UK development finance group CDC and Dutch development bank FMO have invested in a new African credit fund by Investec Asset Management that aims to raise $350m. The credit and debt capital markets fund will invest in African companies with the goal of offering high yields over eight and a half years through access to the public and private sectors. The fund and its inaugural investors also aim to spur the development of the debt capital markets in Sub-Saharan Africa. CDC and FMO invested $60m. The closed-ended fund will be managed by Investec's South Africa and Frontier Credit team.