKK custody accounts, under Capital Markets Board supervision.
Serkan Topaktaş
Chairman of FT Portföy, a portfolio management company licensed by the Capital Markets Board of Türkiye (CMB/SPK), managing real estate and venture capital funds in Istanbul.
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Real estate investment funds in Türkiye →Investment funds in Türkiye →Tax optimisation through investment funds →The information, comments and opinions in this article do not constitute investment advice. Investment advisory services are provided only under an investment advisory agreement between the client and an authorised institution. The views expressed are the author's personal opinions and may not suit your financial situation or your risk and return preferences. Investment decisions should not be based solely on this information. Past performance is not an indicator of future results.