LAST BUT NOT LEAST — African fund near full investment

The Africa Emerging Markets Fund is expected to be fully invested by the end of 1994.

The fund, which will invest primarily in equity and equity-related securities, was created during the second half of 1993 by International Finance Corp. (part of the World Bank) and Emerging Markets Management, a Virginia-based investment firm.

The US$30-million, semi-open-ended fund, which required a minimum investment of US$500,000, was oversubscribed when it closed in November. No more than 40% of the fund’s assets can be invested in any one country, no more than 35% in a single industry and no more than 10% in one company’s stock.