There are not many fund management groups that have witnessed war and chaos on a daily basis. But then there are not many houses that choose to invest directly in Iraq.
Björn Englund, founder of Godvig Capital Management, launched the $21m (£15m, €16m) Babylon fund two years ago, just as the country was starting to recover. Yet even he will admit that the first 12 months were problematic.
“In the first year we had a transitional period with very few equities on the stock market,” he says. “But nowadays it is much easier. The people on the other side of the table now understand who you are and are starting to speak English.”
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