English translation with role clarification
To fund the Caribbean with the World Bank
Kerim Ülker, Perde Arkası (Behind the Scenes), Dünya, April 2021
Translated from the original Turkish clipping. This English version clarifies Actus Partners' role as adviser to the establishment of JASMEF and its management company, rather than as the fund manager. The original headline wording, the ownership implication and the reference to the fund's founding/managing partner have been adjusted accordingly. Other figures, plans and career descriptions reflect the article as published in April 2021.
Actus Partners selected in an international competition
The overseas operations of Turkish investment firms do not attract as much attention as their investments at home. Yet, in different regions from Switzerland to the United Kingdom, funds established by Turkish entrepreneurs are being selected for important assignments and undertaking significant projects. London-based Actus Partners, founded and led by international private equity investor Murat Tasci, is one such firm.
In a recent competition held under the World Bank's Access to Finance for Micro, Small and Medium-sized Enterprises Project, Actus Partners was selected ahead of internationally renowned private equity firms to advise on the establishment of JASMEF. The JASMEF private equity fund will provide growth and risk capital to small and medium-sized enterprises with high growth potential in Latin America and the Caribbean.
The fund's target size: USD 100 million
JASMEF secured its initial financing following the World Bank-backed competition and set its planned total size at USD 100 million. Both the World Bank and the Development Bank of Jamaica (DBJ) will support the fund's establishment and project scope through long-term investment and investors, as part of efforts to increase private equity financing for SMEs. The fund will operate in countries including Jamaica, Antigua and Barbuda, the Bahamas, Barbados, Belize, Grenada, Guyana, Haiti, Suriname, Trinidad and Tobago, and the Dominican Republic.
According to Tasci, the JASMEF private equity fund will focus on investments in fields ranging from technology to agriculture and from energy to tourism. It will also make preparatory investments from an additional Technical Assistance fund provided by investors, to support prospective investee companies before investment.
When I spoke with Murat Tasci, the founder and managing partner of Actus Partners, he was clearly excited both by the firm's selection in the World Bank competition and by this first involvement of a Turkish-led firm in the region.
Tasci says: 'Actus Partners consists of a very strong, experienced team focused on environmental, social and governance criteria in private equity investment. In addition to providing growth capital financing to SMEs, JASMEF will closely oversee the development of corporate infrastructure through digitalisation and transparent management systems at its investee companies.'
Explaining that they will share their experience with companies in the region, Tasci says: 'As a team, we also aim to help the SMEs in which we invest become active companies in North America, Europe and other regions, through the international business network and connections we provide.'
Experience at major investment firms including Investcorp and GFH
Tasci graduated from Boğaziçi University's Business Administration Department, then completed a master's programme in Financial Engineering at Boğaziçi University and a private equity programme at London Business School. He is a familiar name in Gulf investment circles as well as in the Turkish financial system.
Tasci began his private equity career at İş Girişim Sermayesi, İşbank's private equity fund. In 2010, he worked as an analyst responsible for Turkey in Qatar First Investment Bank's private equity division.
He subsequently joined Investcorp, described in the article as the Gulf region's largest private equity firm with USD 35 billion in assets. Tasci served as Vice President in a USD 1 billion private equity fund established to invest in Turkey and the Gulf region.
Tasci invested approximately USD 500 million of capital from Gulf investment institutions in Turkish companies. After Investcorp, he worked as Senior Director at Gulf Finance House (GFH), described in the article as owned by the Government of Bahrain, on establishing its private equity division. Tasci subsequently founded Actus Partners in the United Kingdom, where he was managing partner.
