Abstract
A growing interest in emerging market investment funds in the 1980s led the Commonwealth Secretariat to sponsor a Commonwealth Equity Fund in 1990. Subsequently, the advice of the Commonwealth Development Corporation (CDC) was sought over a proposed Commonwealth privatization fund. The outcome was a recommendation to set up regional private sector funds to be managed by CDC, which would itself make a large initial investment, and starting with Africa. Between 1996 and 1997 four regional funds were launched under the Commonwealth Private Investment Initiative (CPII), raising over $200 million for investment in poorer Commonwealth countries. The CPII was launched into a deteriorating market environment and support from older members of the Commonwealth for an initiative to foster private sector development in poorer Commonwealth countries was lacking. The implications are discussed.
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