Pasargad Capital

What Pasargad Capital does

Pasargad Capital is a Tehran-based, privately held capital market services group (گروه خدمات بازار سرمایه پاسارگاد) that operates as the dedicated capital markets arm of the Bank Pasargad financial ecosystem. The group delivers a full chain of services across four pillars: asset management, corporate financing, investment advisory, and brokerage. Its asset management franchise runs at least six regulated investment funds (Hezareh Sevom Pod fixed income, Pasargad Fixed Income ETF, Rhyton Gold Fund, Takpod Equity ETF, Andisheh Zarrin Market Making Fund, and Miras-e Mandegar Charitable Fund) and dozens of dedicated portfolio mandates managed through the Satrap Pasargad investment advisory subsidiary. The iPasargad digital platform and its Android mobile app are the unified retail subscription and redemption front end, supporting fixed income, equity, and gold ETFs with real-time NAV, automated investment plans, gift cards, and ViaPad digital banking integration; Pasargad Trader and Hamrah Trader are the proprietary online and mobile trading systems provided through Bank Pasargad Brokerage for equity, derivatives, and commodity exchange access. DatEx (داتِکس) is the in-house digital solutions subsidiary that builds and maintains the trading and investment software infrastructure. The group also structures Islamic finance instruments (salam, ijara, murabaha, participation) and operates M&A, valuation, and IPO advisory practices.

The business model is anchored on recurring asset management fees (fixed management fees plus performance-based fees for Satrap portfolios), brokerage commissions from equity/derivative/commodity trading, and transaction-based professional services fees for sukuk underwriting, IPO advisory, M&A advisory, and crowdfunding oversight on the Investoran platform. Customer segments span individual retail investors (the primary base of 30,000+ active users), active retail traders, corporate and institutional clients (insurance, pension, holdings), and corporate issuers seeking capital market financing. Distribution combines the self-serve iPasargad platform with Bank Pasargad's physical branch network, all licensed Iranian brokerages for ETF distribution, and dedicated direct sales teams for institutional mandates. Revenue and AUM are reported in Tomans and Rials; AUM stood at 30+ trillion Tomans as of Aban 1404 (November 2025), and group-level revenue is not publicly disclosed. Pasargad Capital is regulated by the Securities and Exchange Organization of Iran and holds portfolio management, investment advisory, listing advisory, securities offering advisory, financial information processing, and crowdfunding participation licenses through Satrap Pasargad.

Name

Pasargad Capital

Legal name

Pasargad Capital Market Services Group (گروه خدمات بازار سرمایه پاسارگاد)

Website

https://pasargadcapital.ir

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Pasargad Capital is a Tehran-based capital market services group within the Bank Pasargad financial ecosystem, offering asset management, corporate financing, investment advisory, and brokerage services to retail and institutional investors across Iran.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Islamic Investment Banking & Capital Markets Services (FSABAGAG)

akta.pro secondary industries

Private Client Custody & Brokerage (Execution, Reporting, Safekeeping) (FSAAABAN), Public & PIPE Capital Raising Intermediation (IPO Follow-ons/Convertibles/PIPES) (FSAEALAL)

Keywords

• Asset management
• Investment fund management
• Securities brokerage
• Corporate financing advisory
• Discretionary portfolio management

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Asset Management Fees: Management fees charged on assets under management across mutual funds (fixed income, equity, gold), ETFs, and dedicated portfolio mandates. Includes both fixed management fees and performance-based fees for portfolio management.
2. Brokerage Commissions: Trading commissions from equity, derivatives, and commodity market transactions executed through Pasargad Bank Brokerage.
3. Portfolio Management Fees: Fees from dedicated portfolio management services (Satrap), comprising a fixed management fee based on AUM plus a performance fee when returns exceed the benchmark rate.
4. Financing Advisory and Underwriting: Fees from structuring and underwriting debt issuances (salam, ijara, murabaha securities), equity capital raises, IPOs, and serving as acceptance advisor for listed companies.
5. Investment Advisory: Fees from M&A advisory, company valuation, feasibility studies, and financial structure design for corporate clients.
6. Crowdfunding Platform Oversight: Supervisory role on the Investoran crowdfunding platform connecting entrepreneurs with investors.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Pasargad Capital is a private capital market services group in Iran that operates a full chain of asset management, brokerage, corporate financing, and investment advisory services under the Bank Pasargad ecosystem. It manages multiple mutual funds (fixed income, equity, gold, market-making, and charitable) and delivers them through the iPasargad digital platform, while providing dedicated portfolio management to institutional clients and underwriting/advising on sukuk and bond issuances for corporate issuers.

Product overview

Pasargad Capital is a comprehensive capital market services group providing a complete chain of investment services through multiple integrated products and platforms. The core offering includes an online investment platform (iPasargad) with dedicated mobile applications, multiple investment funds (fixed income, equity, gold ETFs, and specialized/charitable funds), discretionary portfolio management services, corporate financing through Islamic finance instruments, investment advisory, and brokerage services. Key funds include: Hezareh Sevom Pod (fixed income with monthly profit distribution), Pasargad ETF (exchange-traded fixed income), Rhyton Gold Fund (commodity gold ETF), Takpod Equity Fund (equity ETF), Andisheh Zarrin Market Making Fund, and Miras-e Mandegar Charitable Fund. Services are delivered through subsidiaries including Satrap Pasargad (investment advisory), Pasargad Brokerage, and DatX (digital product development). The group also operates an educational platform (iPasargad Academy) and provides crowdfunding platform oversight through Investoran.

Differentiator

Problem solved

Functional benefit

Brands

• iPasargad (آی‌پاسارگاد): Comprehensive online investment platform for investing in Pasargad group funds, offering digital asset management, fund subscription/cancellation, automatic investment features, and investment gift cards.
• Pasargad Trader (پاسارگاد تریدر)
• Satrap Pasargad (ساتراپ پاسارگاد)
• Hezaresevom Pod (هزاره سوم پاد)
• Rhyton Gold Fund (صندوق طلای ریتون)

Products and services

• iPasargad (آی‌پاسارگاد) Comprehensive online investment platform that lets retail investors subscribe to and redeem units in Pasargad Capital's mutual funds (fixed income, equity, gold ETFs) with real-time NAV, automated investing, gift cards, and ViaPad digital banking payment.
• Pasargad Trader (پاسارگاد تریدر) Advanced online trading platform offered through Bank Pasargad Brokerage for executing trades on Tehran Stock Exchange, OTC, derivatives, and commodity exchanges.
• Hamrah Trader (M-Trader Mobile App) Mobile trading application for online securities trading provided through Pasargad Brokerage.
• iPasargad Academy (آکادمی آی‌پاسارگاد) Educational platform providing financial literacy content, learning pathways, and specialized investor education from beginner to professional level.
• Hezareh Sevom Pod Fixed Income Fund (صندوق درآمد ثابت هزاره سوم پاد) Fixed income fund with subscription/cancellation that delivers regular monthly profit distributions with no break rate, targeting retail investors seeking higher returns than bank deposits.
• Pasargad Fixed Income ETF (صندوق درآمد ثابت ETF پاسارگاد) Exchange-traded fixed income fund with tax-exempt returns, daily profit accrual in unit prices, and no break rate, purchasable through any brokerage in Iran.
• Rhyton Gold Fund (صندوق طلای ریتون) Gold-backed commodity investment fund providing indirect gold market exposure without storage fees, with professional market maker support for liquidity.
• Takpod Equity Fund (صندوق سهامی تکپاد) Exchange-traded equity fund designed to deliver returns linked to Tehran Stock Exchange index performance.
• Andisheh Zarrin Market Making Fund (صندوق بازارگردانی اندیشه زرین پاسارگاد) Dedicated market-making fund that improves liquidity and balances supply and demand for securities, supporting listed companies of Pasargad Financial Group.
• Miras-e Mandegar Charitable Fund (صندوق نیکوکاری میراث ماندگار پاسارگاد) Charitable investment fund that allocates investment returns to charitable causes while preserving the principal capital.
• Satrap Discretionary Portfolio Management (سبدگردانی اختصاصی ساتراپ پاسارگاد) Professional asset management service for corporate customers, financial institutions, insurance companies, pension funds, holdings, and large organizations, with custom portfolio design based on risk profile and financial objectives; fees combine a fixed AUM-based component with a performance fee.
• Corporate Financing Services (خدمات تامین مالی) End-to-end corporate financing through capital market instruments including sukuk, salam, ijara, and murabaha bond issuances, IPO advisory, and exchange/OTC listing advisory for companies.
• Investment Advisory (مشاوره سرمایه‌گذاری) Professional consulting covering listing and issuance advisory, M&A advisory, company and asset valuation, feasibility studies, and financial structure design for companies of various sizes and industries.
• Pasargad Brokerage (کارگزاری پاسارگاد) Brokerage services providing fast, secure, and professional access to the Iranian stock exchange with advanced online trading platforms for retail and active traders.

Quantifiable outcome

• 30,000+ active investors on platforms as of late 2025
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Satrap Pasargad Investment Advisor (مشاور سرمایه‌گذاری ساتراپ پاسارگاد)coreStrategic or Co-development Partner · 7 December 1403Subsidiary investment advisor managing all group funds and providing portfolio management services. With 6,000 billion Rials registered capital, it is Iran's largest investment advisory company by capital. Holds multiple SEO licenses including portfolio management, investment advisory, acceptance advisory, and financial information processing.
• DatEx - Data Processing Company (داده‌پردازان تدبیر سرمایه / داتِکس)coreTechnology or Integration · 19 June 1402Digital solutions developer building and maintaining trading systems and software infrastructure for the group's online investment platforms including iPasargad and Pasargad Trader.
• Pasargad Bank Brokerage (کارگزاری بانک پاسارگاد)coreChannel Partner/ Reseller/ Distributor · 30 May 1390Pasargad Bank Brokerage is the primary brokerage arm for the group, executing securities trades for clients. It serves as the placement broker for fund issuances and is the key counterparty for Satrap's portfolio management transactions. License No. 122/132324 issued by SEO.
• Investoran (اینوستوران)minorStrategic or Co-development PartnerCrowdfunding platform within the Pasargad financial ecosystem. Pasargad Capital serves as the supervisory entity (رکن ناظر) for the platform, connecting entrepreneurs seeking capital with investors.
• Bank Shahr (بانک شهر)minorOthersBank Shahr served as guarantor (ضامن) for the عامر۰۶ murabaha bond issuance by Amir Mostaghil Construction Company, facilitated by Pasargad Capital.
• Iran Energy Exchange (بورس انرژی ایران)coreChannel Partner/ Reseller/ DistributorListing venue for salam sukuk (forward contracts) issued by energy sector clients facilitated by Pasargad Capital. E&P Pasargad, Pars Behinan Refinery sukuk are listed here.
• Iran Mercantile Exchange / IFFEX (فرابورس ایران - بازار توافقی)minorChannel Partner/ Reseller/ DistributorListing venue for small/mid-term murabaha bonds and other structured financing instruments issued through Pasargad Capital's corporate financing services.
• Central Securities Depository (شرکت سپرده‌گذاری مرکزی اوراق بهادار و تسویه وجوه - سمات)minorOthersCentral securities depository and settlement institution handling custody, settlement, and corporate actions for all securities issued under Pasargad Capital's financing deals.

Scale indicators8 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Saman Investment Group: Multi-line financial services group under Saman Bank offering asset management, brokerage, and corporate finance. Competes with Pasargad Capital across fund management and capital market intermediation in Iran.
• Refah Investment Group: Investment arm of Refah Bank providing asset management and capital market services. Comparable in providing fund and portfolio management services through a bank-anchored distribution channel.
• Saderat Investment Group: Investment arm of Bank Saderat Iran, providing mutual funds, portfolio management, and corporate advisory. Bank-anchored full-service capital market competitor to Pasargad Capital.
• Day Investment Bank (Bank-e Ruz): Iranian investment bank providing asset management, brokerage, and corporate advisory services. Comparable to Pasargad Capital in providing integrated capital market services with a strong retail and institutional focus.
• Karafarin Bank Investment Group: Investment and capital market arm of Karafarin Bank, providing mutual funds, portfolio management, brokerage, and corporate financing. Similar bank-anchored full-service capital market model as Pasargad Capital.
• Ayandeh Bank Brokerage and Investment Group: Capital market services arm of Ayandeh Bank offering brokerage, asset management, and investment advisory. Operates in the same bank-anchored capital market services model as Pasargad Capital.
• Tadbir Investment Company: One of Iran's largest investment holding companies, managing a broad range of mutual funds, portfolio management mandates, and corporate finance services. Directly comparable to Pasargad Capital as a full-stack capital market services group; several Pasargad Capital board members are Tadbir alumni.
• Eghtesad Novin Investment Company: Capital market services arm of Bank Eghtesad Novin, offering asset management, brokerage, and corporate finance. Directly comparable to Pasargad Capital in providing integrated capital market services under a major Iranian private bank.
• Mellat Investment Bank: Investment arm of Bank Mellat offering asset management, brokerage, investment advisory, and corporate finance. Operates as a full-chain capital market services group under a major Iranian commercial bank, mirroring Pasargad Capital's Bank Pasargad-anchored structure.

Others

• Iran Mercantile Exchange (IME): One of Iran's major securities and commodities exchanges where Pasargad Capital's ETFs and corporate-issued sukuk are listed. Functions as infrastructure/listing venue rather than direct competitor, but integral to Pasargad Capital's distribution and product placement.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/pasargadcapital
• LinkedInlinkedin.com/company/pasargad-capital
• Instagraminstagram.com/pasargadcapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries9 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 Pasargad Capital