What Is Real Estate Investment Fund (GYF)?
A Gayrimenkul Yatırım Fonu (GYF) is a Türkiye-domiciled real estate investment fund, formed under Capital Markets Board rules, that invests capital raised from qualified investors in property and property-based rights.
A GYF is built on the same legal logic as a venture capital fund in Türkiye: it is a pool of assets without legal personality, managed by a licensed portfolio management company, with units issued to qualified investors.
Eligible assets, valuation rules, custody and reporting obligations are set by the Capital Markets Board of Türkiye (SPK). Properties in the portfolio must be valued by appraisal firms on the Board's authorised list, which gives the structure an externally verifiable net asset value.
A GYF should not be confused with a Gayrimenkul Yatırım Ortaklığı (GYO), the Turkish REIT. A GYO is a joint stock company whose shares may be listed; a GYF is a fund aimed at qualified investors. The two differ in investor base, governance and liquidity expectations.
The practical appeal of the GYF is consolidation: several investors can hold a single, audited, professionally managed property portfolio instead of splitting projects across separate special purpose companies, with institutional-grade reporting on top.