Insparo, Allsopp Ready Pan-Africa Hedge Fund

Dec 8 2010 | 3:09am ET

Jamie Allsopp has learned his lesson.

The former New Star Asset Management fund manager's Heart of Africa fund collapsed amidst the credit crisis; the sub-Saharan markets to which the fund was heavily exposed seized up as liquidity dried up, forcing it to suspend redemptions.

Now at Insparo Asset Management, Allsopp's new hedge fund will feature only monthly, as opposed to daily, liquidity, which he and his new bosses hope will prevent a repeat of Heart of Africa's difficulties.

The new Insparo Africa Fund will debut in Feburary. It will invest across the continent, focused on the consumer sector—and South Africa. The fund can invest up to 20% of its assets in South Africa, by far the continent's largest economy.

"I am very excited about the consumer sector within Africa," Allsopp told Citywire. "GDP per capita is growing and looks sustainable. Private consumption is the main driver of GDP growth within the countries we look at."

Insparo hopes to raise US$250 million for the fund, at which point it would be closed to new investors.


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