Tutu Agyare, a former board member of UBS’s investment bank, has set up a new Africa hedge fund that is expected to raise more than $200m (£101m), making it among the biggest launches in the latest wave of Africa-focused hedge funds.

Mr Agyare’s London-based Nubuke Investments has a philanthropic as well as a profit-seeking aim: it will donate part of its fees to a charity designed to boost management skills across Africa by funding executive education and training.