Pan-African private equity firm AfricInvest has reached a second close for AfricInvest Fund III with commitments from private investors and development finance institutions, including a EUR20 million (approximately US$22 million) commitment from the African Development Bank. The fund, which held a first close with EUR154 million (approximately US$199 million) in capital commitments in September 2014, is targeting EUR200 million (approximately US$221 million). AfricInvest Fund III will provide risk capital to mid-sized companies in Sub-Saharan Africa. The total amount of capital committed in the latest close was not disclosed.