BSG – A New Synergy Through Smart Design in Venture Capital

Technology is transforming our lives at a dizzying pace. This transformation is also bringing significant changes in the world of investment. Especially for long-term oriented investors, venture capital investment funds (VCIFs) have become a strong alternative.

Traditional investment products are increasingly falling short in meeting expectations in terms of strategic vision and returns. In contrast, VCIFs attract attention due to reasons such as government support, tax advantages, and the opportunity to invest in future-focused themes.

Boğaziçi Ventures' Strength in VCIF

Boğaziçi Ventures leverages the entrepreneurial experience of its founders in the tech startup ecosystem to stand out in the venture capital investment space. The team, which has a strong network not only in Turkey but also globally, elevated this accumulated expertise to the level of institutional portfolio management with the establishment of BV Portföy in 2022.

As Boğaziçi Ventures & BV Portföy, we:

• Carefully define the investment theme, maturity period, and risk profile in our funds.
• Make investments aligned with contemporary trends through our vertical or sector-agnostic funds.
• Reflect our expertise rooted in tech entrepreneurship at every stage—from fund selection to management.

Alongside Sinerji VCIF, which is the subject of this article, we will explore in detail our other venture capital investment funds that are formulated and managed to address a wide range of investment needs in our upcoming publications.

At a Glance: Sinerji VCIF (BSG)

Sinerji is a sector-agnostic VCIF with a balanced allocation and investment strategy. It follows a co-investment model by partnering with expert lead investors, focusing on the advantageous acquisition of shares from founders or angel investors in healthy, early-stage technology companies. Its portfolio includes successful pre-IPO technology companies, and it allocates fund resources to capital markets instruments to provide liquidity to investors.

Issued by Boğaziçi Ventures through BV Portföy on September 18, 2023, Sinerji was the first VCIF launched by the company.

Key figures of the fund:

• Target size: USD 20 million
• Size as of Q2 2025: TRY 126 million
• Fund duration: 10 years
• Targeted annual return: 25% (in USD terms)

Thanks to its single-commitment and no minimum investment structure, the fund offers a practical investment process. This structure makes it a strong alternative for companies aiming to fulfill R&D incentive obligations, as well as all investors interested in the fund’s unique strategy and balanced design.

Though it is a sector-agnostic co-investment fund, Sinerji’s main investment verticals are:

• Smart Energy
• Smart Mobility
• Gaming Technologies
• Financial Technologies (Fintech)
• Retail Technologies
• Health Technologies
• Educational Technologies
• Human Resources Technologies

The diversification of these verticals is expected to continue during the fund’s investment period.

Balanced Allocation, Smart Design: Sinerji VCIF Investment Thesis

Sinerji VCIF’s investment approach is based on three core strategies aimed at offering balanced allocation and strong return potential to investors:

Secondary Investment

This strategy involves acquiring shares—at discounted valuations—from founders or existing investors of high-growth, successful tech startups. It has become a prominent strategy in countries with advanced entrepreneurial ecosystems.

Over the past decade, secondary investment has been one of the fastest-growing strategies globally. It can involve direct equity purchases from startups or funds, or restructuring fund portfolios with new dynamics. The global VC secondary market size is estimated to be around USD 150 billion.

Though rare in Turkey, this discounted acquisition strategy offers strong return potential to investors while enabling founders to maintain leadership and contribute to their companies' growth.

Co-Investment

Sinerji VCIF aims to broaden its investment universe and increase successful exits by partnering with experienced and reputable investors from Turkey’s investment ecosystem.

The co-investment strategy not only brings sector-specific expertise into the fund but also contributes to risk optimization. Especially during times of macroeconomic and geopolitical volatility, this strategy offers a significant advantage by enabling flexibility across sectors.

Beyond risk optimization, co-investment portfolios have also demonstrated stronger performance over time. For instance, a 2016 study by the University of Munich and the University of Oxford found that portfolios diversified through 10 or more co-investments outperformed standard funds. Similarly, an analysis by Preqin—a London-based investment data company specializing in alternative assets—revealed that co-investment funds outperformed 90% of their fund peers.

Profit Distribution

A portion of Sinerji VCIF’s assets is held in high-return and liquid capital market instruments with the goal of distributing periodic profits to investors.

Although VCIF investments generally have long horizons (10+ years or even evergreen structures), which can be a disadvantage for short-term investors, Sinerji overcomes this with an intelligent structure that offers annual liquidity to its investors.

These liquid assets include statistical arbitrage products with absolute return targets, managed using advanced technology and quant strategies developed by BV Portföy, as well as equity funds that invest globally in high-tech themes. Some of these funds are market leaders in their category in terms of both return and asset size, offering aggressive return potential.

Sinerji VCIF – Performance, Portfolio, and Future Plans

Sinerji VCIF began accepting investors at the end of 2023 and has already attracted numerous major companies—some international—thanks to its well-balanced strategy and successful investment portfolio.

Since its inception, the fund has delivered:

• 110% return in TRY terms
• 63% return in USD terms

These returns have positioned Sinerji as one of the standout VCIFs in Turkey.

To date, Sinerji has invested in companies operating in globally fast-growing sectors such as:

• Smart Energy
• Smart Mobility
• Gaming
• Financial Technologies
• Retail Technologies
• Health Technologies
• Educational Technologies
• Human Resources Technologies

Investments have been made both directly into startups and indirectly via other funds.

The current portfolio includes two successful pre-IPO tech startups:
One is among Turkey’s leading high-frequency trading (HFT) firms, and the other is the first gaming company in Turkey preparing for an IPO. These companies are expected to exit within 3–5 years, which is projected to significantly boost the fund’s overall performance.

Looking ahead, the fund plans to invest in high-potential areas such as recycling technologies, energy technologies, mobility, and battery technologies—with a particular focus on mobility, driven by emerging opportunities and needs.

Becoming a Sinerji VCIF Investor

An investor in the Sinerji Venture Capital Investment Fund, established by Boğaziçi Ventures, gains access to a professional investment service backed by an experienced team with a strong background in entrepreneurship. The team’s extensive experience in investment management ensures high standards of governance across all processes, including strategy development, investment decision-making, and performance monitoring.

With over 100 investments and the evaluation of thousands of opportunities under their belt, this team possesses a rare depth of expertise in Turkey’s venture capital landscape. This know-how contributes not only to the fund’s performance but also to the quality of investment decisions and long-term return potential.

Boğaziçi Ventures offers its investors a broad spectrum of investment alternatives. The fund universe includes stages ranging from pre-seed to pre-IPO, fund durations from 3–4 years to 12 years, and themes focused on the future such as gaming, artificial intelligence, recycling technologies, and mobility. This diversity allows the development of strategies tailored to different investor profiles and their risk-return expectations.

As a Sinerji VCIF investor, one not only benefits from the high return potential of the secondary investment strategy, but also becomes part of a robust investment ecosystem through the co-investment model. Despite the long-term structure of the fund, periodic dividend distribution and once-a-year liquidity options provide significant flexibility to investors. Additionally, the single-commitment structure with no minimum investment threshold ensures accessibility and ease of implementation, especially for companies subject to R&D incentive obligations.

In this respect, Sinerji VCIF offers a comprehensive investment experience that combines financial gain with professional management, thematic depth, and strategic diversity—making it a compelling option for both individual and institutional investors.

For secure and well-informed investment decisions, and to approach thematic funds with a professional lens, connect with BV Portföy’s expert team.