Africa-focused venture capital fund manager Novastar Ventures has reached a first close for Novastar Ventures Africa Fund II with US$72.5 million in capital commitments. Investors in the fund include AXA, CDC Group, FMO, the European Investment Bank and the Dutch Good Growth Fund. Novastar’s second fund, which is targeting US$120 million in total commitments, will invest in early- and growth-stage businesses across East Africa and West Africa. The expansion of Novastar’s remit to West Africa follows the establishment of a new presence in Lagos, Nigeria.