How to Invest in AFC Iraq Fund

Asia Frontier Capital Limited is a Cayman Islands domiciled fund management company with Asia Frontier Capital (Iraq) Limited as its subsidiary.  The "AFC Iraq Fund" is domiciled in the Cayman Islands and is open to non-US as well as US investors.

Subscription to the fund is available on a monthly basis and closes 5 working days prior to the last day of each calendar month.

To request the subscription documents or to find out more information about investing in our funds please contact This email address is being protected from spambots. You need JavaScript enabled to view it..

If you were looking for information on the other funds, please click one of the following:

How to invest in AFC Asia Frontier Fund

How to invest in AFC Uzbekistan Fund

How to invest in AFC Vietnam Fund

Invest Directly with AFC

To invest directly in AFC’s funds you will need to:

  1. complete the subscription documents
  2. provide KYC information
  3. arrange a funds transfer of the investment amount

The documents take approximately 20 minutes to complete. To enquire about this process or request the documents please contact This email address is being protected from spambots. You need JavaScript enabled to view it..

Whilst there are many ways to gain access to our funds, we generally advise potential investors to invest directly into the AFC Asia Frontier Fund, AFC Iraq Fund or AFC Vietnam Fund. The advantages compared to investing through a bank, platform or other provider include:

  1. No brokerage fees when subscribing to the funds
  2. No custody fees during the holding period
  3. Investors will receive a monthly update with number of shares held and latest NAV (can also be used for tax purposes in many countries)
  4. Investors will receive ad-hoc information such as the audited annual report

Invest via your Bank

You can enquire with your bank as to whether they have an established relationship with Asia Frontier Capital or access to our funds via another mechanism. Occasionally some investors have been trying to invest through their bank however some of the banks declined the order for unknown reasons. 

In such a case, you should inform your bank that the following companies can provide fund execution services:

  1. Brown Brothers Harriman, New York (
  2. CITCO Global Securities Services Ireland (
  3. Clearstream (
  4. "FundSettle platform" of Euroclear, Brussels (
  5. SIX Securities Services, Olten (
  6. Societe Generale Securities Services Luxembourg (
  7. Vidacos Nominees / Citibank London 

These fund service providers have already invested in one of our funds on behalf of their clients.

Invest via a Fund Platform, Insurance Company or Nominee Provider

The AFC Asia Frontier Fund has already been included on various fund platforms:

  1. Friends Provident fund platform (
  2. Generali fund platform (
  3. Old Mutual fund platform (

We have received enquiries from clients regarding other fund platforms and the majority of platform providers indicated that they are able to begin their internal due diligence process on our funds when they receive a request from their existing clients.

If you would like assistance investing via your existing fund account please be in touch directly with them to enquire. We are also happy to help expedite this process on your behalf and encourage you to contact This email address is being protected from spambots. You need JavaScript enabled to view it. if you would like assistance from our team.

Invest via your SIPP, Superannuation or Retirement Fund

It is possible for non-US investors to come on board via their self directed retirement accounts and several clients from the UK and Australia have already subscribed in this manner. 

As each juristiction has different regulations and administrative procedures please contact your retirement fund to enquire about potential options to invest. If you would like more information or assistance with regard to investing via your retirement vehicle please contact This email address is being protected from spambots. You need JavaScript enabled to view it..

Fund Information

 Class D
Class E
Management Fee 1.8% p.a. of NAV 1.5% p.a. of NAV
Performance Fee 18% NAV appreciation above high water mark 15% NAV appreciation above high water mark
Subscriptions 5 business days before month end 5 business days before month end
Redemptions Monthly at NAV - with 90 days notice Monthly at NAV - with 180 days notice
Fund Base Currency USD USD
Initial Minimum Investment: USD 25,000 USD 25,000
Subsequent Minimum Investment: USD 1,000 USD 1,000
Valuation Day Last day of each calendar month Last day of each calendar month

Fund Details for US Investors

 Securities Numbers: AFC Iraq Fund
 Class DClass E
ISIN KYG0132A1682 KYG0132A1765
CUSIP G0132A 168  G0132A 176
Valoren 28883562 28883205

Fund Details for Non-US Investors

 Securities Numbers: AFC Iraq Fund (Non-US)
 Class DClass E
ISIN KYG0133A1756 KYG0133A1830 
CUSIP G0133A 175  G0133A183 
Valoren  28570227 28881954 

Asia Frontier Investments Limited, a subsidiary of Asia Frontier Capital Limited, is licensed by the Hong Kong Securities and Futures Commission "SFC" for Type 4 (Advising on Securities) and for Type 9 (Asset Management).

* The representative of the AFC Iraq Fund (non-US) in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of Shares in Switzerland must exclusively be made to qualified investors. The place of performance and jurisdiction for Shares in the Fund distributed in Switzerland are at the registered office of the representative. The paying agent of the fund in Switzerland is Banque Cantonale de Genève, 17 Quai de l'Ile, CH-1204 Geneva, Switzerland.

** The AFC Iraq Fund is registered for sale to investors in Switzerland (qualified investors), Hong Kong & UK (professional investors), Singapore (accredited investors) and USA (accredited investors and qualified purchasers).

*** By accessing information contained herein, users are deemed to be representing and warranting that they are either a Hong Kong Professional Investor or are observing the applicable laws and regulations of their relevant jurisdictions.