ARX Equity Partners, a private equity fund manager focused on mid-sized companies in Central Europe, has reached a first close for ARX CEE IV at EUR54 million (approximately US$60 million), with total subscribed commitments of EUR66 million (approximately US$73 million). Investors in the fund included the development finance institution European Investment Fund, Czech Republic-based retail bank Ceska Sporitelna, investment firm RSJ Private Equity and several family offices. The fund will invest in lower mid-cap businesses in the Czech Republic and other Central European countries.