Pembani Remgro Infrastructure Fund—a joint initiative established by investment holding company Remgro and Pembani Group chairman Phuthuma Nhleko—has reached a first close with US$245 million in capital commitments. In addition, the fund has received a further commitment equal to 20 percent of the fund size, capped at US$100 million, from the Overseas Private Investment Corporation, a development finance institution. The fund was anchored by a US$75 million commitment from development finance institution CDC Group. Other investors included development finance institutions OFID and DEG, as well as private pension funds, family offices and investment companies. Pembani Remgro Infrastructure Fund, which has a target size of US$500 million, will invest in equity and quasi-equity infrastructure opportunities in Africa, with a focus on Sub-Saharan Africa.