To coincide with the lifting of sanctions against Iran by the European Union, a new institutional fund has been launched which will invest exclusively in the Iranian securities markets.
The Turquoise Variable Capital Investment Fund is being jointly advised by Charlemagne Capital and Turquoise Partners.
The fund will be domiciled in Cyprus and will focus on opportunities in the domestic economy. Managers expect that the lifting of sanctions will enable GDP growth rates of 6% to 8% a year for the “foreseeable future.”
The investment team at Turquoise is led by Shervin Shahriari who has been active in the Iranian market since 2002, supported by Group CEO Ramin Rabii. Stefan Bottcher and Dominic Bokor-Ingram, who have both been active in emerging and frontier markets for over 20 years, lead the Charlemagne Capital team.
Turquoise is an Iran-based Financial Services Group which focusses exclusively on Iran. It has over 100 employees based in Tehran and manages more than 90% of the foreign portfolio investment on the Tehran Stock Exchange.
Charlemagne Capital is an AIM quoted dedicated Emerging Market Asset Management Group and as well as global emerging market funds, it advises dedicated Middle Eastern and frontier emerging Market Funds and sees Iran as a natural addition to its investment universe.
Bokor-Ingram said: “Charlemagne Capital has established a very successful long term track record helping its clients access the opportunities presented by frontier and emerging markets and Iran represents one of the best emerging market investment opportunities of recent times. With 81 million people, the largest oil and gas reserves in the world, a highly educated population, an extremely diversified economy and a very developed stock market and regulatory system the economic fundamentals underpin a very significant opportunity.”
Chairman at Turquoise Rouzbeh Pirouz said: “The lifting of EU and UN economic sanctions post the successful nuclear talks, is a key milestone for Iran. As the country is welcomed back into the international fold we expect to see significant foreign investment inflows providing a welcome fillip to the economy which we estimate has the potential to grow significantly in the foreseeable future. Our new fund will provide an easy and convenient means to harness this positive growth story.”
