Private equity fund manager Kibo Capital Partners has reached a first close on its second fund, The Kibo Fund II, with US$50 million in capital commitments. Investors included development finance institutions, pension funds, family offices and other institutional and commercial investors. The Kibo Fund II will make growth capital investments of US$4 million to US$8 million in East Africa, Southern Africa and the Indian Ocean islands. The fund is targeting US$80 million in total commitments.