(Corrects first paragraph to say latest fund, not third fund)
NAIROBI (Reuters) -Pan-African investment firm AfricInvest on Monday said it had attained the final close of its latest fund, securing $411 million in commitments to invest in mid-sized companies on the continent.
The new fund, AfricInvest Fund IV, is the largest to be closed by AfricInvest, the firm said. Investors include new and returning development finance institutions and family offices from around the world.
In 2016 the firm’s AfricInvest III fund netted $300 million.
The new fund will target “mature and profitable African mid-cap companies across diverse sectors to accelerate their regional growth”, AfricInvest said.
It has already invested in a Ghanaian bank, a Kenyan tyre dealer and a Moroccan irrigation and agribusiness company.
AfricInvest, which employs 100 investment experts, has raised more than $2 billion over the past 25 years and invested in a range of assets including private equity, venture capital, private credit and listed equities.
(Writing by Elias BiryabaremaEditing by Duncan Miriri, Jan Harvey and David Goodman)
