Ethiopia-focused fund manager Cepheus Growth Capital Partners has reached a first close for Cepheus Growth Capital Fund with US$51 million in capital commitments. Investors in the fund include development finance institutions CDC, Norfund and the European Investment Bank, family offices and high-net worth individuals. The fund will invest across Ethiopia’s main economic sectors with a focus on opportunities in manufacturing, agro-processing and services. Cepheus Growth Capital Fund is targeting US$100 million in total commitments.