XSML, a fund manager active in Central and East Africa, announced the first close of the African Rivers Fund III (ARF III) at $54 million. ARF III is XSML’s third fund under management, after its maiden fund, the Central Africa SME Fund (CASF) and its second fund, African Rivers Fund (ARF), bringing total assets under management to $120 million.

ARF III targets growing, well-managed small and medium-sized enterprises (SMEs) in the Central and East African region covering Angola, the ...