Fundraising - FEBRUARY 9, 2015

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IHS raises $170m for Africa-focused fund

by Reg Clodfelter

International Housing Solutions has raised $90 million for its IHS Fund II from six institutional investors and has an additional $80 million commitment from the Overseas Private Investment Corp., according to Soula Proxenos, managing director with IHS.

The opportunistic fund targets a return in the range of 20 percent or more, prior to taxes, net of fees and deal costs, by targeting the imbalance between supply and demand in low- and moderate-income housing and multifamily assets in South Africa and select countries in sub-Saharan Africa.

“The focus on residential on the continent is unique — most equity providers in real estate are doing office or retail,” Proxenos explains. “The fund focuses on the areas of real estate most overlooked by the market — residential and moderate income. IHS’s strategy benefits from the significant growth in the middle class seen on the continent.”

Africa has experienced urban growth during the past two decades at 3.

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