Turquoise, a financial services group in Iran, is launching an Iran-focused private equity fund in partnership with a Swiss bank.
The fund will be broadly focused on the rise of the Iranian consumer and will include, but will not be limited to, consumer goods, pharmaceuticals and hospitality, according to a press release sent on Friday. It aims to raise $200m in the first six months of the year.
It is launched by Turquoise, an Iran-focused company that manages more than 90 percent of all existing foreign portfolio investment on the Tehran Stock Exchange.
Suffering From Ineffective Management
«Iranian companies are more often than not suffering from ineffective management and are in great need of investment, we hope that this fund will allow this opportunity for companies to be turned around», said Rouzbeh Pirouz, chairman of Turquoise Partners.
The fund works in cooperation with Switzerland's Reyl Group, an independent banking group that manages assets of over 11 billion francs.
«We believe this venture provides an excellent opportunity for international investors looking to gain exposure to the Iranian growth story,», said Pasha Bakhtiar, Partner of Reyl Finance in the Middle East.
