(Reuters) — Teheran-based Griffon Capital said on Monday it had launched an offshore, Iran-focused equity fund and is seeking to raise 100 million euros ($108.28 million) from European investors by year-end.
The move follows the recent lifting of nuclear sanctions against the country which will allow some foreign investors to invest more freely.
Griffon said the new fund, to be called the Griffon Iran Flagship Fund, would be domiciled in the Cayman Islands, managed by Griffon Asset Management and focused on buying stocks in the Teheran Stock Exchange and Iran Fara Bourse.
“With over 300 actively traded listed companies, Iran provides investors the opportunity to enter a highly diverse stock market,” Griffon’s Head of Asset Management, Payam Malayeri, said.
“(The market) is set to even further diversify with the significant pipeline of IPOs and privatisations expected in the next two to three years,” he added. ($1 = 0.9235 euros) (Reporting by Simon Jessop, editing by Huw Jones)