I got an interesting email from Bob Torkelund about his company's Iraqi investment fund, it seems the hedge fund, Babylon, is aiming to be a gateway towards investing in the region, as the Iraqi stock exchange is open only to nationals.

The Babylon Fund was launched in September 2006 and is now handling assets worth about $8m.

The fact-sheet shows a 2% management fee and there is also a performance fee of 20% for returns in excess of 8%. More details in a FT story here. The investment themes for the fund are the reconstruction of Iraq and exposure to oil prices, also mentioned are bids for upcoming energy contracts.

Another recent launch by the same people; Londinium JPM Emerging Market Fund.