Reyl & Cie Inks Partnership with Turquoise Partners for $200M Iranian PE Fund

Jan 29 2016 | 8:31pm ET

Iranian investment management firm Turquoise Partners has announced plans to launch a $200 million private equity fund in tandem with the Dubai unit of Swiss bank REYL & Cie.

The move comes as the lifting of economic sanctions generates intense private equity interest in Iran and the country opens to relatively unrestricted foreign investment for the first time a generation. 

The new fund is expected to launch by June, according to Bloomberg, and will invest in consumer goods, pharmaceuticals, consumer finance and hospitality companies in Iran.

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

The new venture is the second such fund to come to light in recent days. Tehran-based Griffon Capital announced on January 25 that it was launching an €100 million offshore vehicle named the Griffon Iran Focus Fund that will focus on investing in Iranian equities. 

Turquoise manages more than 90% of all existing foreign portfolio investment on the Tehran Stock Exchange, according to REYL Group’s website, and operates across investment management, brokerage, corporate advisory and private equity/venture capital.

REYL, meanwhile, is an independent banking group based in Geneva offering a wide range of wealth, asset management, and corporate advisory services and managing more than Sfr. 11 billion in assets.

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