Actis has closed its third Africa-focused real estate fund at $500 million after 12 months on the road, surpassing its $400 million target. The capital will be invested into retail, industrial and office opportunities across seven or eight capital cities within Sub-Saharan Africa.
Actis Africa Real Estate Fund 2, the vehicle's predecessor, closed in October 2012 at $278 million.
Pension funds, endowments, sovereign wealth funds and development finance institutions originating from regions such as Africa, North America, Europe and Asia make up the investor base. South Suez Capital, Shell Nigeria Staff Pension Fund and the IFC have all committed to the fund.
Global advisory and capital placement firm, First Avenue, aided the fundraising process.
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