US-based Meridian Art Partners has launched its inaugural art investment fund, the Meridian Emerging Art Markets Fund.

The fund will focus on contemporary art from emerging art markets throughout the world, including but not limited to Africa, Asia, India, Latin America, the Middle East and Russia. The fund will also include an allocation of established Western contemporary art.

The new fund is a five to seven year closed-end limited partnership open to accredited investors worldwide through two entities: one based in the US (Delaware) and the other in the British Virgin Islands.

MAP was founded in early 2007 by Andrew Littlejohn and Pamela Johnson, both formerly of Phillips de Pury & Company. MAP’s organisation includes a team of art, economic, legal and fund management experts. The company is headquartered in New York and maintains a Singapore office in partnership with Calamander Group.

MAP is the newest in a wave of art investment funds expected to hit the market in 2008. As with many of the new funds, MAP will be seeking to capitalise on opportunities created by the art markets and the constituent artists of emerging economies.