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Asset/Investment Management
letterone.com

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Investments

6

Portfolio Exits

2

Funds

2

Partners & Customers

4

About LetterOne

LetterOne is an international investment business, investing in the Energy, Telecoms and Technology, Health and Retail sectors.

LetterOne Headquarter Location

1 - 3 Boulevard de la Foire

Luxembourg City, 1528,

Luxembourg

+352 26 38 77 1

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Latest LetterOne News

Billionaire Fridman Demands Governance Overhaul at Turkcell

Nov 15, 2021

9:59 PM IST, 15 Nov 2021 9:32 PM IST, 15 Nov 2021 9:59 PM IST, 15 Nov 2021 Save (Bloomberg) -- Russian billionaire Mikhail Fridman’s LetterOne is pushing for a corporate governance overhaul at Turkcell Iletisim Hizmetleri AS, Turkey’s largest mobile operator. (Bloomberg) -- Russian billionaire Mikhail Fridman’s LetterOne is pushing for a corporate governance overhaul at Turkcell Iletisim Hizmetleri AS, Turkey’s largest mobile operator. Turkcell should set up a new board committee to review its cost structure, asset monetization plans and capital allocation, LetterOne said in a statement Monday. LetterOne said the carrier can deliver “substantially more” value and become a market-leading digital telecom company if changes are implemented. LetterOne owns 19.8% of Turkcell, making it the company’s biggest independent shareholder. The wireless carrier should also create a new incentive plan to align management with shareholders, LetterOne said in the statement, adding that Turkcell so far has rejected its proposals. “Ambitious change is needed to the business’ approach to corporate governance,” LetterOne Managing Director Ben Babcock said in the statement. “We have written to the board to raise concerns and look forward to a constructive dialogue.” Wealth Fund  The investment firm said in a letter to Turkcell directors that it’s “frustrated and disappointed” with the performance, strategic direction, execution and valuation of Turkcell under the board’s stewardship. “Investors have lost confidence in the future of Turkcell,” it said in the letter, which was made public in a filing Monday. “We are also deeply concerned about the governance regime at Turkcell and believe the board lacks the necessary skills, experience and accountability.” Companies backed by Fridman have held an interest in Turkcell for the last 16 years. A representative for Turkcell couldn’t immediately comment. The nation’s sovereign fund, whose chairman is Turkish President Recep Tayyip Erdogan, became Turkcell’s largest shareholder last year in a deal that gave it control of the board. The move ended a 15-year-long fight for control of Turkcell, which was previously part-owned by Swedish telecom firm Telia Co.  Turkey set up its wealth fund in 2016 and tasked it with taking a lead role in making investments deemed too big for the private sector. It has amassed billions of dollars in assets, building a portfolio that now consists of nearly two dozen companies across eight industries. It’s already merged state-owned insurance companies and injected cash into state banks to boost their lending power during the pandemic. ©2021 Bloomberg L.P.

LetterOne Investments

6 Investments

LetterOne has made 6 investments. Their latest investment was in Plastic Energy Global as part of their Corporate Minority - II on November 11, 2021.

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LetterOne Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/8/2021

Corporate Minority - II

Plastic Energy Global

$168.01M

Yes

2

6/18/2020

Secondary Market

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$99M

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10

5/17/2019

PIPE

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$99M

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10

4/19/2017

Series G

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$99M

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10

1/20/2016

Series D

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$99M

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10

Date

11/8/2021

6/18/2020

5/17/2019

4/19/2017

1/20/2016

Round

Corporate Minority - II

Secondary Market

PIPE

Series G

Series D

Company

Plastic Energy Global

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Amount

$168.01M

$99M

$99M

$99M

$99M

New?

Yes

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Co-Investors

Sources

2

10

10

10

10

LetterOne Portfolio Exits

2 Portfolio Exits

LetterOne has 2 portfolio exits. Their latest portfolio exit was FreedomPop on June 07, 2019.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/7/2019

Acquired

1

00/00/0000

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$991

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10

Date

6/7/2019

00/00/0000

Exit

Acquired

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Companies

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Valuation

$991

Acquirer

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Sources

1

10

LetterOne Acquisitions

3 Acquisitions

LetterOne acquired 3 companies. Their latest acquisition was Destination Pet on November 13, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

11/13/2019

Unattributed

$40.23M

Acquired

1

2/1/2019

Corporate Minority

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$99M

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10

6/25/2017

Acquired

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$991

$99M

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10

Date

11/13/2019

2/1/2019

6/25/2017

Investment Stage

Unattributed

Corporate Minority

Acquired

Companies

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Valuation

$991

Total Funding

$40.23M

$99M

$99M

Note

Acquired

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Sources

1

10

10

LetterOne Fund History

2 Fund Histories

LetterOne has 2 funds, including LetterOne Technology.

Closing Date

Fund

Fund Type

Status

Amount

Sources

LetterOne Technology

Industry Focused

1

LetterOne Health

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$99M

10

Closing Date

Fund

LetterOne Technology

LetterOne Health

Fund Type

Industry Focused

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Status

Amount

$99M

Sources

1

10

LetterOne Partners & Customers

4 Partners and customers

LetterOne has 4 strategic partners and customers. LetterOne recently partnered with Enfusion on October 10, 2018.

Date

Type

Business Partner

Country

News Snippet

Sources

10/10/2018

Vendor

Enfusion

United States

2

8/30/2016

Partner

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10

8/30/2016

Partner

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10

2/12/2016

Partner

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10

Date

10/10/2018

8/30/2016

8/30/2016

2/12/2016

Type

Vendor

Partner

Partner

Partner

Business Partner

Enfusion

Country

United States

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News Snippet

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Sources

2

10

10

10

LetterOne Team

2 Team Members

LetterOne has 2 team members, including current Chief Executive Officer, Jonathan Muir.

Name

Work History

Title

Status

German Khan

Founder

Current

Jonathan Muir

Chief Executive Officer

Current

Name

German Khan

Jonathan Muir

Work History

Title

Founder

Chief Executive Officer

Status

Current

Current

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