Africa-focused private equity fund manager AfricInvest has reached a third close for FIVE, an evergreen platform for investing in financial institutions in Africa, with EUR67 million (approximately US$77 million) in capital commitments. Investors in the fund include development finance institutions KfW, FMO, BIO, Norfund and IFU, as well as the Central Bank of Kenya Pension Fund. Separately, AfricInvest has joined East Africa-focused private equity firm Catalyst Principal Partners to invest KES5.1 billion (approximately US$50 million) in Kenya-based Prime Bank. The firms acquired a 24 percent stake in Prime Bank through AfricInvest Azure, a special purpose vehicle jointly established by AfricInvest and Catalyst Fund II. Prime Bank provides a variety of banking services to corporate and SME clients in Kenya, Malawi, Botswana, Mozambique, Zambia and Zimbabwe.