Other Practice Areas
Frequently Asked Questions
Who needs a portfolio management licence in Türkiye?
Managing third-party assets on a collective or discretionary basis requires a Capital Markets Board licence through a portfolio management company. Pure investment advisory is a separate licensed activity — the line between sharing research and managing money is where unlicensed managers get into trouble.
Can a foreign fund market to Turkish investors?
Not publicly. Offering foreign fund units in Türkiye requires CMB registration; in practice foreign managers rely on reverse solicitation and dealings with qualified investors, both of which are narrower than managers tend to assume. Marketing trips and Turkish-language materials undermine a reverse-solicitation defence.
Should we structure our fund onshore (GSYF) or offshore?
A Turkish venture capital investment fund (GSYF) offers significant tax advantages for Turkish investors and institutional LPs, while Cayman or Delaware structures suit international LP bases. Many managers end up with parallel structures. The decision is driven by who the investors are and where exits will land.