WEST PALM BEACH, FL (www.hedgeco.net) – The Iraq Fund Management LLC has launched its first hedge fund, The Iraq Fund, LP., which is domiciled in Minnesota.

Dave Packard, the fund manager, said “The primary investment objective of the Partnership is growth of capital. The business of the Partnership is buying and selling securities of small to large capitalized companies, including stocks, warrants, rights and options of U.S. and non-U.S. entities. The Partnership seeks to engage initially and primarily in proprietary trading on the Iraqi Stock Exchange, focusing on the banking sector and State Owned Enterprises (SOE’s) of Iraq. The General Partner believes the fledgling Iraqi Banking Sector and Iraqi SOE’s offer a unique opportunity, as they are greatly undervalued in light of their growth prospects and the infusion of cash from the Department of Defense, the Iraqi Government, and other sources. The General Partner intends to implement a disciplined, consistent, event driven trading strategy and will seek to uncover investment candidates whose public market value is at a significant discount to the actual underlying value of the company and its assets. In addition, the General Partner has developed strategic relationships with partners in the business community of Iraq, which it will use to further its goal of becoming firmly entrenched in Iraq before the mainstream investors realize the opportunity. The General Partner intends to actively pursue all relevant data to develop further our understanding of the ever-changing Iraqi economy to maximize all opportunities which render profitable returns for our investors.”

The minimum investment requirement is $250,000 and the fund carries a management fee of 1.5 percent, and a performance fee of 15 percent, with a high watermark provision.

The new fund allows for monthly additions and quarterly redemptions, with a one year lock-up provision. The Credit Bank of Iraq (a division of NBK) will provide prime brokerage services.