Investec Asset Management has reached a final close on what it says is the first credit and debt capital markets fund dedicated purely to sub-Saharan Africa, excluding South Africa.

The asset management arm of the South African bank said on August 12 that it has raised $226.5 million for Investec Africa Credit Opportunities Fund 1. The fund, which had early backing from the UK development finance agency CDC and Dutch development bank FMO, was launched in February 2013 and had been seeking to raise $350 million, according to an FMO statement at the time.