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Kirsten Bischoff, Opalesque New York: The First Persia Equity Fund which is a long only, Cayman Island domiciled, Tehran regulated fund with a 2-year closed end structure had its first closing for its second round fund raising on June 18th. The fund, which raised 32m (US$50.2m) Euros last year saw an additional 34m Euros and will have two additional minor closings between now and the final closing date, which is August 31, 2008. Run by investment manager MEHR Cayman, The First Persia Equity Fund is the only fund licensed by the Iranian authorities through the Foreign Investment Protection and Promotion Act, invests in a full range of equities on the Tehran Stock Market. Opalesque recently spoke with Managing Director Stephen Austen about the fund and the country, and the managers’ outlook for the future of the Iranian economy.
Economic facts about Iran
According to the US Energy Administration, Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC), and ranks amongst the world’s top three holders of proven oil and natural gas reserves. Iran is OPEC’s second-largest exporter after Saudi Arabia, and is the fourth-largest exporter of crude oil globally after Saudi Arabia, Russia, and Norway. Natural gas accounts for half of Iran’s total domestic energy consumption, while the remaining half is predominately oil consumption. The continued exploration and production of the offshore South Pa...................... To view our full article Click here
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