Menu

Actis, an emerging markets-focused private equity firm, has raised over $500 million for its third private real estate fund, the Actis Africa Real Estate Fund 3 (ARE3), exceeding its original $400 million target.

In a statement released on Monday, Actis said the ARE3 will invest predominantly in prime retail, office, and industrial developments in the capital cities of seven to eight sub-Saharan African markets. The fund is the largest opportunistic private real estate fund targeting sub-Saharan Africa to date.

The fund attracted a diverse investor base, including pension funds, sovereign wealth funds, development finance institutions, and endowments from Africa, Asia, Europe and North America.

“We are delighted that investors have chosen to recognize our track record by committing their capital to our third real estate fund, and we look forward to continuing our contribution to the development of cities across Africa,” said Torbjorn Caesar, Senior Partner at Actis. “With our focus on real estate, energy and private equity, and its near-70 year heritage, Actis is uniquely placed to provide investors with access to the world’s growth markets.”

The new fund is significantly larger than Actis’ Africa Real Estate Fund 2, which closed in October 2012 with commitments of up to $278 million. Over the past decade, Actis’ Africa real estate fund team has invested in assets valued at $1.4 billion on a gross asset value basis.

Founded in 2004, Actis is a leading private equity investor in emerging markets across Africa, Asia, and Latin America. The company has about $6.6 billion in funds under management and operates in 12 locations globally.

London-listed Actis has invested over $300 million in Nigeria alone. Actis’ current investments in Nigeria include Heritage Place, Lagos; Jabi Lake Mall, Abuja; Seven Energy; and Sigma Pensions.

Actis has also exited several of its Nigeria investments, including Ikeja City Mall, Mouka Limited, Diamond Bank, The Palms Shopping Mall, UAC Nigeria, and Starcomms.