Spencer House Capital Management, which is run by Lord Rothschild and Richard Horlick, Schroders’ former head of investment, is launching a US$200 million fund investing in Kazakhstan, as well as companies in Kyrgyzstan, Uzbekistan, Turkmenistan, Tajikistan and Russia, the FT reports.

The closed-ended fund, which will be called Tau Capital, will list on Aim of London Stock Exchange in May. It will be launched as a joint venture with Compass Asset Management, a Kazakh asset management group.