Tuesday, 24 May 2016
Last updated 10 hours ago
Aug 13 2007 | 2:22pm ET
Iraq Fund Management has launched its first hedge fund, offering investors exposure to that war-torn country.
The Iraq Fund, which began trading on Aug. 1, focuses primarily on state-owned enterprises and the banking sector on the Iraq Stock Exchange in Baghdad.
“The fledgling Iraqi banking sector and Iraqi SOEs offer a unique opportunity, as they are greatly undervalued in light of their growth prospects and the infusion of cash from the [U.S.] Department of Defense, the Iraqi government and other sources,” fund manager Dave Packard said in a release.
The fund is domiciled in Delaware. It has a $250,000 minimum investment requirement, and charges 1.5% for management and 15% for performance, with a high-water mark. After a one-year lockup, investors can redeem quarterly. The Credit Bank of Iraq serves as its prime broker.