IFC proposes to invest in an Emerging Markets Secondaries Fund (EMSF) dedicated to providing liquidity to existing Limited Partners in existing emerging market private equity funds. It would support local General Partners and their portfolio companies who have Limited Partners unable to meet capital calls. The EMSF will support access to capital for companies in developing countries through providing liquidity to selling Limited Partners enabling General Partners to keep their capital bases whole and thereby strengthen the overall appeal of private equity investments in the emerging markets. The EMSF will enhance the emerging market private equity business by demonstrating that Limited Partners can exit or rebalance their assets before the end of the fund’s normal projected life. The EMSF will be a closed end fund with maximum ten year term and 5 year investment period. The EMSF will focus on purchasing Limited Partner equity stakes, assuming the capital commitments of Limited Partners and providing bridge rounds of private equity funds which are unable to raise follow-on funding.