Emerging markets-focused energy fund manager Berkeley Energy has reached a final close for its African Renewable Energy Fund (AREF), a dedicated renewable energy fund focused on Sub-Saharan Africa, with US$200 million in capital commitments. The African Development Bank (AfDB) and its Sustainable Energy Fund for Africa (SEFA) are AREF’s lead sponsors, committing US$25 million and US$25.5 million, respectively, alongside a US$4.5 million commitment from AfDB’s Global Environment Facility. Other investors in fund include: European Union lender European Investment Bank; fund of funds Global Energy Efficiency and Renewable Energy Fund; development finance institutions FMO, CDC Group and BIO; and a series of other development finance institutions and commercial investors.