Ashburton Investments raise ZAR507.5m

The investment management arm of FirstRand Group holds initial close on maiden mezzanine fund.

Ashburton Investments’ debut credit fund, Ashburton Mezzanine Fund I, has held a first close at ZAR507.5 million ($39 million; €33 million). The fund has an overall target of ZAR1 billion and will invest in established mid-market or large companies based primarily in South Africa, with 20 percent of the vehicle dedicated to opportunities in Botswana, Namibia and Zambia.