Investors in the former New Star Heart of Africa fund will receive the proceeds of the vehicle's sale tomorrow.
New Star last month offloaded its Heart of Africa fund to London-based alternatives manager Duet Group, in a deal believed to be worth about £14.5m. Investors in the fund will receive 17.66p per unit, close to the 18p per unit New Star has communicated on 2 April. The payout is a 21% discount to the Heart of Africa's 22.38p February valuation point. Managed by Jamie Allsopp from its November 2007 launch, Heart of Africa was suspended back in December last year due to an increase in investor redemptions and severe illiquidity in sub-Saharan markets. The new Duet Africa Opportunities fu...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
