India-focused impact investment firm Lok Capital has reached a first close for its third fund, Lok Fund III, with US$40.5 million in capital commitments. Investors in the fund included development finance institutions CDC, FMO and Proparco, as well as investment advisor TIAA Global Asset Management. Lok Fund III, which has a target of around US$100 million, will focus on growth-stage investments in the financial services, health care and agriculture sectors.