East Africa-focused private equity firm Catalyst Principal Partners has reached a first close for Catalyst Fund II with US$103 million in capital commitments. Investors in the fund include development finance institutions the European Investment Bank, CDC Group, International Finance Corporation (IFC) and Proparco, as well as family offices and funds of funds. The fund, which is targeting US$175 million, will focus on mid-market growth capital investments in companies in various sectors in East Africa.