Central Africa-focused private equity firm XSML has reached a first close for its African Rivers Fund with US$45 million in capital commitments. The fund will provide debt, equity and mezzanine financing to small- and medium-sized enterprises in Central Africa. Investors in the fund included development finance institutions International Finance Corporation, FMO, CDC Group, Agence Française de Développement’s FISEA Fund and Belgian Investment Company for Developing Countries; Canada-based philanthropic organization Lundin Foundation; and Dutch Good Growth Fund, a development-oriented fund established by the Dutch government.