Latin America-focused private capital firm PC Capital has reached a first close for PC Capital Development Fund II. Investors in the fund include development finance institution IFC, Mexico-focused fund of funds Fondo de Fondos, and global asset manager PineBridge Investments, among others. The fund will make equity and subordinated debt investments in Latin America-based companies in the financial services, consumer goods and services, and sustainability segments. Financial details of the transaction were not disclosed.