Aureos reaches US$317.8m

Mid-market private equity firm Aureos Capital has boosted its Aureos Africa Fund from US$253.5m to US$317.8m since September of last year.

The fund which invests in businesses across 15 countries in Africa expects to reach a final close in December 2009. The Aureos Africa Fund makes initial investments of up to US$10m in small to medium sized companies.

It has so far made nine investments in sectors such as financial services, TMT, FMCG, building products, real estate development and agri-business.

Investors in the fund include international financial institutions, US-based private sector investors, European pension funds, family offices, commercial banks and European development finance institutions.

Despite the difficult fundraising environment, Aureos Capital has held two closings on funds in the past month. Although it missed its initial target of US$200m, Aureos Latin America Fund (ALAF) closed on US$184m.