Criterion Africa Partners, a Sub-Saharan Africa-focused private equity firm specializing in the forestry sector, has reached a first close for Africa Sustainable Forestry Fund II with US$81 million in capital commitments. Investors in the fund include impact investment advisor Obviam, the Grantham Foundation for the Protection of the Environment and development finance institutions CDC Group, FMO, EIB and BIO. The fund, which is targeting US$150 million in total commitments, will focus on acquiring controlling and significant minority stakes in Southern and East African companies across the forestry value chain.