The Global Horizon Fund is a global venture capital fund of local funds. The investment objective of the Global Horizon Fund is to achieve competitive returns through a diversified portfolio of direct equity investments in small and medium-sized enterprises in emerging economies around the world.
For each of the In Country Funds, the GP will select one or more local managers with expertise in the region (each a “Local Manager”) to serve as the asset manager. It is contemplated that each of the In Country Funds will make direct equity investments, typically from $1 million to $8 million, in early stage and emerging growth companies, buyouts and privatizations in companies operating in their respective region.
The GP believes that insight, experience and management of the Local Managers will be a key factor to the success of the Funds. Although the GP intends to rely strongly upon the management of such Local Managers, each of the In Country Funds will follow uniform protocols for assessing risk, conducting due diligence, measuring valuations and other aspects of the investment process.
The following five In Country Funds are contemplated, with individual countries recommended in a 2003 research report by the Money Matters Institute:
- African Horizon Fund: Ghana, Kenya, South Africa, Uganda;
- American Horizon Fund: Brazil, Mexico, Panama, Peru;
- Asian Horizon Fund: China, India, Malaysia, Thailand;
- Eastern European Horizon Fund: Croatia, Russia, Slovakia, Slovenia;
- MidEast Horizon Fund: Egypt, Jordan, Morocco, Turkey.