Private equity fund manager Advanced Finance and Investment Group (AFIG Funds) has announced the December 2013 close of a US$50 million recapitalization of its Atlantic Coast Regional Fund (ACRF), bringing its assets under management to US$122 million. Development finance institutions CDC Group and African Development Bank participated in the recapitalization, with CDC Group announcing a US$18.4 million commitment. ACRF is a mid-market generalist fund that invests primarily in West and Central Africa. The additional US$50 million will enable the fund to make a number of new investments in the coming years, having originally closed at US$72 million in 2008.