"We have engaged an armada of lawyers who have been advising us in terms of disclaimers and due diligence. Again it comes back to the cost of doing business. It is time-consuming," Hellmich said.
"This is also where the opportunity is - everyone could have done the work we have done, but nobody has."
Hellmich, a veteran of emerging markets including Russia who was previously with the Moscow-headquartered investment bank Renaissance Capital, said Pomegranate was working with a "combination of Swedish banks and Swiss banks," but declined to be more specific.
"We found regional banks with no U.S. exposure a lot more accommodating in how we do business," he said.
Around 50 percent of Pomegranate's shareholders are from Sweden, including the prominent investor Per Brilioth, and others come from Britain, Switzerland and elsewhere in Europe.
"There are plenty of liquidity pools in Europe to be successful," Hellmich said.
The firm has already taken minority stakes in Iranian companies including the Internet and e-commerce company Sarava and Iran's second largest online classifieds company Sheypoor.