According to Investment Week, the investment trust will be headed by Devan Kaloo and Mark Gordon-James.
The trust will invest in a diversified portfolio of listed emerging market smaller companies to provide long-term capital growth.
Through a placing with institutions and a public offer for private investors that will be available from early June, the trust is expected to raise £150m, according to Investment Week.
Investment Week quoted Devan Kaloo saying investing in the EM small cap sector gave investors exposure to a domestic-focused universe of companies with strong growth prospects.
"Many of these companies are domestic-orientated, allowing investment managers to receive a high degree of exposure to rising emerging market domestic demand," Kaloo said.
