The Fund will be managed by Emerging Markets Management (EMM), which has its offices in Arlington, Virginia. As of June 30, 2003, EMM managed $5.5 billion in separate accounts and commingled funds, primarily for listed equities in emerging markets. The team will be managed by Felicia Morrow.

The target size of the Fund will be $200 million, although the Fund is likely to be smaller at the initial launch. The Fund will be a quasi-open-ended fund, with the possibility of monthly subscriptions and redemptions. The proposed IFC investment is $10 million, but no more than 15% of the Fund.

10.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	10.0

* These investment figures are indicative

The Fund will be listed in Ireland.

This is a category C project according to IFC''s environmental and social review procedure. There are minimal environmental or social impacts associated with this project. Therefore, no further environmental or social analysis is required.
Location of environmental documents in locally affected community

Through its participation in the Fund, IFC will seek to achieve development impact in several ways. The Fund will respond to an inefficiency that is common to stock markets in developing as well as developed economies: as a general rule, investors and market researchers tend to pay less attention to smaller companies. This is particularly the case for companies that are listed but do not form part of the most commonly used market indexes and, therefore, do not automatically get picked up by investors who want their portfolios to track the market. As a result, market analysts pay less attention to these stocks, which reduces their visibility to investors and consequently limits trading volumes and liquidity. By demonstrating the value of analyzing and investing in these companies, the Fund will contribute to increasing liquidity in this asset sub-class, which is expected to expand the range of stocks available to investors, attract a broader range of local and foreign investors and encourage greater coverage by market analysts. IFC will play a catalyst role in attracting other investors to the Fund. By giving a green light to the project, IFC will serve as an anchor investor, attracting private sector investors that otherwise might not invest in the Fund. In line with the lessons learned from prior funds, IFC’s investment in the Fund will demonstrate our commitment to supporting existing managers with a good track record.