Caravan Capital plans $90m into African equities

Caravan Capital Management (www.caravancap.com), an investment fund based in the USA, aims to invest up to $90 million in African equity frontier markets. The fund has invested in 36 countries considered as frontier markets.
Chief Investment Officer Cliff Quisenberry told Bloomberg yesterday (25 Oct): “We expect to increase the share of frontier African equities to 30% of our portfolio in 2 years from a current 23%. The investment would reach $90 mn in 7 years when the fund reaches its capacity limit.”
Caravan Capital already holds investments in Zambia, Ghana, Malawi, Kenya, Burkina Faso, Senegal, Tanzania and Nigeria. It is exploring possible investments in Ivory Coast and North African countries. Quisenberry says of frontier markets: “These stocks offer the most returns on investment. Illiquidity is a challenge. They are tomorrow’s emerging markets”
He was speaking at a Society of Financial Analysts of Mauritius conference.

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