Helios Investment Partners, an Africa-focused private investment firm set up by two former TPG Capital executives, is preparing to make an initial close of its second fund at about $400m (€268m) in one of the largest fundraisings for the continent.

Temitope Lawani, a co-founder of London-based Helios, said in the "next few days" it would make a first close at about two-thirds of its $650m final fundraising target, which is expected to be hit by mid-2010.