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The Iraq Fund, LP General Partner: Global Capital Investment Inc.
Global Capital Investment Inc. - 409 Illinois Ave. Suite 1A - Saint Charles, IL 60174
Phone: 630.762.1100 - Email: ken@theiraqfund.com - www.theiraqfund.com
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
The Iraq Fund, LP Global Capital Investment Inc., General Partner
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
IMPORTANT DISCLAIMER
THIS IS NOT AN OFFERING OR THE SOLICITATION OF AN OFFER TO PURCHASE ANY INTEREST IN THE IRAQ
FUND, LP (THE “FUND”). ANY SUCH OFFER OR SOLICITATION WILL ONLY BE MADE TO QUALIFIED INVESTORS
BY MEANS OF A CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM AND ONLY IN THOSE JURISDICTIONS
WHERE PERMITTED BY LAW.
AN INVESTMENT IN THE FUND IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. OPPORTUNITIES FOR
WITHDRAWAL, REDEMPTION AND TRANSFERABILITY OF INTERESTS ARE RESTRICTED, SO INVESTORS MAY NOT
HAVE ACCESS TO CAPITAL WHEN IT IS NEEDED. THERE IS NO SECONDARY MARKET FOR THE INTERESTS AND
NONE IS EXPECTED TO DEVELOP.
THE FEES AND EXPENSES CHARGED IN CONNECTION WITH THIS INVESTMENT MAY BE HIGHER THAN THE
FEES AND EXPENSES OF OTHER INVESTMENT ALTERNATIVES AND MAY OFFSET PROFITS. NO ASSURANCE
CAN BE GIVEN THAT THE INVESTMENT OBJECTIVE WILL BE ACHIEVED OR THAT AN INVESTOR WILL RECEIVE
A RETURN OF ALL OR PART OF HIS OR HER INVESTMENT. INVESTMENT RESULTS MAY VARY SUBSTANTIALLY
OVER ANY GIVEN TIME PERIOD.
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Iraq: An Economic Snapshot 5
About Global Capital Investment, Inc. 6
- The Iraq Fund, LP 7
The Iraq Fund, LP
- The Opportunity 8 - Investment Objectives 24 - Investment Process 25 - Risk Management 28
Management Bios 29
Fund Terms 30
Legal, Administrative and Custodian 31
Table of Contents
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
• $60 billion in foreign investment in 2012
• GDP growth estimated at 9% for 2013 by IMF
• According to the EIA "Iraq has the fifth largest proven
crude oil reserves in the world, and it passed Iran as the second largest producer of crude oil in OPEC at the end of 2012.”
• Undeveloped oil reserves projected to rival world leader Saudi Arabia
• Inflation down from 32% in 2006 to 3.6% • Bank assets expanded more than 4X in last five years
Iraq: An Economic Snapshot Among the Iraq pioneers: BP Boeing CitiBank Exxon Mobil
France Telecom General Electric HSBC Honeywell International J.P. Morgan Chase
LaFarge Microsoft PepsiCo PricewaterhouseCoopers Shell Oil
"According to the IMF, Iraq is projected to grow faster than China in the next two years.”
-- U.S. Secretary of State Hillary Clinton
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Global Capital Investment Inc., a Delaware-incorporated company, is
the general partner of The Iraq Fund, LP.
Formed in 2011 by Kenneth Kuhn, Global Capital Investment offers a
private investment fund for sophisticated investors who wish to
capitalize on the long-term growth potential of the emerging Iraqi
economy.
The fund seeks long-term capital appreciation over a broad range of
Iraqi-listed securities and a small number of private investments, most
probably IPO opportunities.
Investment in The Iraq Fund is a transparent and efficient way to
participate in the accelerating economic growth of a country that is
rich in resources and rapidly transitioning to a market economy. As
always, any investment should be viewed as a long-term commitment
and should only represent a portion of a portfolio.
About Global Capital Investment Inc.
Global Capital
Investment Inc. General Partner
The Iraq Fund, LP Delaware LP
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
The Iraq Fund, LP
Portfolio performance for Kenneth Kuhn’s previous Iraq-focused
fund returned twice as much as other widely tracked Iraq funds in
its first year. He plans no less for his latest creation, The Iraq Fund.
Through investment in Iraq's stock exchange, the fund will position
its portfolio to take advantage of post-war infrastructure rebuilding
and development of Iraq's oil reserves.
While focusing primarily on Iraq Stock Exchange equities, the fund
will have the agility to participate in a limited number of private
investment opportunities that focus on banking, manufacturing,
transportation, real estate, construction, agriculture, hospitality and
tourism.
While The Iraq Fund may invest 80-100% of its portfolio assets in ISX
equities, it could invest up to 20% in less-liquid, private companies.
In all cases, the fund will demand transparency of its holdings and
rely on the managing director’s macro-economic views of the
Iraqi economy and the expertise of its portfolio manager in making
investment decisions.
Pro-business and investment agenda of Iraqi
government
Developing market
economy; support from U.N., U.S. and
region
As of 2012, Iraq is currently
OPEC’s second-largest oil producer
Rising profits and earnings of
local companies, especially
banking sector
Why Invest in Iraq?
A growing number of international
companies see Iraq as a frontier market
with high potential return.
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Rapid and significant strides toward government transparency and a market-based economy are helping
improve the business climate by lessening risk for outside investors.
Iraq remains a frontier market with the accompanying risk, but it is in a better position than many emerging
economies. Its post-war reconstruction receives strong support from the United States, the United Nations, the
International Monetary Fund and the World Bank.
This historic period provides investors with the opportunity to benefit from domestic and foreign investment in the
country’s proven oil reserves, banking, infrastructure upgrades, agricultural restoration and tourism growth that
will equal or exceed its successful MENA neighbors.
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Investment in Iraqi- listed securities
Investment in small number of private
companies and IPO
opportunities
80% to 100% 0% to 20% The Iraq
Fund, LP
“We plan to build upon the successes of our economic policies of the past few years and to accelerate the reconstruction and rehabilitation process.”
-- Dr. Rafe al-Essaw, Iraq minister of finance
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
In the 1990s, many thought the idea of investing in Russia’s volatile, unproven economy was fraught with risk. Others saw the potential for returns. In 1995, Russia formed its first stock exchange, the Russian Trading Index (RTS). In 15 years, the RTS appreciated by more than 1,400%. The Iraq Fund sees similarities in emerging investment opportunities in Iraq.
-75.00%
425.00%
925.00%
1425.00%
1925.00%
2425.00%
Russian Trading System Index (RTS) Russia Iraq
Estimated oil reserves:
150 to 200 million barrels
Estimated oil reserves:
200 to 300 million barrels
Economy decimated by
decades of Communist
rule
Economy destroyed by
dictatorship, sanctions
and three wars
Mature investment in
country
Growing foreign
investment interest
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
• Oil leading recovery
• Minimal national debt; strong international support
• Inflation reduced to healthy levels
• Expansionary monetary policies
Interest rates at 3.6%,
down from 32%
Inflation moderated
by more than one-third in
past few years
Exports, led by oil
production, have risen
dramatically
Debt acquired in
Hussein years has been forgiven
As key areas of the Iraq
economy continue to
improve, more investors will
recognize opportunities.
Early-stage investors will be
rewarded for their patience
and pioneering analysis of this
frontier market.
“Iraq has emerged…with enormous potential for investment; opportunities exist in all sectors.”
-- Dr. Sami al-Araji, Iraqi National Investment Commission chairman, October 2009
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
“Iraq is a giant that’s waking up and the opportunities are immense.” --Mayank Malik, Citi CEO for Levant– Bloomberg, June 27, 2013
Source: IMF Country Report No. 11/75
Economic growth has accelerated from 5.9
percent in 2010 to over 8.4 percent in 2012,
when oil production rose to a 30 year high.
Thanks to higher-than-expected oil revenues,
fiscal surpluses reached 4 percent of GDP in
2012.
Central Bank of Iraq (CBI) international
reserves rose from $61 billion at end 2011
to $70 billion at end-2012
Source: IMF Country Report No. 13/217
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Inflation has declined, from about 6 percent at
end-2011 to 3.6 percent at end of last year, mostly
as a result of lower imported food prices, and is
expected to increase only slightly in 2013.
The real exchange rate for Iraq’s currency been
appreciating over the past three years, and
remains broadly in line with fundamentals
Source: IMF Country Report No. 13/217
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Source: IMF, World Economic Outlook Database, April 2013
IMF Economic Projections for Iraq
0
100
200
300
400
2011 2012 2013 2014 2015 2016 2017 2018
181
213 233
254 276
305 336
371
Gross Domestic Product (Bln USD)
0
2000
4000
6000
8000
10000
2011 2012 2013 2014 2015 2016 2017 2018
5529
6305 6708
7073 7466
7997 8559
9184
GDP per capita (USD)
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Source: IMF, World Economic Outlook Database, April 2013
IMF Economic Projections for Iraq (cont’d)
0
2
4
6
8
2011 2012 2013 2014 2015 2016 2017 2018
5.6 6.1
4.3
5.5 5.5 5.5 5.5 5.5
Inflation, average consumer prices (%)
25
29
33
37
41
45
2011 2012 2013 2014 2015 2016 2017 2018
32.7 33.7
34.8 35.9
37 38.1
39.2 40.3
Population (mlns)
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Nu
mb
er
of
Vio
len
t In
cid
en
ts
Security has improved
substantially and violent
incidents have dropped
dramatically since mid-2007.
As is typical in many evolving,
post-war, countries, Iraq still
suffers from random violence.
The Iraq Fund believes the
continued decline of violent
incidents will increase the
willingness of other countries to
invest in Iraq.
Source: Iraq Body Count (accessed June 25 2013)
0
500
1000
1500
2000
2500
3000
3500
Jan04 Nov04 Sep05 Jul06 May07 Mar08 Jan09 Nov09 Sep10 Jul11 May12 Mar13
Civilian Deaths from Violence
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution
Top Countries by Oil Production, 2012 est. Top Countries by Oil Reserves, 2012 est.
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Source: Central Intelligence Agency (CIA)
0 50 100 150 200 250 300
S. Arabia
Venezuela
Canada
Iran
Iraq
Kuwait
UAE
Russia
Libya
Nigeria
264.6
209.4
173.6
151.2
150.0
101.5
97.8
60.0
48.1
38.5
0 2000 4000 6000 8000 10000 12000
Russia
S. Arabia
U.S.
Iran
China
Canada
UAE
Mexico
Iraq
Kuwait
10370
10000
9023
4231
4150
3592
3087
2934
2900
2682
Iraq announced its new estimate of national crude oil reserves as 150bn barrels in April, 2013.
Oil Minister Hussain Al-Shahristani said the new figure for the reserves was not final and Iraq
will carry out studies and reveal new numbers every year. In addition, these estimates
exclude oil reserves in the Kurdistan region.
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Moving oil Based on awarded
contracts and plans
presented by oil
companies, Iraq’s Oil
Ministry has projected
production to rise from
2.5 mbpd to more than
12 mbpd in seven years.
Pipeline connections to
Turkey and Syria and
construction of new
refineries are part of the
plans to improve the oil
infrastructure. Even if
the projections fall short,
Iraq appears poised to
become one of the
largest oil producing
nations in the world.
Source: IMF Country Report No. 11/75
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Top 10 Countries by GDP Growth (% YoY) 2010-2015
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
0 5 10 15
Panama
Indonesia
Nigeria
Vietnam
Sri Lanka
Bangladesh
China
India
Iraq
Mongolia
0 5 10
Philippines
Egypt
Indonesia
Bangladesh
Sri Lanka
Vietnam
India
Iraq
Nigeria
Mongolia
Top 10 Countries by GDP Growth (% YoY) 2010-2030
0 5 10
Egypt
Sri Lanka
Indonesia
Mongolia
Philippines
Vietnam
Bangladesh
Iraq
India
Nigeria
Top 10 Countries by GDP Growth (% YoY) 2010-2050
CITI 3G Index: Global Growth Generators
CITI expects Iraq’s economy to grow at double-digit rates over the next five years, driven by resource extraction,
post-war reconstruction and recovery. Prospects remain bright through 2050.
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
The Iraq Stock Exchange
The Iraq Stock Exchange began in June 2004 with 15 listed companies and with orders posted on chalk
boards. The ISX now trades 84 companies electronically. Modeled after the New York Stock Exchange,
the ISX has gone to great lengths to modernize its execution and regulatory oversight, and increase
transparency.
June
2004 2008 2012
Operations begin
Market closes briefly due
to violence ISX moves to NASDAQ
OMX electronic trading
Market opened to foreign
investors
AsiaCell raises $1.3 bln on
ISX in biggest IPO in MENA
region since 2008
ISX and Mubasher launch
real-time market data
2014
Zain Telecom readies for
IPO by end of 2013
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
ISX Market Cap ($bln)
Source: Iraq Stock Exchange
- Market cap appreciation
reflects rising share prices
and corporate earnings
- AsiaCell IPO in 2013 of $1.3
bln doubled mcap, Zain
Telecom is expected to
follow by year-end 2013
- Opportunity for
diversification; ISX is
uncorrelated to global
equities 0.00
2.50
5.00
7.50
10.00
2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1.2013
© 2013 Global Capital Investment Inc. All Rights Reserved
The Following Is A Confidential Presentation And Is Not Intended For Redistribution.
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
ISX Trading Volume ($mln)
Source: Iraq Stock Exchange
- Introduction of Nasdaq
OMX electronic trading
system in 2009 boosted
trading volumes and
liquidity
- Iraqi government seated
and 20 years of U.N.
sanctions partially ended
in December 2010; In
2013 Iraq was removed
from Chapter VII.
- Record trading volume in
2013, due largely to
AsiaCell IPO
0
400
800
1200
1600
2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1.2013
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Foreign Interests’ Trading Volume ($mln)
Source: Iraq Stock Exchange
- Foreign investors spike
trading volume, following
seating of new Iraqi
government and
removal of U.N. sanctions
in early 2011
- Record foreign
investment flows in 2013
due to AsiaCell IPO
- Foreign investors eyeing
ISX for attractive
valuations and significant
potential gain
0
300
600
900
1200
2009 2010 2011 2012 Q1 2013
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Banking Sector Opportunity
Source: Iraq Stock Exchange, Iraqi Securities Commission, Company Reports
Private Bank Assets (US$ mln) - Nearly 40% of ISX market
cap is banking sector
- Private banks post
substantial growth as
confidence is restored in
banking system
- Rapid deposit and loan
growth fuel rising earnings
- Capitalization requirements
fortifying banks
- 31% average annual asset
growth from 2006 to 2012
0
2,000
4,000
6,000
8,000
10,000
12,000
2006 2007 2008 2009 2010 2011 2012
2,028
2,807
4,541 5,180
5,960 6,615
10,118
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Banking Sector Opportunity
Source: Iraq Stock Exchange, Iraqi Securities Commission, Company Reports
Private Bank Deposits (US$ mln)
- Bank deposits accounted
for more than half of money
supply for first time in 2009
- Record deposit growth
projected as transition
continues from cash-based
economy
- 28% average annual deposit
growth from 2006 to 2012
0
1,625
3,250
4,875
6,500
2006 2007 2008 2009 2010 2011 2012
1,343
1,727
2,857
3,594
4,161
4,599
6,030
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Banking Sector Opportunity
Source: Iraq Stock Exchange, Iraqi Securities Commission, Company Reports
Private Bank Lending (US$ mln)
- Central Bank of Iraq slashed
policy rate in 2009, leading
to surge in lending
- Shortage of 2.5 million
homes presents opportunity
for residential financing
- 34% record credit-to-assets
ratio achieved in 2012
- 38% average annual loan
growth from 2006-2012
0
625
1,250
1,875
2,500
2006 2007 2008 2009 2010 2011 2012
305 403
620
1,121
1,678
1,875
2,105
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Banking Sector Opportunity
Source: Iraq Stock Exchange, Iraqi Securities Commission, Company Reports
Private Bank Earnings (US$ mln)
- Growth in deposits &
lending naturally leading to
surge in bank earnings
- 45% average revenue
growth from 2007-2011
- Interim reports for 2013 show
private bank earnings rising
at record pace
0
100
200
300
400
2006 2007 2008 2009 2010 2011 2012
39
99
156 143 138
237
366
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Hypothetical Sector Allocation of The Iraq Fund Superior, long-term total returns
• Purchase of diversified equity investments
on Iraq Stock Exchange
• Possible investment in emerging
companies positioned to benefit from
Iraq’s redevelopment
• Among the possible industries: oil-related,
infrastructure, agriculture, banking, hospitality and religious tourism
“Iraq today [is] a high-risk, high-return opportunity...a ground floor. Geographically, it is positioned to become one of the most prosperous countries in the world.”
-- Paul Brinkley, U.S. deputy undersecretary of defense, March 2010
Banking
Industry
Telecom
Tourism
Agriculture
Service
Insurance
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
The Iraq Fund employs a bottom-up approach based on
fundamental quality and value. An extensive market
database was developed using first-hand qualitative and
quantitative data covering ISX-listed companies.
Analyzing investments: Native Arab-speakers on staff
review all company financial reports, parsing them and
using their understanding of Iraqi accounting standards.
Attractive companies and sectors are identified and
researched to determine their long term prospects.
Selecting securities: Companies are selected based on:
superior profitability, healthy balance sheets and
undervalued stock prices. This unique approach means
better investment quality. It allows for market trends and
companies with outstanding management, solid earnings
and bright long-term prospects to be identified early.
Companies with superior profitability
Attractive valuations
Qualitative sector analysis
Excellent long- term prospects
Iraq Fund Investment Process
Sector weighted portfolio
All ISX-listed equities
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Iraq Fund Portfolio Performance for
Global Capital’s Previous Maiden Fund * Chart compares portfolio performance of the previously managed Iraq Fund to the average performance of three other Iraq-focused funds and MSCI Emerging & Frontier Markets Index
4.31 3.33
4.36 4
10.03
6.83
2.53
0.55 1.16
8.39
1.51
4.94
10.76
2.85
-2.65
6.94
-2.72 -1.2
5.53
2.83
-3.04 -1.84
-0.79
-9.08
-2.02
1.31 2
6
3.33
2
3.83
0 -0.387
2.88
0 0.383
-10
-5
0
5
10
15
Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11
IRAQ FUND MSCI EFM AVG (3)
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Risk
Management
Investment
Process
Fund
Objectives The Opportunity
Iraq Fund Portfolio Performance
* Chart compares portfolio performance of Iraq Fund, LP to the average performance of the three other Iraq-focused funds and MSCI Emerging & Frontier Markets Index
6.19%
20.32%
65.58%
90.00
100.00
110.00
120.00
130.00
140.00
150.00
160.00
170.00
Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11
IRAQ FUND AVG (3) MSCI EFM
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Risk
Management
Investment
Process
Fund
Objectives The Opportunity
To protect the principal of our investors, the managing
director and portfolio manager of The Iraq Fund will
analyze companies’ fundamentals and invest only in
those deemed to have healthy financials and strong
growth potential.
The Iraq Fund moves to mitigate loss by investing
across asset classes and reacting nimbly to adverse
conditions. Fund managers and the portfolio
manager will evaluate the portfolio continuously and
monitor positions for political and regional risk, as well
as, company and sector risk.
Monitor
Actively analyze country and regional risk
Allocate
Shift portfolio allocation to reduce volatility
Diversify
Diversify among sectors and companies
Iraq Fund Risk Management
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Kenneth Kuhn
President and
Managing Director
Kenneth Kuhn is president and managing director of Global Capital Investment Inc.
and founder and managing director of The Iraq Fund, LP. A featured panelist at the
2011 “Global Macro and Geopolitical Risk Conference” in New York City, Mr. Kuhn
has been often quoted as an expert commentator on Iraq’s economic outlook.
His keen perceptions about emerging markets are reflected in the success of his first
hedge fund focusing on Iraq. Launched after more than a year of research by Mr.
Kuhn, the fund outperformed three more established competitors in its first year.
Additionally, Mr. Kuhn is the founder and principal of a state licensed and U.S.
Department of the Treasury registered company specializing in the exchange of foreign currency. He holds a master’s degree from Northern Illinois University.
Ahmad Saleh
Portfolio Manager Ahmad Saleh is the portfolio manager for The Iraq Fund, LP and is responsible for
investment strategy and stock selection.
Drawing on his experience in banking and wealth management, Mr. Saleh founded
the first equity research firm covering the Iraq Stock Exchange. An Arabic speaker
and Iraq native, Mr. Saleh leverages his deep knowledge of the Iraqi financial
markets to guide his stock selection.
He holds a bachelor’s in finance from the John Molson School of Business and is
working towards his CFA designation.
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Investment Terms and Partnership Structure
Fund Strategy: Frontier Market Investment: Iraq Focus
Accredited and Qualified Investors Only
Domicile: Delaware LP
Minimum Investment: $1,000,000
High-Water Mark: Yes
Lock-up: 12 Months
Redemptions: Quarterly, with 60 days notice
Management Fee: 2.00% Annually
Performance Fee: 20%, subject to high-water mark
Redemption Fee: 1%
Global Capital Investment Inc. 409 Illinois Ave., Suite 1A Saint Charles, IL 60174 Phone: 630.762.1100
www.theiraqfund.com Email: ken@theiraqfund.com
Contact Information
An 18- to 36-month investment
period is recommended for
participants in The Iraq Fund.
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .
Legal, Administrative, Accounting and Custodial
Legal Counsel: Thompson Hine, LLP
Administrator : Apex Fund Services
US Bank: Cayman Institutional Bank
Iraqi Bank: North Bank
Auditor: EisnerAmper has offered to serve as
auditor; not yet formally engaged
In order to ensure compliance and best practices, the Iraq Fund will employ leading independent
providers of legal counsel, fund administration and custody services.
Global Capital Investment Inc. - 409 Illinois Ave. Suite 1A - Saint Charles, IL 60174 Phone: 630.762.1100 - Email: ken@theiraqfund.com - www.theiraqfund.com
© 2013 Global Capital Investment Inc. All Rights Reserved
A confidential presentation not intended for redistribution .