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Opalesque Exclusive: Iraq focused hedge fund launched, $12m capacity left
Godvig Capital Management’s Björn Englund has launched a hedge fund focused on Iraq, the Babylon fund. The fund invests primarily in companies which have their main business activity in IRAQ - an area where an opening has been seen towards foreign investors. As there is no efficient working stock exchange in IRAQ, the fund management choose companies from mainly the surrounding countries.
Marketer Robert Torkelund says as this is not a very liquid market, the fund will be closed for new investments at USD 20m. He said he had been surprised to collect $8m from mainly European Institutions, adding that more potential investors have expressed interest.
Forty-one percent of the portfolio is invested (24% in Iraq, 10% in Western countries, 7% in other Middle Eastern states), the manager expects to reach eighty percent by the end of the year.
According to a fund document obtained by Opalesque, the investment process is mainly topdown
driven, with a mix of fundamental analysis and portfolio diversification characteristics. The company focuses on long-term investing, with an aim to keep an overall low turnover. In addition, the team aims to be regarded as an easy and efficient Gateway towards investing into the region. Contact: Robert Torkelund bob@torkelund.com. Website
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