RIYADH: Pan-African investment firm AfricInvest has announced the final close of its latest fund with total commitments at $411 million to invest in Africa’s mid-cap companies. AfricInvest Fund IV, the new fund, is the largest to be closed by the firm, according to a statement. With its newly acquired fund, the company aims to invest in mature and profitable African mid-cap companies in diverse sectors to boost its regional growth. “AfricInvest Fund IV is well positioned to continue financing African companies, supporting them as they develop into local and regional champions,” Skander Oueslati, a senior partner and CIO of sub-Saharan Africa at AfricInvest said. “Our local expertise and insight allow us to generate proprietary deals to help create long-term strategies to deliver value for portfolio companies,” Oueslati added. Over the past 25 years, AfricInvest has raised over $2 billion to finance almost 200 companies at different development stages.