Bloomberg says Singapore’s state-owned Temasek Holdings Pte has agreed to invest US$75 million ($107 million) in Kingdom Holding Co.’s Pan-African Investment Partners II fund, according to a statement from the Saudi company e-mailed today.

The investment brings to US$492 million the total capital commitments in the fund known as PAIP II, the statement said, according to Bloomberg. The African Development Bank, the International Finance Corporation, the European Investment Bank and the Netherlands Development Finance Company are also taking part in the fund that invests in African companies, it said.