On 5 September 2026 Türkiye placed two Bosphorus bridges and eight motorways into privatisation for thirty years — no transfer of ownership, revenue partnership among the permitted methods. We put that same structure in front of the same institutions in 2004, and one of those files reached signature.
“…an Asset Management Company that would purchase a 20% interest in each relevant asset, with the Turkish government retaining ownership in the remaining 80%.”
Written for Farallon, Perry Capital and Hellman & Friedman. First asset on the list: toll roads and bridges. Read the letter
“Transfer of operating rights, lease, rights in rem short of ownership, revenue partnership model — with no transfer of ownership.”
Two bridges, eight motorways, two ring roads. Thirty years, to be completed by 31 December 2031, run by the same Privatisation Administration.
The bridges are the first ticket, not the whole desk. Behind them sits the inventory of a cycle Türkiye has now run three times: privatise, leverage, distress, buy back, privatise again.
Operating rights or revenue partnership on a $600m annual revenue base. The 2013 tender drew $5.72bn for 25 years and was cancelled as insufficient. The term is now 30 years and the revenue has tripled.
TRY 12.7 trillion of assets, TRY 2 trillion of equity, 32 companies, 188,631 employees — Türk Telekom, Turkish Airlines, Borsa İstanbul, Eti Maden. The fund holds the inventory of the cycle without an operator to work it.
Share-pledged rescue lending to solvent groups caught on currency, and secondaries in 2007–2014 vintage Türkiye funds that have had no exit in a decade.
In the autumn of 2004 the same group put the same structure to the Privatisation Administration and to the Savings Deposit Insurance Fund; the second one was signed. Every document opens as a reading page in English and Turkish, with the original scan attached.