Ashmore Investment Management, the $21.5bn (€16.7bn) London-based specialist emerging markets manager, has closed its new global special situations fund 3, raising over $1.3bn.

The fund, dubbed GSSF3, has a private equity drawdown structure of commitments from investors, not cash up front, and a seven year life, with a re-investment period of three years. Funds were mainly raised from existing institutional investors during June, July and August.