Apis Partners, a private equity asset manager focused on financial services in Africa and South Asia, has reached a first close for Apis Growth Fund I with capital commitments of more than US$157 million. Investors in the first close included development finance institutions CDC Group, FMO and Swedfund; European Union lender European Investment Bank; and financial institutions Intesa Sanpaolo and Old Mutual. The fund will invest in financial services companies based in Africa and South Asia.