Turquoise Partners, an investment firm based in Iran, has joined forces with REYL Finance (MEA), a Dubai unit of Swiss-based REYL & Cie, to launch an Iran-focused private equity fund.
The fund, which aims to raise $200m in the first six months of 2016, will invest in Iranian consumer goods, pharmaceuticals and hospitality companies.
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Turquoise Partners chairman Rouzbeh Pirouz said: "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."
REYL Finance (MEA) partner & CEO Pasha Bakhtiar: "Turquoise and REYL together bring a robust, thorough and diligent understanding on how to invest in Iran under the new economic environment, and we are extremely excited to be the first private equity vehicle for an international investor base."
Turquoise operates across four core areas including investment management, brokerage, corporate advisory and private equity/venture capital. The company manages over 90% of all existing foreign portfolio investment on the Tehran Stock Exchange (TSE).
REYL Group, which manages assets of over CHF11bn, offers services in wealth management, asset management, corporate & family governance, corporate advisory & structuring and asset services.
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