Ulan Bator has become the latest destination for hedge fund managers, following the creation of the first offshore investment fund to be focused exclusively on Mongolia. The Mongolia Discovery Fund has been established by Alisher Djumanov, formerly of Uzbek investment banking firm Asher Group, who has raised an initial $5 million of seed capital for the new fund, which is being launched by newly established management company Silk Road Fund Management.
Djumanov is hoping to emulate the success of his Central Asia Opportunities Fund, which he launched in November 2006 with just $1 million but which now has more than $65 million under management.
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