International law firm Simmons & Simmons has acted on the restructuring of the Sturgeon Central Asia Fund, to enable it to be one of the first funds to invest in Iran.
In a statement, the company said:
“Although the repeal of pre-existing sanctions is good news for those wanting to do business with Iran, restrictions still apply – it’s a case of fewer sanctions, not ‘no sanctions’.
“As a practical matter, banks and financial institutions have been nervous about committing themselves to support transactions with Iran, whether as service providers, financiers or simply moving money.
“Whilst many more transactions can now be undertaken with Iran there are still obstacles to be overcome in facilitating investment and capital flows in what is, for foreign investors, very much an emerging and high risk market.”
Commenting on the launch of the fund, partner Dale Gabbert (pictured) said:
“We are pleased to have helped Sturgeon Capital launch an Iran-focused fund product immediately prior to the lifting of sanctions, so that they are amongst the first to benefit from the growth story as that market opens.”
Taco Sieburgh Sjoerdsma, Compliance and AML Director of Sturgeon Capital continued:
“Simmons & Simmons help has been invaluable in constructing a comprehensive sanctions policy for our firm and complying with regulations in multiple jurisdictions. They have proven themselves to be a strong partner in what was and remains a complex legislative framework with a myriad of unforeseen implementation problems.”