The US$350 million London-based firm will launch the fund in the beginning of October. The new vehicle is based on Goldman Sachs’ prediction that 11 countries are likely to follow in the footsteps of Brazil, Russia, India and China.


The “Next 11” are Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philipines, South Korea, Turkey and Vietnam. The Castlestone fund will invest about 10% of its assets in South Korea and split 65% among Indonesia, Mexico, the Philippines and Turkey. Another 20% to 25% will be invested in Egypt, Nigeria, Pakistan and Vietnam, with 5% invested in the most frontier of the new emerging markets, Bangladesh and Iran.

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