Turquoise Launches First Domestic Fund in Iran

Iran has launched its first domestic fund. Turquoise has posted this public statement below:

We are delighted to announce the launch of our first domestic equity fund, Firouzeh Mutual Investment Fund. The fund's focus is on investing in the Tehran Stock Exchange (TSE), and it is licensed and regulated by the Securities and Exchange Organisation (SEO) of Iran.

Over the past 4 years, we have succeeded in raising and managing approximately $150 million of foreign capital. We currently manage over 90% of all foreign investment in the TSE. Domestically, our goal is to combine our international expertise with our successful track record of the past 4 years (over 100% return on investment) in order to offer world-class services to Iranian investors. The launch of our new fund is a major milestone in achieving this goal.

Firouzeh Mutual Investment Fund was launched on 1st August. $2.8 million was raised during the 10 day subscription period, which set a new record for a fund of this type. 90% of the capital was raised from individual investors which is the highest of any fund in Iran. The Iranian fund management industry is in its infancy. We believe that the industry contains tremendous potential, and look forward to contributing to its development.

Source: www.firouzehfund.com