"First Persia Fund" to invest in Iranian Stock Exchange
Business Intelligence reported on 14 April that the "First Persia Equity Fund", opened its second-phase of subscription and it aims to raise Euro 250 m, the fund was established in July 2007 with Euro 34 mn.
Shares listed on the Teheran Stock Exchange, TEPIX, which advanced 3.9% so far this year, trade at an average of 4 or 5 times earnings. That compares to a multiple of 15 for the MSCI GCC Countries Index, a measure of more than 140 companies in six GCC states.
Stephen Austen is the fund's Managing Director. The fund is said to have outperformed the benchmark so far.
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