New Iran fund aims to raise $200m

Turquoise Partners chief executive Ramin Rabii

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Turquoise Partners, the Tehran-based services group, has announced it is launching an Iran-focused private equity fund in partnership with REYL Finance (MEA) Ltd, REYL & Cie’s Dubai-based entity.

The new fund will be broadly focused on the rise of the Iranian consumer markets and will include, but will not be limited to, consumer goods, pharmaceuticals and hospitality. It aims to raise $200m in the first six months of the year.

Rouzbeh Pirouz, chairman of Turquoise Partners, said: “Iranian companies are in great need of investment which can drive operational and financial restructuring that will allow them to realise tremendous potential.”

Pasha Bakhtiar, Partner & CEO of REYL Finance (MEA) Ltd, said: “We believe this venture provides an excellent opportunity for international investors looking to gain exposure to the Iranian growth story. Turquoise and REYL together bring a robust, thorough and diligent understanding on how to invest in Iran under the new economic environment, and we are extremely excited to be the first private equity vehicle for an international investor base.”

Turquoise manages more than 90 percent of all existing foreign portfolio investment on the Tehran Stock Exchange (TSE). The group operates across four core areas: investment management, brokerage, corporate advisory and private equity/venture capital.

REYL Group is an independent banking group with services in wealth management, asset management, corporate and family Governance, corporate advisory and structuring and asset services.

Ramin Rabii, chief executive of Turquoise Partners, said: “Turquoise has a track record of over 10 years investing in Iran, identifying the best businesses opportunities in the country, closing deals and managing the turnaround of companies. We are the only Iranian group that has been active in the private equity market prior to the removal of sanctions.”