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GIC backs Actis and RMB Real Westport with $100mln

According to a report in PERE last week, GIC, the Singaporean sovereign wealth fund, is making its first investment commitments in Africa, backing real estate funds managed by Actis and RMB Westport with a combined total of $100 million. The move, by such a well-respected institutional real estate investor, will certainly attract the attention of the international private real estate markets, marking a significant milestone in the asset class’s evolution in Africa.

Having no office in Africa is one of the reasons why GIC has opted to invest via the two funds according to the report, while splitting the commitment between both funds was necessary to allow the $100 billion state fund achieve the necessary scale for its investment in the region without taking too large a share of each fund.

While details on how the $100 million commitment is being allocated between the two funds was not reported, Actis is currently in the market raising its third real estate fund, targeting $400 million, while RMB Westport, which held a first close at $250 million for its second fund in early February, is looking to raise $400 million with a hard cap of $500 million.

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