# TMGIC

TMGIC is an Asset Manager based in Tehran, Iran.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Tehran, Iran
- **Region:** Middle East
- **Address:** No. 89, Shahid Khodami St., Vanak, Tehran, Iran
- **Founded:** 1992
- **Assets under management:** Undisclosed
- **Website:** tmgic.ir
- **LinkedIn:** https://www.linkedin.com/company/tmgic

## Regulatory record

- **Reports private funds:** No

## About

شرکت سرمایه‌گذاری گروه توسعه ملی یکی از هلدینگ‌های بزرگ و چندرشته‌ای کشور است که در حوزه سرمایه‌گذاری، مدیریت و توسعه کسب‌وکارهای راهبردی فعالیت می‌کند. این گروه در صنایع مختلف از جمله صنایع غذایی، شوینده، سیمان، کشاورزی و دامپروری، ساختمان و خدمات مالی سرمایه‌گذاری می‌کند. شرکت با بیش از سه دهه تجربه به‌عنوان یکی از ارکان اصلی اقتصاد کشور در صنایع گوناگون فعالیت می‌کند.

## Sectors

- Financial Services
- Real Estate
- Industrial Tech
- Infrastructure
- Energy Transition & Renewables

## Offices

- 2 Nader Alley, After Dr Vali e Asr Avenue, Tehran, Iran

## People

- Hossein Modares Khiabani — CEO
- Seyyed Ali Taghavi — Chairman

## Questions

### Who runs investment decisions at TMGIC?

Hossein Modares Khiabani has served as CEO since February 2023. Seyyed Ali Taghavi serves as Chairman of the Board. Both roles carry executive oversight of TMGIC's investment activities, with strategic direction ultimately aligned via Bank Melli Iran's majority stake.

### Is TMGIC structured as a sovereign vehicle or a private conglomerate?

TMGIC operates as a publicly listed conglomerate on the Tehran Stock Exchange while being majority-owned by Bank Melli Iran, a state-linked financial institution. This makes it a hybrid structure: publicly traded equity with concentrated state-bank control, not a sovereign wealth fund or fully private conglomerate.

### What is the relationship between TMGIC and Bank Melli Iran?

Bank Melli Iran holds a majority stake in TMGIC, estimated at approximately 67.5% to 75% of shares. The Social Insurance Fund for Bank Employees and Hamyari Kowsar Institute hold smaller but significant stakes. This ownership structure embeds TMGIC within Bank Melli Iran's broader investment apparatus.

### Does TMGIC invest outside Iran?

Based on available public record, TMGIC's disclosed operations and real asset holdings are concentrated domestically in Iran, with office properties in Tehran. Cross-border investment activity is not publicly documented.

### Which sectors does TMGIC explicitly avoid?

TMGIC does not publicly list excluded sectors. Given its state-bank ownership, sanctions exposure, and Tehran Stock Exchange listing, the firm's investment universe is constrained by both Iranian regulatory frameworks and international sanctions regimes.

### How does TMGIC source its investment opportunities?

TMGIC does not publicly detail a proprietary deal-sourcing model. Its affiliation with Bank Melli Iran and participation in Iran's industrial and trade associations suggest opportunities emerge through state-linked networks and public-market channels rather than competitive third-party origination.

### Does TMGIC maintain any private equity or venture capital operations?

Public record does not identify standalone venture capital or private equity arms under TMGIC. The firm operates as a multi-sector holding and investment company, with exposure to industrial and infrastructure assets alongside its listed-equity portfolio.

## Related profiles

- [TMG Capital](https://altss.com/profile/tmg-capital)
- [TMI Ventures](https://altss.com/profile/tmi-ventures)

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Last updated: 2026-08-11T15:08:18.003Z

Canonical page: https://altss.com/profile/tmgic

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