The Turkey Wealth Fund (TWF) will raise standards in the horse racing industry to boost profitability, the fund’s managing director said on Thursday.

“We strongly believe that there is further value creation in the horse racing market,” Zafer Sonmez stressed in a press release.

The fund mandated Turkey’s Development and Investment Bank, Ernst and Young Turkey, and Lexist Law Office help create better horse racing operations in the country.

“TWF intends to identify the right structure that will maximize the public benefit of the horse-racing and betting operations, subcontracting to a service provider,” it said.

Read more: Turkey Wealth Fund vows to raise horse racing standards