Established by seasoned investment and operating professionals, Lycian Capital is a private equity firm in Türkiye. We are looking to partner with exceptional entrepreneurs who have the ambition to take their companies to the next level.

Our mission is to convert “gems” into “jewels” by working hand in hand with accomplished management teams leveraging our expertise in value creation while helping to develop Türkiye’s private equity ecosystem.

Lycian Capital team has a strong track record in private equity, having invested in numerous companies across a wide range of industries. The team has unique operational and management experience in creating value, acting as board member, observer and executive for 30+ companies.

Lycian Capital is backed by Azimut Group, one of Europe’s largest independent asset managers serving clients in 18 countries with assets under management of over $100 billion. Azimut’s Turkish entity, Azimut Portföy, is the largest independent asset management company in Türkiye with over $7 billion assets under management.





Manufacturing, Technology, Consumer

Investment Type:

Growth Capital, Buy-out

Investment Size:

$5m-$15m per investment

While we have a generalist and flexible approach in making investment decisions, we get excited when we see some of the following attributes in a company:

  • Segment leader with a healthy growth rate, strong brand equity and differentiation
  • Visible and significant growth prospects through market expansion, consolidation, entering new business lines and/or increasing overseas presence
  • EBITDA generation between $2m-$15m per year
  • Hard-currency based (or indexed) revenues
  • Tech enabled, scalable business model
  • Strong, visionary management team

We prefer not to engage in turnaround and distressed situations. We also do not invest in companies that are not operationally profitable. 


Track Record of
Value Creatıon

Lycian Capital team has over 150 years of collective investing, advising and operating experience. Bringing our operational expertise and industry know-how, we enabled numerous companies achieve scale while streamlining operations, increasing productivity and improving profitability. Cumulative valuation increase of the companies that we were involved in exceeds $60 billion.

Management Support

We are not passive investors. We collaborate closely with our portfolio companies, support them in all areas of business including building the strategy, creating the execution plan, implementing fact-based decision-making processes, strengthening corporate governance and adding world class talent to the team as needed. We build a value creation roadmap and work closely with management teams to implement it within the first 100 days of our partnership.


We create the optimum partnership structure based on the unique situation of each company whether it is growth capital, buy-out, minority, majority, with or without co-investors. We assess the needs of each case carefully and determine the best approach to maximize value creation.


Beyond creating financial returns, one of our main goals is to be a role model in creating positive impact for the whole ecosystem through increased employment, diversity and sustainability. We hold ourselves accountable for operating with the highest standards of integrity, applying best practices in everything that we do while incorporating ESG principles diligently.


Gökhan Arıkoç
Managing Partner
Gökçe Manav
Managing Partner
Gökhan Kademlioğlu
Pınar Özbozdoğanlı
Can Kabadayı
Senior Associate
Metehan Kaya
Alp Kaşıkcı
Senem Onar
Office Manager


Evren Üçok
Anchor Investor
Ahmet D. Erelçin
Independent IC Member
Mehmet Başer
Senior Advisor


Leader in Blood Collection Tubes Manufacturing


21 December 2022
Azimut enters into a strategic partnership with Lycian Capital Partners, an independent private equity firm focused on high-growth mid-market opportunities in Turkey
08 February 2023
Azimut-backed Lycian heads for debut fund first close in 2023
4 December 2023
Lycian Capital reaches first close
14 December 2023
Lycian Capital invests in Disera



Lycian Capital Partners Fulya Mah., Büyükdere Cad., Quasar No: 76 / 151, Şişli / İstanbul

Lycian Capital © 2024. All rights reserved.