Executive Summary
Africa Opportunity Fund is a newly incorporated, closed-ended, Cayman Islands company established to achieve consistent capital growth and income through investment in value, arbitrage, and special situations opportunities derived from the continent of Africa. The Company therefore may invest in securities issued by, or economic interests created by, companies domiciled outside Africa which conduct significant business activities within Africa. The Company has appointed Africa Opportunity Partners Limited (the \Investment Manager\), a newly incorporated investment management company as the investment manager of the Company and its subsidiary undertakings (the \Group\). The Directors have overall responsibility for the Group's activities including the review of its investment activities and performance. The Directors have primary responsibility for determining the Company's overall investment objective and strategy and for implementing the Company's investment policies. The board is also responsible for supervising and reviewing the activities of the Investment Manager. The Group's investment strategy is opportunistic. The Group will invest primarily where and when the Investment Manager believes that investments can be made at a material discount to the Investment Manager's estimate of an investment's intrinsic value.The Group will have the ability to invest in a wide range of asset classes including real estate interests, equity, quasi-equity or debt instruments and debt issued by African sovereign states and government entities. At the time of investment, no single investment may exceed 15 per cent. of the net asset value of the Company without the prior approval of the Directors. Once fully invested, the Investment Manager anticipates managing a concentrated portfolio of approximately 10 to 15 investments, excluding money market investments.
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