Bamboo Finance, a private equity firm specializing in investing in business models that benefit low-income communities in emerging markets, has reached a first close for Bamboo Financial Inclusion Fund II with US$31 million in capital commitments. Investors in the first close included financial services company TIAA-CREF and asset management company AXA Investment Managers. The fund will make equity investments in the capital of banks and financial services companies targeting microenterprises, SMEs and the low and lower middle income segments, as well as mobile money operators and correspondent banking businesses in Africa, the Middle East, Asia and Latin America.