Francophone West Africa-focused growth equity fund manager Adiwale Partners has reached a first close for Adiwale Fund I with EUR50 million (approximately USD56 million) in capital commitments. Investors in the fund include the African Development Bank, which committed EUR12.5 million (USD14 million), and other development finance intuitions and commercial investors from Africa, Europe, and North America. Adiwale Fund I plans to make ten to 12 investments of EUR3 million (USD3 million) to EUR8 million (USD9 million) each in small and medium-sized companies in the business services, manufacturing, and consumer goods and services sectors. The fund is targeting a EUR75 million (USD84 million) final close. Adiwale Partners was founded by former Cauris Management partners Jean-Marc Savi de Tové and Vissého Gnassounou.