Middle East-focused venture capital firm Middle East Venture Partners (MEVP) has reached a first close on its IMPACT Fund with more than US$50 million in capital commitments. Investors in the first closing included the fund’s co-sponsors, BLOM Invest Bank and MedSecurities Investment, as well as other Lebanese banks. The fund is compliant with Banque Du Liban’s Intermediate Circular 331, a program that encourages Lebanese banks to invest early-stage equity capital in Lebanon’s information, communication and technology sector. MEVP has already approved five investments through the IMPACT Fund worth an aggregate of US$12.5 million.