Africa-focused investment manager Ashburton Investments has reached a first close for its inaugural mezzanine fund with ZAR507.5 million (approximately US$40 million) in capital commitments from four undisclosed investors. Ashburton Mezzanine Fund I, which is targeting ZAR1 billion (approximately US$79 million) in total commitments, will focus on South Africa with an allocation of up to 20 percent for investments in Botswana, Namibia and Zambia. The fund will invest between ZAR75 million (approximately US$6 million) and ZAR150 million (approximately US$12 million) per transaction.