Investment Strategy
Oyak (Ordu Yardimlasma Kurumu) is Turkey’s armed forces pension fund and simultaneously one of Turkey’s largest industrial conglomerates, managing approximately $15 billion in combined pension and industrial assets. Oyak is unique globally in that it directly owns and operates industrial companies across multiple sectors to generate returns for its pension obligations.
Oyak’s industrial holdings span cement (one of Turkey’s largest producers), steel, automotive (partnership with Renault), energy, mining, real estate, financial services, and technology. The fund directly acquires, develops, and manages these industrial businesses through its own professional management teams. This direct industrial ownership model means approximately 40% of Oyak’s assets are in unlisted industrial holdings.
The remaining portfolio includes financial investments in equities, bonds, and other instruments. Oyak’s investment approach is more comparable to a sovereign development fund or a large family conglomerate than to a traditional pension fund that commits capital to external GP managers.
How to Approach
Oyak operates differently from traditional pension fund LPs. The fund’s primary investment model is direct industrial ownership and operation rather than commitments to external PE funds. GPs seeking to engage with Oyak should consider partnership models such as co-investment in specific industrial sectors, joint ventures, or strategic advisory relationships.
Oyak’s investment teams operate from Ankara and Istanbul and are experienced in direct deal execution. The fund is open to strategic partnerships with international firms that can bring sector expertise, technology, or market access that complement Oyak’s existing industrial portfolio. Building relationships through Turkey’s business community and through direct outreach to Oyak’s corporate development team is the most effective approach.
Frequently Asked Questions
What is Oyak's investment approach?
Oyak is unique among global pension funds in that it operates as both a pension fund and a major industrial conglomerate. The fund directly owns and operates companies across cement, steel, automotive, energy, mining, and financial services. Approximately 40% of its assets are in direct industrial holdings, making it more similar to a sovereign development fund than a traditional pension allocator.
How can fund managers approach Oyak?
Oyak's investment approach is primarily through direct industrial ownership rather than fund commitments. GPs seeking to engage with Oyak should understand that the fund operates its own investment teams and acquires companies directly. Co-investment opportunities or sector-specific partnerships may be the most relevant engagement model for external managers.
What industries does Oyak operate in?
Oyak directly owns and operates companies in cement, steel, automotive (partnership with Renault), energy, mining, real estate, financial services, and technology. The fund is one of Turkey's largest industrial groups and a significant employer. Oyak's pension obligations drive the need for consistent returns from its industrial portfolio.
