London-based Legal & General Asset Management has launched an African government bond Ucits ETF, with initial co-seeding from the UK Foreign, Commonwealth and Development Office through its Mobilist programme. The fund will seek to track the performance of the iBoxx LSF USD African Sovereigns Index, which was launched in 2024 and includes both investment grade and sub-investment grade bonds. The fund’s approach will provide in-built diversification within African sovereign bonds, with explicit country caps/floor and eligibility rules to seek to manage concentration risk. The LSF aims to support the liquidity of African sovereign and corporate issuances, lower the cost of finance, and increase liquidity of African capital markets. By facilitating pioneering fund launches such as this, it seeks to mobilise private investment in emerging African economies through public markets.