2017-2019 changes
After the 2017 Turkish constitutional referendum, the Prime Ministry of Turkey was abolished. In accordance with this change, TWF law was changed to allow the President of Turkey to become the chairman of the TWF and to appoint the CEO, Vice Chairman and board members. On 12 September, President Erdoğan became the chairman of the fund.[4][5][6] He also appointed Zafer Sönmez, formerly of Malaysia's government investment vehicle Khazanah Nasional from September 2012 until September 2018, as Senior Vice President & Head.[5] Erdoğan's son-in-law Berat Albayrak was named as his deputy on the board of the sovereign wealth fund.[7]
2020s
In January 2020, TWF acquired an additional 10% stake in Borsa Istanbul (BIST) from the European Bank for Reconstruction and Development (EBRD). The EBRD had made use of its rights to sell in October 2019 after the appointment of Mehment Hakan Atilla, who was convicted in the US for helping Iran evade US sanctions, as chief executive of the stock exchange.[8][9]
In April 2020, TWF Financial Investments was founded with previously government owned shares of insurance companies.[10] In September 2020, the fund completed the acquisition of non-government shares in several insurance companies and consolidated them through mergers. This led to the creation of Türkiye Sigorta, formed by combining Güneş Sigorta, Halk Sigorta, and Ziraat Sigorta, and Türkiye Hayat ve Emeklilik, established through the merger of Vakıf Emeklilik ve Hayat, Halk Hayat ve Emeklilik, and Ziraat Hayat ve Emeklilik. The transactions constituted the largest insurance merger in Turkish M&A history.[11]
On 18 June 2020, the fund agreed to acquire a 26.2% stake in Turkcell from Telia Company and Çukurova Holding for US $1.801 billion. The deal included US $196 million paid to Telia and a US $1.605 billion loan from Ziraat Bank to finance the transaction.[12]<[13]<[14] On 22 September 2020, following amendments to Turkcell’s Articles of Association, TWF gained the right to appoint five of the nine members of the company’s board of directors.<[15]
On 26 November 2020, TWF announced the sale of a 10% stake in Borsa Istanbul to the Qatar Investment Authority (QIA), a stake it had previously acquired from the European Bank for Reconstruction and Development (EBRD).<[16] The deal was valued at US $200 million, after which TWF retained an 80.6% shareholding.<r[17] The following day, TWF’s Vice Chairman Berat Albayrak announced his resignation, shortly after his resignation from the Ministry of Finance.<r[18]
On 10 March 2022, TWF acquired a controlling stake in Türk Telekom for US $1.65 billion in order to resolve ownership handover issues expected in 2026.<r[19]<r[20] In December 2022, the fund purchased a minority stake in steel producer Kardemir, paying US $35.2 million for 50.3 million shares in the company.<r[21]
In February 2025, negotiations for the proposed operation of the Alsancak Port in İzmir by Abu Dhabi Ports were canceled after the Turkish government ended the talks. The port remains part of TWF’s portfolio and is operated by the Turkish State Railways (TCDD).<ref[22]<ref[23]
