Economy, Business And Markets

New Overseas Iran-Focused Equity Fund

New Overseas Iran-Focused Equity FundNew Overseas Iran-Focused Equity Fund

Tehran-based Griffon Capital said on Monday it had launched an overseas Iran-focused equity fund and is seeking to raise €100 million ($108.28 million) from European investors by the yearend. The move follows the recent lifting of nuclear sanctions against the country, which will allow foreign investors to invest more freely, Reuters reported. Griffon said the new fund, to be called the Griffon Iran Flagship Fund, would be domiciled in the Cayman Islands, managed by Griffon Asset Management and focused on buying stocks in Tehran Stock Exchange and Iran Fara Bourse. “With over 300 actively traded listed companies, Iran provides investors the opportunity to enter a highly diverse stock market,” Griffon’s head of Asset Management, Payam Malayeri, said. “(The market) is set to even further diversify with the significant pipeline of initial public offerings and privatizations expected in the next two to three years,” he added.