It will be part of the firm’s Luxembourg-domiciled GSF range which already includes a $18.6m Middle East & North Africa fund, run by Tarek Shahin, and $15.1m Africa & Middle East funds, managed by Shahin and Roelof Horne.
The Investec Africa Opportunities Fund launches on 29 September and will be the first pure African equity fund for UK retail investors.
Separately, Investec also runs two African-focused equity products for UK institutional investors – the Guernsey B Scheme Investec Africa and Pan Africa Funds.
Gray’s daily-dealing fund will be concentrated, with around 30 holdings, targeting Africa’s growth story by concentrating on the liquidity offered by stocks in countries such as South Africa, Nigeria, Morocco and Egypt. His investable universe is in companies with a market cap of more than $100m.
The fund will invest in companies listed on both African and world exchanges that, Gray says, “are exposed to the African growth story, its key themes, and where a significant portion of their current or future value accrues from the continent.”
