The BlackRock Frontiers investment trust has raised 63.5m in a C-share issue, higher than its £50m target, with the gropu citing investors’ increasing interest in the markets.
Frontier markets are rated as not yet possessing the qualities necessary for inclusion in emerging market indices.
“Awareness of the growth potential of frontier markets and the diversification benefits they can bring to balanced portfolios has grown substantially in recent years,” Simon White, head of investment trusts at BlackRock, said.
“The portfolio managers have been at the forefront of communicating the benefits of frontier markets for some time now, as well as the advantages that a closed end fund structure can bring to investing in the asset class.’
The trust said that demand for the shares came from a wide range of investors including wealth managers and institutions.