Frequently Asked Questions
A Venture Capital Portfolio Management Company is a capital markets institution, incorporated as a joint-stock company, whose primary activity is establishing and managing venture capital investment funds.
Maxis Girişim Capital Portföy Yönetimi A.Ş. ("Maxis") was established to form and manage venture capital investment funds that meet the capital needs of high-growth companies in partnership with qualified, long-term investors.
Maxis aims to deliver risk-adjusted returns while creating enduring value through active support of sustainable growth and institutionalization at portfolio companies.
Venture companies are businesses with strong growth potential and value-creation capacity that can achieve their objectives with financial and/or corporate support. They must be established in Türkiye or, if established abroad, have at least 51% of their assets in Türkiye through subsidiaries or affiliates, based on their most recent financial statements.
Venture capital in Türkiye emerged in the late 1990s. It is a long-term investment activity that supports company growth and institutional development, with value realized through exits over a defined investment horizon.
A Venture Capital Investment Fund (GSYF) is a contractual pool of assets without separate legal personality, established by authorized portfolio management companies to invest in assets defined by the Capital Markets Board (CMB) under fiduciary ownership principles. Investors commit capital and provide it when called in line with the fund's commitments.
Only qualified investors can invest in GSYFs by purchasing participation shares.
Qualified investors are those defined in Capital Markets Board (CMB) regulations for capital markets instruments, including licensed individual angel investors under the Individual Participation Capital Regulation and investors meeting the required financial capacity and experience criteria.
A Fund Participation Share is the capital markets instrument issued by the fund that represents an investor's rights and participation, recorded in the central registry system.
Venture Capital Fund Participation Shares may only be sold to qualified investors under the terms set out in the fund's issue document. The sales process begins after approval by the Capital Markets Board (CMB) and is carried out through designated distribution channels.
Participation shares in a Venture Capital Investment Fund generally cannot be sold or redeemed before maturity. As closed-end vehicles, GSYFs do not provide daily liquidity. Distributions are made in line with the fund's distribution policy, typically following exits from portfolio companies or at fund maturity.
GSYF participation shareholders have no special obligations beyond funding their capital commitments when called. Commitments are drawn in stages based on the fund's investment needs.
The duration of the GSYF is specified in the fund's issue document. Funds are generally established for a certain period of time, and this period may vary depending on the fund's investment strategy, objectives and portfolio structure. The duration of venture capital investment funds in the world is generally determined as 10 years. When the fund expires, the fund is liquidated and the assets are distributed to investors.
GSYF generally invests in venture companies that have growth potential and the capacity to produce added value. The invested venture companies must be established in Türkiye or established abroad as of the date of investment, but at least 51% of their assets must consist of subsidiaries or affiliates established in Türkiye, according to their last annual financial statements or those closest to the date of investment. The companies in which GSYF invests are expected to provide high returns by improving their operational, production or sales performance.
The fund's portfolio custody service is a service that ensures the safe storage of assets in the fund portfolio. This service is carried out within the framework of the regulations determined by the Capital Markets Board and is provided by a portfolio custody institution. Within the scope of the custody service, fund assets are stored physically or in writing and all transactions made on behalf of the fund are recorded. The portfolio custodian is responsible for protecting the fund assets independently of the fund founder or manager.
The fund's investment strategy is determined in the fund's issue document. This strategy covers what types of assets the fund will invest in, which sectors it will focus on, and risk management principles. The investment strategy is designed to meet the expectations of investors in line with the fund's purpose and is structured to optimize venture capital investments. The strategy is also implemented and managed by the fund's portfolio manager.
Within the scope of the latest regulations made in the Technology Development Zones Law No. 4691 and the Law on Supporting Research, Development and Design Activities No. 5746, businesses with R&D and Design Centers are required to transfer a certain part of the discount amount they benefit from in their annual tax return to venture capital investment funds or entrepreneurial companies. Maxis Ventures Venture Capital Investment Fund within Maxis is among the funds that can be invested in this context.