The fund, which is managed by Jamie Allsopp, will launch on October 22 and will have a minimum investment of £12,500.
New Star expect the fund to garner a high level of interest, but has taken the decision to soft close because of the liquidity constraints of investing in that region.
Allsopp will invest in a portfolio of sub-Saharan Africa excluding South Africa.
Allsopp says: “The investment landscape has changed significantly in Africa. Strong economic growth, high levels of foreign direct investment, increasing political stability and the resultant improvement in corporate governance have created a compelling investment backdrop and it is no surprise that some of the best performing markets in the world are situated in sub-Saharan Africa,
“My investment process has been built around discovering hidden value and Africa represents a whole continent of undiscovered opportunity.”