Real Estate and Venture Capital Investment Funds in Turkey: Communiqués III-52.3 and III-52.4, Unit Pricing, Valuation Reports, Valuer Independence and Liability under III-62.1 and III-62.3

Turkish real estate investment funds and venture capital investment funds hold assets that rarely trade, so the price of their units depends on valuations. Both kinds of fund may be sold only to qualified investors (Communiqué III-52.3 Art. 13(1); Communiqué III-52.4 Art. 13(1)). Their assets are separate from the manager’s and custodian’s, and cannot be attached, even for public receivables, or included in a bankruptcy estate (Art. 5 of each). A real estate fund must have its properties valued by a valuation firm listed by the Capital Markets Board (SPK) whenever it buys, sells or leases them, and at each year-end (III-52.3 Art. 28). That firm must be independent of the fund’s founder, manager, major shareholders and related parties, and may serve the same fund for no more than three consecutive years (Art. 29). Venture capital investments must be valued at least at each financial year-end, by a valuation firm or on the investment committee’s report (III-52.4 Art. 20). All valuations under capital markets law must follow the International Valuation Standards (Communiqué III-62.1 Art. 3). Valuation firms and the appraisers who sign reports are liable for losses caused by false, misleading or incomplete information in them (Capital Markets Law Art. 63(1); Communiqué III-62.3 Art. 15). This guide explains these rules for foreign institutions holding units in such funds in the 2026 cases. It reflects the legislation in force as at 26 October 2026.

Why valuation rules matter in the 2026 cases

In a fund that holds listed shares, the unit price follows exchange prices. In a fund that holds office buildings, land, hotel shares or stakes in unlisted growth companies, there is no exchange price to follow. The unit price depends on valuation reports, on the assumptions behind them and on whether the people preparing them were independent. When such funds come under scrutiny, the questions for unit holders are whether the values were properly established, who checked them, what records exist and who answers for losses if the values were wrong.

The Capital Markets Board regulates these funds through two communiqués: III-52.3 on real estate investment funds (gayrimenkul yatırım fonları) and III-52.4 on venture capital investment funds (girişim sermayesi yatırım fonları). It regulates valuation through Communiqué II-14.2 on fund financial reporting, Communiqué III-62.1 on valuation standards and Communiqué III-62.3 on real estate valuation firms. The Capital Markets Law adds the liability rules. This guide explains how these instruments fit together.

The legal framework

Valuation activities carried out under capital markets legislation must comply with the International Valuation Standards published by the Association of Valuation Experts of Turkey and the Turkish Capital Markets Association. Where the Board’s own rules differ, the Board’s rules prevail (Communiqué III-62.1 Art. 3). The Board regulates, supervises and inspects valuation activities to ensure that they are carried out securely and independently and in line with international standards (Capital Markets Law Art. 62(2)).

How these funds are structured

A real estate investment fund is a pool of assets without legal personality. It is set up by a portfolio management company under internal rules (içtüzük), with money, real estate or real estate rights collected from qualified investors in exchange for units, and managed for unit holders on the principle of trust ownership (Communiqué III-52.3 Art. 4(1)). A venture capital investment fund is set up in the same way for a fixed term, with money or shareholdings collected from qualified investors (Communiqué III-52.4 Art. 4(1)). For land registry and trade registry transactions, including becoming a shareholder of companies, each fund is treated as having legal personality (III-52.3 Art. 4(1); III-52.4 Art. 4(5)).

The fund’s assets are separate from those of the founder, the portfolio custodian and the portfolio manager. They may be pledged or given as collateral only for the fund’s own permitted borrowing, financing or hedging. Even if the management or supervision of the founder or the custodian is transferred to public bodies, the fund’s assets cannot be used for any other purpose or attached, even for public receivables, and cannot be made subject to interim injunctions or included in a bankruptcy estate (Art. 5(1)–(2) of each Communiqué). The founder’s or manager’s debts to third parties cannot be set off against the fund’s receivables from the same persons (Art. 5(3)).

The founder is responsible for representing and managing the fund, supervising its management and running it in line with the internal rules and issue documents, in a way that protects unit holders’ rights (Art. 7(1) of each). Outsourcing portfolio management to another licensed company does not remove the founder’s responsibility (Art. 7(2)). Where the law, regulations and fund documents are silent, the Code of Obligations’ provisions on mandate (Arts. 502–514) apply by analogy to the relationship between founder and unit holders (Art. 7(3)). Since the 2024 amendments, members of a fund’s investment committee are responsible for managing the real estate or venture capital portfolio to the extent of the decisions they take (Art. 7(4)).

Qualified investors, issue and distribution

Units in both kinds of fund may be sold only to qualified investors (III-52.3 Art. 13(1); III-52.4 Art. 13(1)). Qualified investors are professional clients as defined in the Board’s rules on investment firms, including those treated as professional on request (Communiqué II-5.2 Art. 4(1)(m)). Foreign institutional investors usually fall within this category, as explained in our guide on investment services rules.

No prospectus is prepared. Units are issued on the basis of an issue document approved by the Board (Art. 13(3) of each), which the Board reviews within twenty business days of a complete application (Art. 13(4)). Approval does not mean the Board guarantees the information or recommends the units (Art. 13(5)). The distributor must obtain and keep, for the life of the fund and at least five years, information and documents showing that each buyer is a qualified investor. It is liable for investors’ losses arising from breaches of this duty (III-52.3 Art. 16(5)). Units may be transferred between qualified investors, and the firm handling the transfer must verify the transferee’s status and keep the records (III-52.3 Art. 16(9); III-52.4 Art. 16(6)). Units are recorded at the Central Registry Agency by member and right holder (III-52.3 Art. 16(8)).

Investment rules for real estate funds

A real estate fund may invest only in the assets listed in Communiqué III-52.3 Art. 4(3). Real estate investments include real estate and real estate rights, eligible real estate projects, instruments issued by real estate investment trusts, shares of companies at least 75% of whose assets consist of domestic real estate investments, real estate certificates, units of other real estate funds, and receivables from forward sales of portfolio properties. Other permitted investments include Turkish shares and debt instruments, foreign debt instruments and shares tradable under Decree No. 32, time deposits and participation accounts, fund units, repo and reverse repo, precious metals, lease certificates and other instruments approved by the Board.

At least 80% of total fund value must consist of real estate investments. Shares of companies whose assets are at least 75% domestic real estate may make up no more than 20% of total fund value (Art. 19(1)(a)). Properties carrying mortgages or other encumbrances that affect their value may be acquired if the internal rules allow it, but may not exceed 30% of total fund value (Arts. 18(1)(c) and 19(1)(c)). Compliance is measured on the total value table at the end of the financial period (Art. 19(2)). If limits are breached through incidental events, the Board may grant one year to restore them, or two years where the breach results from selling real estate (the latter once in five years). If the limits are still not met, investment activity must stop and liquidation must be requested within two years (Art. 19(3)–(4)).

The founder and manager may not themselves undertake construction work, provide project development services through their own staff or commercially operate hotels, hospitals, shopping centres and similar properties, and may not continuously trade real estate short-term (Art. 18(2)). Contractual rights in the fund’s favour, such as options, pre-emption rights and promises to sell, must be annotated in the land registry, with exceptions for certain public counterparties (Art. 20). The fund may borrow up to 50% of total fund value; the ratio must be met at the end of the period in which the borrowing occurs and later periods, and details must be reported to unit holders within thirty days after the period (Art. 23(1)). Portfolio assets may be pledged only to secure such borrowing (Art. 23(2)). Repo transactions are limited to 10% of the market value of eligible assets (Art. 23(3)).

Within one year after sales to qualified investors begin, the portfolio must reach the minimum size set in the Communiqué. The text sets TL 10 million, which the Board may re-determine each year and announce in its Bulletin, so the current figure should be checked. If the minimum is not reached, investment activity must stop and liquidation must be requested within six months (Art. 17).

Investment rules for venture capital funds

Venture companies must have growth and value-creation potential and be able to offer high returns through improved operations, production or sales with the financial and institutional support provided. They must be established in Turkey, or, if established abroad, have at least 51% of their assets in Turkish subsidiaries or affiliates (Communiqué III-52.4 Art. 18(1)). Funds may invest only in joint stock and limited companies. A Turkish limited company must convert into a joint stock company within one year of the first investment (Art. 18(2)). Venture capital investments include direct or indirect shareholdings in venture companies and investments in debt instruments of unlisted venture companies. They also include investments in foreign collective investment vehicles investing only in venture companies, units of other venture capital funds, and unlisted shares of listed companies that qualify as venture companies (Art. 18(3)).

At least 80% of total fund value must consist of venture capital investments. Where direct investments in SMEs exceed 10% of total value within a period, the minimum is 51% (Art. 19(1)(a)–(b)). Investments in other venture capital funds may not exceed 25%, and investments in unlisted shares of listed venture companies may not exceed 20% (Art. 19(1)(c)). Investments in companies controlled by the fund’s own unit holders and their related parties may not exceed 20% of total fund value (Art. 19(1)(ç)), a limit added in 2024. Compliance is checked by the custodian on the period-end total value table, which may be prepared up to the end of the third month after the period where it reflects period-end values of venture investments (Art. 19(2)). Venture capital funds may borrow up to 50% of total fund value, and borrowing details must be reported to unit holders within thirty days after the period (Art. 26(1)).

The founder collects capital commitments from qualified investors. The total must be at least TL 50 million, stated in the issue document, and must be collected within one year after sales begin. The commitments must then be invested within the period in the issue document, which may not exceed two years (Art. 22(1)). If the minimum is not reached, investment activity must stop and liquidation must be requested within six months (Art. 22(2)).

How unit prices are calculated

Units have no nominal value. The unit price is total fund value divided by the number of units (III-52.3 Art. 15(1); III-52.4 Art. 15(1)). Total fund value is the value of the portfolio, valued under the Board’s rules, plus other assets and receivables, minus liabilities (III-52.3 Art. 3(1)(ç)). Unit prices must in principle be calculated at least once a year and notified to qualified investors, and the method of notification is set in the fund issue contract (Art. 15(2) of each). Price reports are prepared at the intervals stated in the issue documents (Communiqué II-14.2 Art. 21(3)). They contain the portfolio value table and the total value table on which the price is based (Art. 8).

For real estate funds, investments are recorded at cost on acquisition. Thereafter, real estate and real estate rights are valued in price reports on the basis of reports prepared by real estate valuation firms. Where prices are announced more than once a year, the value may be reviewed by the same valuation firm at intervals set by the founder until the next year-end report (II-14.2 Art. 21(5)(b)(i)). Before unlisted shares of companies whose assets are at least 75% real estate are acquired, their value must be established by a valuation report (Art. 21(5)(a)). For venture capital funds, investments are recorded at cost and thereafter valued under Communiqué III-52.4 Art. 20 (II-14.2 Art. 21(4)). Listed shares and other instruments are valued under the general rules, such as the last weighted average or closing session price (Art. 9).

In extraordinary situations, the founder’s board may decide the valuation principles. Such situations include war, natural disasters, economic crisis, the closure of the market on which portfolio assets are traded, computer failures or the emergence of important information that may affect total fund value. The decision must be recorded with reasons and notified to the Board and the custodian, and unit holders must be informed (III-52.3 Art. 31(2); III-52.4 Art. 30(2)). If the Board considers it appropriate in these situations, unit prices may not be calculated and dealing in units may be suspended (Art. 15(3) of each).

The portfolio custodian must ensure that unit prices are calculated according to the valuation principles in the legislation and the internal rules. It is liable to the portfolio management company and unit holders for losses caused by failing to meet its obligations (Capital Markets Law Art. 56(1)(c) and (2)).

When valuations are required

A real estate fund must have the market value and market rent of the assets concerned established for the following transactions (Communiqué III-52.3 Art. 28(1)):

• ▸ Buying, selling or changing the nature of real estate and real estate rights (Art. 28(1)(a)).
• ▸ Leasing: letting portfolio properties, leasing properties in order to sublet them, and renewing or extending leases (Art. 28(1)(b)–(ç)).
• ▸ Mortgages over real estate (Art. 28(1)(d)).
• ▸ Other assets for which the Board requires valuation, when added to or removed from the portfolio (Art. 28(1)(e)).
• ▸ Year-end values of portfolio assets (Art. 28(1)(f)).
• ▸ In-kind transactions: issuing units against contributions of real estate and redeeming units by transferring real estate to investors (Art. 28(1)(g)–(ğ)).

Valuations of assets and rights to be acquired must be carried out by real estate valuation firms (Art. 28(2)). Year-end valuations must be completed by the last day of the year (Art. 28(3)). No more than five business days may pass between the end of the valuation work and the report date, and the report must be delivered to the founder within two business days after the report date (Art. 28(4)). Reports are kept by the founder and any portfolio manager for at least ten years from the valuation date, or until any dispute ends (Art. 28(4)). Purchases, sales and leases are carried out by reference to the values established. If, given market or payment conditions, a purchase is made above the appraised value, or a sale or lease below it, unit holders must be informed within the year (Art. 28(6)). A report prepared in the three months before the transaction may be used without a new valuation (Art. 28(7)).

For venture capital funds, venture capital investments must be valued at least at each financial year-end (Communiqué III-52.4 Art. 20(2)). Two regimes apply:

1. 1. Closed commitment funds. In funds open only to investors giving capital commitments, whose units cannot be redeemed before the end of the term except as provided in the issue contract, the value is set either by a board decision based on a valuation report prepared by the investment committee in line with the Board’s valuation standards, or by a report from a valuation firm approved by the Board (Art. 20(2)(a)).
2. 2. Other funds. A report from an approved valuation firm is required at the end of every third financial period after the investment where the fund’s investment in the company is below TL 25 million, every second period where it is between TL 25 million and TL 50 million, and every period where it exceeds TL 50 million. In the other periods, the investment committee route or a valuation firm may be used (Art. 20(2)(b)).
3. 3. Recent reports. A valuation firm’s report prepared in the three months before the period end may be used as the year-end value by investment committee decision (Art. 20(4)).
4. 4. Records. The information and documents supporting the valuation are kept by the founder for the life of the fund and five years after (Art. 20(3)).

Where units are issued or redeemed against shareholdings rather than cash, a report from an institution approved by the Board must establish the value of the shareholdings. Units may not be sold at a value above, or redeemed at a value below, the value in that report, and the cost of the report may not be charged to the fund (III-52.4 Art. 16(3)).

Selecting valuers and their independence

A real estate fund’s valuer must be on the Board’s list and independent of the founder and any portfolio manager. It must also be independent of their shareholders holding 10% or more of capital or votes, shareholders with privileges to nominate board members, companies in which any of these hold more than 10%, and the founder’s and manager’s related parties (III-52.3 Art. 29(1)). Within one month after each year-end, the founder’s board must designate one valuation firm for each asset in the portfolio, and up to two firms for assets that may be acquired during the year. It must notify them to the custodian and announce them on KAP; a designated firm may be changed only with the Board’s approval after the reasons are sent to it (Art. 29(2)). A fund may use the same valuation firm for the same asset for no more than three consecutive years, and must then wait at least two years before using that firm again (Art. 29(3)). Reports must follow the Board’s rules on valuation firms and valuation standards (Art. 30).

Communiqué III-62.3 requires valuation firms and appraisers to be independent and impartial and to stay clear of conflicts of interest. They must report their conclusions without regard to the direct or indirect interests of others (Art. 16). Independence is deemed lost whenever there is reasonable suspicion that it has been impaired (Art. 17(1)), and in the situations in the table below (Art. 17(2)). Appraisers must exercise professional care at every stage. The minimum standard is full compliance with the Board’s and the Association’s valuation rules: planning the work, gathering sufficient and reliable information, keeping orderly working papers and explaining their conclusions in the report (Art. 18). Each report must contain the minimum elements in Annex 1 and be signed by at least one responsible appraiser (Art. 23(1)). Reports and working papers must be kept for at least ten years from the report date (Art. 27(2)). Valuation firms must hold professional liability insurance (Art. 25).

The Board may revoke a valuation firm’s authorisation under Capital Markets Law Art. 96 for breaches listed in Communiqué III-62.3 Art. 13(1). These include breach of the independence rules and failure to have a report signed by a responsible appraiser. They also include insufficient examination, or working papers that do not support the conclusion; breach of honesty, impartiality and professional care; and issuing incorrect, incomplete, misleading, biased or untrue reports contrary to the Communiqué and the standards. A firm whose authorisation is revoked may not reapply for one year, and its responsible partners and directors may not work for another valuation firm for one year (Art. 13(2)).

Liability for valuations

The Capital Markets Law makes valuation firms liable for losses caused by false, misleading or incomplete information in the reports they prepare (Art. 63(1)). Persons and institutions, such as valuation firms, that prepare reports included in public disclosure documents or serving as their basis are also liable under the Law (Art. 32(2)). Communiqué III-62.3 applies these rules expressly. Real estate valuation firms, and the appraisers and responsible appraisers who sign reports, are liable under Arts. 32 and 63 for losses caused to their clients or to third parties relying on the report. Liability can arise from false, misleading or incomplete information, from failure to meet the standards, from insufficient examination or from use of incorrect data (Art. 15(1)). Criminal liability of the firm’s partners, directors and report preparers is reserved (Art. 15(2)).

For unit holders, three other routes may run alongside a claim against the valuer. The first is against the founder, which is responsible for managing the fund in line with its documents and protecting unit holders’ rights (Art. 7 of each Communiqué), with the mandate rules of the Code of Obligations applying by analogy. The second is against investment committee members, for the decisions they take (Art. 7(4)). The third is against the custodian, for failing to ensure correct pricing (Capital Markets Law Art. 56). How these claims are proved and calculated is explained in our guides on claims against portfolio managers and custodians and on calculating damages.

Investors’ information rights

The founder and any portfolio manager must notify unit holders of real estate or venture capital investments within fifteen days, including any relationship between the investment and persons involved in managing the fund (III-52.3 Art. 31(3); III-52.4 Art. 30(3)). The founder must send real estate valuation reports, and valuation reports on other portfolio assets, with their annexes, to the custodian within ten business days of receiving them. The custodian assesses them under the custody Communiqué. Copies are kept at the founder’s head office for investors to inspect and are sent to investors on request at their expense (III-52.3 Art. 31(4)). On investors’ request, financial reports are provided with explanations of developments in the period and the valuation reports for real estate or venture capital investments (II-14.2 Art. 21(1)).

Annual financial statements are independently audited. Where a fund announces unit prices more than once a year, its six-monthly interim statements are also reviewed (II-14.2 Art. 17(1)). Annual financial reports with the audit report are published within ninety days after year-end, and reviewed interim reports within forty-five days (Art. 21(8)). The Board may ask for information at any time (III-52.3 Art. 31(1); III-52.4 Art. 30(1)). All accounts and transactions of the founder, any portfolio manager and the custodian relating to the fund are subject to the Board’s inspection (III-52.3 Art. 33).

Redemption, postponement and liquidation

The rules for subscriptions and redemptions must suit the fund’s portfolio and be set out in detail in the issue contract. Fixed-term funds may provide for redemption only at the end of the term (III-52.3 Art. 16(3); III-52.4 Art. 16(4)). Redemption may be in cash or in kind, by transferring real estate or shareholdings to investors (Art. 16(1) of each). The founder of a real estate fund is responsible for providing the liquidity needed for redemptions (III-52.3 Art. 16(6)).

If the internal rules allow it, the founder may postpone redemptions where it determines that the necessary liquidity cannot be provided and that selling portfolio assets would harm investors. The Board must be informed immediately, and the postponement may not exceed one year (III-52.3 Art. 16(6); III-52.4 Art. 16(4)). The termination and liquidation of these funds follow the Board’s rules on investment funds, applied by analogy (III-52.3 Art. 32; III-52.4 Art. 31(2)), explained in our guide on fund liquidation.

Points for foreign institutional investors

1. 1. Collect the fund documents. Internal rules, issue document and issue contract set pricing frequency, redemption terms and postponement powers.
2. 2. Ask for the valuation reports. Real estate fund reports must be available for inspection and copying (III-52.3 Art. 31(4)); valuation reports can be requested with financial reports (II-14.2 Art. 21(1)).
3. 3. Check valuer independence and rotation. Compare the designated valuers announced on KAP with the founder’s shareholders and related parties, and check the three-year limit (III-52.3 Art. 29).
4. 4. Compare prices with appraisals. Purchases above or sales and leases below appraised values must have been notified (III-52.3 Art. 28(6)).
5. 5. Check related-party exposure. In venture capital funds, investments in companies controlled by unit holders and related parties are capped at 20% (III-52.4 Art. 19(1)(ç)).
6. 6. Look at borrowing. Real estate funds may borrow up to 50% of total value; borrowing details must be reported within thirty days after the period (III-52.3 Art. 23(1)).
7. 7. Challenge postponements on their terms. Postponement needs a basis in the internal rules and is capped at one year (III-52.3 Art. 16(6); III-52.4 Art. 16(4)).
8. 8. Identify all potential defendants. Founder, investment committee members, custodian and valuation firm each have distinct duties.
9. 9. Preserve evidence early. Valuation reports and working papers are kept for ten years (III-52.3 Art. 28(4); III-62.3 Art. 27(2)), and venture capital valuation records for the fund’s life plus five years (III-52.4 Art. 20(3)).
10. 10. Mind limitation periods. Claims against valuers, founders and custodians run on their own deadlines, explained in our limitation guide.

Time limits and thresholds

Frequently asked questions

Who may invest in Turkish real estate and venture capital investment funds?

Only qualified investors, meaning professional clients including those treated as professional on request (III-52.3 Art. 13(1); III-52.4 Art. 13(1); II-5.2 Art. 4(1)(m)).

Can a fund’s assets be attached if the manager fails?

No. They are separate from the founder’s, custodian’s and manager’s assets and cannot be attached, even for public receivables, or included in a bankruptcy estate (Art. 5 of each Communiqué).

How often must a real estate fund’s properties be valued?

At every purchase, sale, lease or mortgage and at each year-end, by a valuation firm listed by the Board (III-52.3 Art. 28).

How often must venture capital investments be valued?

At least at each financial year-end, with a valuation firm’s report required at intervals depending on the size of the investment (III-52.4 Art. 20(2)).

Which valuation standards apply?

The International Valuation Standards published by the Association of Valuation Experts of Turkey and the Turkish Capital Markets Association, with the Board’s rules prevailing in case of conflict (III-62.1 Art. 3).

Are valuation reports audited?

No. Valuation reports for real estate and venture capital investments are not subject to the fund’s independent audit (II-14.2 Art. 21(1)).

Must the valuer be independent of the fund manager?

Yes, of the founder, any portfolio manager, their 10% shareholders, privileged shareholders and related parties (III-52.3 Art. 29(1)), and it loses independence in the situations listed in III-62.3 Art. 17.

Can a fund keep using the same valuer?

Not for more than three consecutive years for the same asset, after which two years must pass (III-52.3 Art. 29(3)).

Is a valuation firm liable to unit holders?

Valuation firms and signing appraisers are liable to clients and third parties relying on the report for losses caused by false, misleading or incomplete information or insufficient examination (Capital Markets Law Arts. 32 and 63; III-62.3 Art. 15).

Can unit holders see the valuation reports?

Yes. Reports are kept for inspection at the founder’s head office and sent on request at the investor’s cost (III-52.3 Art. 31(4)), and may be attached to financial reports on request (II-14.2 Art. 21(1)).

Can the founder postpone redemptions?

Yes, if the internal rules allow it and liquidity cannot be provided without harming investors, for no more than one year and with immediate notice to the Board (III-52.3 Art. 16(6); III-52.4 Art. 16(4)).

How much may a real estate fund borrow?

Up to 50% of total fund value (III-52.3 Art. 23(1)).

What happens if a venture capital fund does not raise its minimum commitments?

Investment activity stops and liquidation must be requested within six months (III-52.4 Art. 22(2)).

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