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New Star could pump more into Heart of Africa

New Star may consider keeping its Heart of Africa fund open past its £100m limit.

The company has always planned to close the fund, which launched late last year, at £100m due to liquidity issues. However, a number of IPOs, such as Safaricom in Kenya, have led it to believe that there is now more liquidity in the market.

Managed by Jamie Allsopp, heart of Africa stands at £86m and has returned 4.4 per cent since last October. It is 75 per cent directly invested.

Managing director, retail business development, Stewart Cazier says: “We will be discussing a number of possibilities, whether it be closing, soft-capping or keeping the fund running as it is for longer. For now, we will probably look to stop big slices of money coming in from funds of funds once the fund hits £100m but keep taking platform money.”

New Star says it has taken £10m in its Indian equity fund during the initial offer period.

Managing director Mark Skinner says: “India is a long-term growth story and we stick to that. We realise these are tough times but the £10m we have received so far indicates that people believe in the investment opportunity.”

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