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ARM-Harith Infrastructure Investments has reached the first close of its successor infrastructure fund, raising approximately $76 million as it seeks to channel more African institutional capital into critical infrastructure projects across the continent.

The European Bank for Reconstruction and Development (EBRD) is injecting up to $40 million into SPE Capital’s newly launched SPE PEF III fund.

The funding round saw participation from Capria Ventures, Angaza Capital , and Flatworld Partners, with existing investors like Global Ventures, Tencent, Ohara Pharmaceuticals, LCY Group, WTI, and AAIC | Asia Africa Investment & Consulting also taking part.