REYL & Cie's Dubai-based business is working with a specialist firm to launch a private equity fund to get exposure to Iran's economy, as the country seeks to come into the international fold.

Turquoise Partners is launching an Iran-focused private equity fund in partnership with REYL Finance (MEA), part of Geneva-headquartered REYL & Cie’s Dubai-based entity, in the wake of the easing of Western sanctions against Iran. The fund launch comes shortly after Turquoise launched a vehicle alongside Charlemagne Capital (see here). 

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

“Iranian companies are more often than not suffering from ineffective management and are in great need of investment, we hope that this fund will allow this opportunity for companies to be turned around,” said Rouzbeh Pirouz, chairman of Touquoise Partners.

Turquoise manages more than 90 per cent of existing foreign portfolio investment on the Tehran Stock Exchange. The group operates across investment management, brokerage, corporate advisory and private equity/venture capital.

For more on the Iranian sanctions issue, click here.