Turquoise to Start Private Equity Fund With Swiss Bank
Economy, Business And Markets

Turquoise to Start Private Equity Fund With Swiss Bank

Iranian asset-management firm Turquoise Partners plans to start a $200 million private equity fund with Swiss bank Reyl & Cie’s Dubai unit in the first half of the year, as the country opens up to foreign investors.
The fund will mainly invest in Iranian consumer goods, pharmaceuticals, consumer finance and hospitality companies, which “can be ramped up and turned around because they’re inefficiently managed,” Bloomberg quoted Chairman Rouzbeh Pirouz as saying on Wednesday.
As a joint venture between Turquoise and the Dubai-based entity Reyl Finance, the fund plans to capture “the value of the consumer market that Iran has to offer”, Pasha Bakhtiar, chief executive officer of Reyl Finance, said on Thursday.
“The $200 million target will be raised in several rounds,” he added.
Iran is opening up to foreign investors after the lifting of western sanctions earlier this month.
Griffon Capital, a Tehran-based firm set up by a group of international and Iranian investors, said this week it is seeking to raise €100 million ($108.8 million) for a new offshore fund specializing in the country’s stocks.
Turquoise also started an institutional fund with Charlemagne Capital Ltd. to buy Iranian securities earlier this month.
That fund, which has raised about $50 million so far from mainly European investors, has gained about 20% after investing mainly in consumer and pharmaceutical stocks, Pirouz said.
Iran’s stock market is the fifth-largest in the Middle East, with a market capitalization of about $90 billion.
According to Reza Soltanzadeh, a founding partner at ACL Assets Management, a firm focused on the country, “Inflows may reach as much as $1 billion after six to eight months.”


Short URL : http://goo.gl/qRQt6C
  1. http://goo.gl/6r92Wt
  • http://goo.gl/6anOEW
  • http://goo.gl/Juoew8
  • http://goo.gl/2sdvU2
  • http://goo.gl/iAfOdI

You can also read ...

 TCCIMA Secretary-General Bahman Eshqi speaking in Vienna on Nov.16
Iranian banks are expected to open their first branches in...
Iran has 9,000 online retail stores.
With the ever-growing developments in the World Wide Web,...
Helping the Quake-Stricken?  Not If They Are Iranians!
Iran is a hotspot of earthquakes and several of them have...
Tehran-Accra Expand Agro Coop.
Three memoranda of understanding were signed between Iran’s...
USD at  41,000 Rials
After the US dollar’s recent bull run that pushed the value of...
Wide-Ranging MoU With Mexico
A memorandum of understanding on agriculture and rural...
Tesla Roadster Speeds in Front of Electric Truck
Tesla Inc upstaged its own debut of an electric heavy duty...
The first Iran-Luxembourg Forum opened on Wednesday and hosted...