Ashmore Plots New EM Fund

Ashmore Investment Management, a London-based fund with $30bn under management, expects to raise a new special situations fund this summer, to be called GSSF IV. Mark Weiller, head of the fund’s North American business, tells LatinFinance that the vehicle will target long-term illiquid investments in strategic assets in EM countries. It is expected to be around $1.5bn, similar in size and scope to the $1.4bn GSSF III fund, which was raised in August of 2006 and is already 75% drawn down. Weiller expects a four-week roadshow in July or August and a closing in September. Among the sectors targeted by the special situations funds are infrastructure, energy, power generation and distribution, pipelines, telecom and financial assets. Weiller says investors have expressed a stronger interest in India and China investments, though the funds seek opportunities in all EM, and have already deployed capital for major deals in LatAm, including Ashmore Energy, a collection of assets that used to belong to Prisma Energy.