Capital Market Development Fund

What Capital Market Development Fund does

Capital Market Development Fund (صندوق سرمایه‌گذاری مشترک توسعه بازار سرمایه) is an Iranian mutual investment fund registered with the Securities and Exchange Organization of Iran (SEO Registration No. 11130) and the Company Registration Office (No. 30895). It commenced operations on 11 February 2013 (1391/11/21 in the Iranian calendar) and is managed by a Board of Directors with Seyed Ramin Abolfazli as Investment Manager, Arqam Negar Aria as Trustee, and Saman Pandar Institute as Auditor. The fund is headquartered in Tehran (Motahhari Street, Kouhnour Street) and offers a single pooled investment product — investment units — to retail and institutional investors seeking exposure to Iran's capital markets through a professionally managed, diversified portfolio.

The product surface is narrow: daily NAV calculation and publication, unit issuance and redemption via an online investor portal at cmdfund.ir, periodic financial statements, and statutory fund documents (prospectus, articles of association). As of 1405/04/29 the fund reported total NAV of 821,899,774,174,804 Iranian Rial, issue and redemption prices of 13,793,979 and 13,734,674 Rial per unit respectively, outstanding units of ~59.84 million, and cumulative units issued of ~78.48 million. The fund operates with no liquidity guarantor (ضامن نقد شوندگی ندارد) and has no parent company, subsidiaries, partnerships, M&A activity, or funding rounds disclosed.

The revenue model is straightforward management-fee economics on assets under management, denominated in Iranian Rial. Distribution is direct-to-investor through the self-serve web portal and physical branches, with no mobile app, no disclosed APIs or third-party integrations, and no marketing beyond an informational website plus references on SEO, FIPIRAN, TSE, and SENA. Materially, the fund suspended acceptance of unit cancellation requests in 1405/01/31 and 1405/02/30 notices, citing Article 15 of its articles and "special conditions arising from imposed war" — a defensive regulatory action that materially impairs investor liquidity and signals operational stress.

Name

Capital Market Development Fund

Legal name

Capital Market Development Fund (صندوق سرمایه‌گذاری مشترک توسعه بازار سرمایه)

Website

https://cmdfund.ir

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Iranian mutual investment fund regulated by the Securities and Exchange Organization (Registration No. 11130), managing ~821.9 trillion Rial AUM across capital-market securities for retail and institutional investors via unit issuance and redemption since February 2013.

Ownership category

akta.pro rank

Product category

Mutual Fund Management

NAICS

Open-End Investment Funds (52591), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Money Market Funds (FSAAAEAC)

Keywords

• Mutual fund management
• Investment fund services
• Capital market investing
• Portfolio management
• Securities investment

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Management Fees: The fund generates revenue through management fees charged on assets under management. As a mutual investment fund regulated by the Securities and Exchange Organization of Iran, the fund collects periodic fees from investors based on the fund's net asset value.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Capital Market Development Fund is an Iranian mutual investment fund (صندوق سرمایه‌گذاری مشترک) that pools investor capital and manages it across the Iranian capital market through a diversified portfolio of securities. The fund issues investment units to investors at a daily NAV-based issue price and redeems them at a redemption price, providing liquidity and professional management under the supervision of the Securities and Exchange Organization of Iran (Registration No. 11130).

Product overview

Capital Market Development Fund (صندوق سرمایه‌گذاری مشترک توسعه بازار سرمایه) is a single mutual investment fund product that provides investment opportunities in the Iranian capital market. The fund operates as a closed-end investment scheme where investors can purchase and redeem investment units. Key fund features include daily NAV (Net Asset Value) calculation and publication, unit issuance and cancellation services, periodic financial reporting, and fund performance tracking. The fund has been in operation since 1391/11/21 (February 2013) and is regulated by the Securities and Exchange Organization of Iran.

Differentiator

Problem solved

Functional benefit

Products and services

• Capital Market Development Mutual Fund (صندوق سرمایه‌گذاری مشترک توسعه بازار سرمایه) An open-ended mutual investment fund that pools investor capital to invest in the Iranian capital market, issuing investment units to investors with daily NAV calculation, transparent issue and redemption pricing, and regulatory oversight by the Securities and Exchange Organization of Iran. The fund had total NAV of 821,899,774,174,804 Rial and 78,480,577 total cumulative units issued as of 1405/04/29.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Saderat Investment Company: Saderat Bank-affiliated mutual investment company managing pooled capital in Iranian securities markets. Mirrors the subject fund's pooled-fund, NAV-priced, SEO-regulated structure and shares the same target customer segments.
• Mellat Investment Fund: Bank-Melli-affiliated mutual fund distributing investment units to Iranian investors under SEO regulation. Directly comparable structure, regulatory regime, and customer base to Capital Market Development Fund.
• Eghtesad Novin Investment Fund: Bank Eghtesad Novin-affiliated mutual fund operating under SEO supervision with comparable unit-pricing and Iranian capital-market investment mandate. Closely aligned in product structure and target investor base.
• Turquoise Partners: Iranian investment management firm managing multiple mutual fund vehicles and capital-market portfolios. Directly comparable as an SEO-regulated asset manager operating pooled investment funds with NAV-based unit pricing.
• Refah Investment Fund: Refah Bank-affiliated Iranian mutual fund offering pooled exposure to domestic capital markets via SEO-regulated unit issuance. Directly comparable in business model, regulatory framework, and customer profile.
• Pasargad Investment Company: Iranian mutual fund vehicle affiliated with Pasargad Bank, operating under the same SEO regulatory framework as Capital Market Development Fund. Directly comparable as a domestic mutual fund offering NAV-priced units to retail and institutional investors in Iranian capital markets.
• Karafarin Investment Fund: Iranian mutual fund operated by Karafarin Bank's investment arm. Operates the same unit-issuance/redemption structure under SEO oversight and targets Iranian capital-market exposure, making it a near-identical business model to the subject fund.

Broad incumbents

• BlackRock: World's largest asset manager operating open-end mutual funds and ETFs globally. While operating at vastly larger scale and across jurisdictions, the core business of pooling investor capital into professionally managed portfolios with NAV-based unit pricing is structurally analogous to Capital Market Development Fund.
• Vanguard: Global asset manager specializing in low-cost mutual funds and pooled investment vehicles. Comparable as a broad incumbent in mutual fund management — same open-end fund structure with NAV-calculated unit pricing, though operating globally versus the subject fund's domestic-only mandate.
• Fidelity Investments: Major global asset manager offering a broad mutual fund product suite with NAV-based unit pricing. Serves as a broad incumbent comparable on the mutual fund operating model, even though the subject fund operates only within Iran's restricted capital markets.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/capital-market-development-fund

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capital Market Development Fund