Frontier markets-focused EMIA holds first close of third fund at $50mEMIA’s third fund will exclude Myanmar from its investment scope.

Singapore-based Emerging Markets Investment Advisers (EMIA) has reached the first close of its third vehicle — ASEAN Frontier Markets Fund — at $50 million, according to a top executive at the firm.

The fund targets to achieve a final close at $90 million by the end of 2023, with a hard cap of $120 million, said EMIA chief executive officer Joshua Morris.