The Dubai subsidiary of Swiss bank Reyl & Cie is co-launching an Iranian private equity fund in partnership with Tehran-based Turquoise Partners.
The firms say they hope to raise $200 million in six months for the fund, which will invest mainly in the consumer goods, pharmaceuticals and hospitality sectors.
The fund is the latest product to appear on the market after the lifting of sanctions on Iran on January 16, allowing foreign investors to buy stocks on the Tehran Stock Exchange for the first time in years.
In January, Turquoise Partners launched an Iranian equity fund in partnership with London-based Charlemagne Capital. Griffon Capital, another Iranian investment firm, recently launched an Iranian equity fund, claiming it hopes to raise €100 million ($108 million) in a year.
According to Pasha Bakhtiar, chief executive of Reyl’s Dubai unit, named Reyl Finance (MEA), the new fund will be the first Iran-focused private equity vehicle for an international investor base.
Ramin Rabii, chief executive of Turquoise Partners, says: “We are the only Iranian group that has been active in the private equity market prior to the removal of sanctions.”
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