Hedge Fund JV Launches $100M Africa, Mid-East Fund

Jul 31 2008 | 12:16pm ET

Fort Lauderdale, Fla.-based INTL Consilium has teamed up with Nigeria’s First City Monument Bank to launch a US$100 million hedge fund investing in Africa and the Middle East.

The Legacy Africa Alpha Fund will invest exclusively in Africa and Middle East debt and equity, capping its Middle Eastern exposure to 30% “to ensure significant exposure to Africa’s fastest growing economies.”

“Africa is the most exciting investor destination and is likely to remain so for the foreseeable future,” said FCMB CEO Ladi Balogun. “We are leveraging on INTL's experience and track record successfully managing funds for some of the most discerning international institutional investors. We bring access to rare investment opportunities, local knowledge and market insights. INTL and FCMB have had a relationship for over 15 years, which will be a further source of comfort for our investors.”

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