Fund manager Ashmore has reached a first close of $110 million on its first private debt fund, one of the few to be focused on emerging markets.

London-listed Ashmore, an emerging markets specialist, said that it is targeting $250-300 million overall for the fund. Ashmore has around $14.4 billion invested in emerging markets corporate debt, but this is the first time it has raised a fund to invest in private debt, the fund manager said.