'In my view, in the next three to five years, sovereign-owned entities and sovereign funds will play an important role in the equity part of the game,' Sonmez told CNBC.
Turkey's parliament in late April approved a bill allowing the Turkish Wealth Fund to buy or become a partner in distressed companies hit by the coronavirus outbreak.
Sovereign wealth funds have a role to play in supporting countries' private sectors during a crisis like the coronavirus pandemic, the head of Turkey's wealth fund believes. "In my view, in the next three to five years, sovereign-owned entities and sovereign funds will play an important role in the equity part of the game." The Turkish Wealth Fund has roughly $33 billion in assets, considered small compared to behemoth funds like those of Norway, China, Abu Dhabi or Kuwait. Before the pandemic hit, it had the ambitious goal of tripling that to $100 billion by 2023.
"When we look into Turkey, this kind of a platform was lacking in the economy. And we are a newly established fund," Sonmez said. "This is new for Turkey, but we will be more active, we will offset these volatile periods to help as an equity solutions provider of the sovereign."
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