Morgan Stanley was expected to launch last week the Africa Investment Fund, the first pan-African fund.
The firm also is planning to offer another country fund, the India Investment Fund, in February, said Madhav Dhar, managing director and head of the emerging markets group.
Both are both closed-end funds.
The funds, listed on the New York Stock Exchange, will be capitalized at a minimum of $60 million and marketed globally.
The Africa fund aims to invest at least 80% of its assets in equities of industrial companies. In the first year, most assets will be invested in South Africa, although it also will invest in equities in Botswana, Zimbabwe, Morocco and other countries.
The India fund likely will invest about 20% of its assets in direct, equity stakes in unlisted securities or companies being privatized.