Private and institutional investors tend to think of Frontier Markets as unexplored. The economies of these countries are generally in earlier stages of economic development, and their capital markets less mature than Emerging Markets. But an increasing number of Frontier Markets have reached a stage of development that enables investors to participate in strong structural growth.

In this paper we provide an overview of equity investing in Frontier Markets, define these markets, discuss important investment themes, historical performance, and the key investment challenges.