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Hands-on governance and strategic oversight.

We distinguish ourselves through our hands-on governance framework. We maintain active oversight at the board level, ensuring that each portfolio company adheres to its bespoke value creation plan.

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Seasoned leadership driving investment success.

We are led by three highly experienced partners who possess a wealth of expertise in private equity, investment banking, and operational management across the EMEA region.

 

Their collective acumen is complemented by a robust support team of industry veterans, all of whom have held senior operational roles within leading businesses in the manufacturing businesses in the wider consumer and healthcare space.

 

Our leadership’s track record includes numerous successful business integrations, operational enhancements, and performance optimisations, all of which have contributed to substantial returns on investment.

Proven management with a track record of operational excellence.

Our team combines unique investing and operating expertise.

Morven Burden

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Adam Day

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Mehmet Can Ilkin

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Cem Karakas

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Yesim Kanburoglu Ilbak

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Our team’s collaborative spirit and expert insights enhance our operations and hands-on governance, ensuring that collective expertise translates into substantial value creation.

Naime Karakaya

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Elif Kirmit

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Cihan Metiner

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Ayse Yazici Adanir

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Serra Olmez

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Fehmi Yusuf Metinkale

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Operating partners and senior advisors.

We leverage profound sector expertise and apply it adaptively to each unique case.

Rut Aranda

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John Barnes

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Serkan Cagatay

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Helen Day

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Our strategic execution and industry acumen drive outstanding outcomes, delivering tangible impacts and sustainable growth across our portfolio.

Matthew Frost

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We welcome the opportunity to collaborate.

For further enquiries or to discuss potential investment opportunities, please do not hesitate to contact us.

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Morven Burden
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Morven is a member of the operations team and leads the operational improvement initiatives in Afendis’ portfolio companies.

 

Prior to joining Afendis, Morven was an M&A Senior Manager at PwC London. Prior to PwC, she was the factory general manager for pladis in Romania, and European Manufacturing Capability Lead for pladis. Morven started her career in various UK manufacturing and food safety roles.

 

Morven holds an MA in Economics and Management from the University of St. Andrews.

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Adam Day
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Adam is a member of the operations team. 

 

Prior to joining Afendis, Adam has worked in a variety of manufacturing roles for Mondelez International. 

 

Adam holds a BSc in Chemistry from Birmingham University.

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Mehmet Can Ilkin
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Mehmet is a managing partner at Afendis Capital Management.

Prior to co-founding Afendis, Mehmet was Head of TPG Growth in Turkey. Before joining TPG, he was a banker at EBRD after holding senior positions in London, Istanbul, and Kazakhstan offices.

Mehmet is the Chairman of the Board of Sanovel and Gelato d’Italia and is a board member of Cerealto, Tiryaki Agro, Evercare Hospital Lahore, and Islamabad Diagnostic Center.

Mehmet has a BA in Economics and Foreign Affairs from the University of Virginia, an MBA from Georgetown University, and an LLM from Leiden University.

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Cem Karakas
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Cem is a partner at Afendis Capital Management and is responsible for operational oversight of and value creation in Afendis’ portfolio companies.

Prior to co-founding Afendis, he was the Founding CEO of Pladis, one of the largest global snacking players and the owner of heritage brands such as McVities and Godiva. Before Pladis, Cem led the largest food conglomerate in CEEMEA, the Yildiz Group and took leadership roles across a range of industrial corporates


Cem holds a BA in Management from Middle East Technical University, an MBA from Massachusetts Institute of Technology, and a PhD in Finance from Istanbul University. He is also a baker having attended American Institute of Baking.

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Yesim Kanburoglu Ilbak
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Yesim is a partner at Afendis Capital Management and leads the investment execution team.

 

Prior to co-founding Afendis, she was an investment professional at Actera, a leading private equity firm in Turkey where she was involved in investments and coverage of companies in retail, manufacturing and services.

 

Yesim holds a BA in Political Science and International Relations from Bogazici University and an MSc in International Political Economy from the London School of Economics.

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Naime Karakaya
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Naime is a member of the investment team at Afendis.


Prior to joining Afendis, she was an investment professional at Mediterra, a leading private equity firm in Turkey, where she was involved in investments and the coverage of companies in the packaged food & beverage, food and apparel retail, and fintech industries. Before Mediterra, she worked as an equity research analyst at UniCredit Turkey, where she published extensive initiation reports on FMCG companies.

 

Naime holds a BA in Economics from Bilkent University.

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Elif Kirmit
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Elif is an executive assistant and office coordinator at Afendis.

Prior to joining Afendis, she has built a career supporting top executives in leading corporations, including The Abraaj Group, QNB Finansbank, and Doğan Holding, one of the leading congloamerates in Turkey. She also took roles as managing office operations in dynamic environments for over 15 years.

Elif holds an Associate’s Degree in Tourism and Hotel Management from Boğaziçi University.
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Cihan Metiner
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Cihan is a member of the investment team.

 

Prior to joining Afendis, Cihan was an M&A associate at Ünlü & Co, a leading investment bank in Turkey.

 

Cihan holds a BSc in Industrial Engineering from Bilkent University.

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Ayse Yazici Adanir
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Ayse is the external general counsel of Afendis.

 

She is a partner at YAZICI Attorney Partnership with extensive experience in international transactions and related disputes. She was previously an associate at Mayer Brown LLP.

 

Ayse holds a BA in International Relations from Middle East Technical University, a JD from Cardozo School of Law, an MA in International Trade and Policy from George Mason University and an Equivalency Degree in Law from Ankara University. She is admitted to practice in New York, USA and in Turkey.

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Serra Olmez
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Serra is a member of the investment team.

 

Prior to joining Afendis, Serra was an M&A associate at Ünlü & Co, a leading investment bank in Turkey. Prior to Ünlü & Co, she was a Valuation and Modelling Manager at Deloitte Turkey.

 

Serra has a BSc in Industrial Engineering and a MSc in Finance from Sabancı University.

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Fehmi Yusuf Metinkale
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Yusuf is a member of the Operations team and contributes to cross-functional projects at Afendis.

Prior to joining Afendis, Yusuf gained experience in a small manufacturing business and completed a one-year internship in Afendis and its portfolio companies.

Yusuf holds a BSc in Industrial Engineering from Koç University.
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Rut Aranda
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Rut is a member of the operations team.

 

Rut was previously the CEO and Executive Board member of Cerealto where she developed the US and UK markets for the company and executed various acquisitions and co-manufacturing agreements in different geographies.

 

Rut holds a BA in Agricultural Engineering from La Rioja University and completed the General Management Program at Harvard University.

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John Barnes
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John is a member of the operations team.

 

John was previously Vice President R&D Head of Global Process Development at Ppadis and Head of Technical Operations at United Biscuits.

 

John has an MBA from Henley Business School, an MSc in Biochemical Engineering from UCL London, and is a Chartered Chemical Engineer. He is also a BQF accredited Lean Six Sigma Black Belt.

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Serkan Cagatay
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Serkan is a member of the operations team.

 

Serkan was previously the CFO of Sanovel. Serkan has over 20 years of experience in senior leadership roles across financial services (PwC), telecommunications (Oger Telecom, Turk Telecom, Avea), and pharmaceuticals.

 

Serkan holds a BSc in Political Science and Public Administration from Middle East Technical University, completed the Executive Leadership Programme at the Sloan School of Management at MIT, and is a local CPA.

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Helen Day
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Helen is a member of the operations team.

 

Helen has over 30 years of experience in the food manufacturing industry. Helen previously held senior positions at pladis, McVitie’s, and KP Foods, focusing on Manufacturing, Supply Chain, and R&D.

 

Helen holds a BSc in Chemistry from the University of Nottingham and a Diploma in Executive Coaching from the Academy of Executive Coaching.

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Matthew Frost
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Matthew is a member of the operations team.

 

Matthew was previously CEO of SaaS Retail startup ImpulseLogic and senior advisor to Wheyhey and MOTH drinks. His past roles include Group CEO of Hexcite Group and CEO of Spinneys in Dubai. He also held senior positions at Waitrose and various positions in commercial, marketing, and supply chain at Wal-Mart and Asda.

 

Matthew has a BSc in Technology and Management from University of Sunderland and has completed leadership programs with Windsor Leadership Trust and Confederation of British Industry.