Pan-African private equity firm AfricInvest and private equity firm Siparex have reached a first close for the Fonds de Co-Localisation Franco-Tunisien (FCFT) with EUR20 million (approximately US$22.4 million) in capital commitments. The fund was promoted and equally subscribed by France-based investment bank Bpifrance and the Tunisian branch of the French development agency Caisse des Dépôts et Consignations. FCFT, which will be co-managed by AfricInvest and Siparex, will finance small- and medium-sized enterprises in both France and Tunisia.