South Africa-focused private equity firm PAPE Fund Managers has reached a first close for PAPE Fund 3 with ZAR471 million (approximately US$35 million) in capital commitments. Investors in the fund include the Public Investment Corporation (PIC) of South Africa, Eskom Pension and Provident Fund, FMO and family offices represented by the Rosebank Wealth Group. The fund, which is seeking ZAR1.2 billion (approximately US$89 million) in total commitments, will invest in small and medium-sized enterprises in the manufacturing, telecom, infrastructure, logistics, food, tourism, leisure and health care sectors in South Africa.