(Ecofin Agency) - The South African assets management firm Investec Asset Management just announced the closing of its new private equity fund directed towards sub Saharan Africa at $295 million.

Named Investec Africa Private Equity Fund 2 (IAPEF), the fund targets investments ranging from $15 to $40 million, greater than closing of its predecessor, Investec Africa Private Equity Fund, at $150 million with investments ranging from 10 to 30 million dollars.

IAPEF 2 could however aim for transaction of a volume of $100 million via co-investment options.

44% of investors who subscribed to this new fund are from Africa. European investors come second (42%) and are followed by Americans (14%).

In spite of all these, IAPEF 2 could not reach the 350 million dollars it initially planned to raise. “The final closing coincides with a period of significant disturbances, especially on stock markets,” the director general of private equity division at Investec said.