Funds

Our Funds

We currently manage three multi-investor funds, one single investor fund, and a publicly traded REIT.

  • South Africa Workforce Housing Fund (“SAWHF”) – Our first multi-investor fund.
  • IHS Fund II SA – A multi-investor fund focused on investments in South Africa.
  • IHS Fund II SSA – A multi-investor fund focused on investments in Namibia and Botswana.
  • IHS Residential Partners – Our single investor fund, focused on investments in middle-income residential properties in South Africa.
  • Transcend Residential Property Fund – A REIT publicly traded on the AltX of the Johannesburg Stock Exchange.

SAWHF

South Africa Workforce Housing Fund (“SAWHF”) is a multi-investor fund that began operations in April 2008.  SAWHF is fully invested, having raised $154 million of LP capital from five different investors with an additional participating debt commitment of $80 million from the Overseas Private Investment Corporation (“OPIC”).  Since its inception, SAWHF has made 35 investments involving approximately 30,000 units of affordable for-sale and rental housing in South Africa.  SAWHF is currently in the process of exiting its investments as it will mature in April 2019 (although the maturity of SAWHF may, subject to the consent of the investors and OPIC, be extended for an additional year to April 2020).

IHS Residential Partners

International Housing Solutions Residential Partners Partnership (“IHS Residential Partners”), a single-investor fund with a large North American institutional investor targeted at the emerging middle class in South Africa,  began operations in November 2013.  IHS and its partner have contributed approximately $68.0 million to the venture, financing investments in seven different projects totaling just under 2,100 rental units and one undeveloped land project.  We do not anticipate this venture making new investments.

IHS Fund II

IHS Fund II was formed for the purposes of investing in housing development projects in South Africa and other target countries in Sub-Saharan Africa. IHS Fund II SA and IHS Fund II SSA (collectively “IHS Fund II”) were established as two separate funds to allow investors to allocate their capital between investments in South Africa and in other countries in Sub-Saharan Africa.

  • IHS Fund II SA is a multi-investor fund targeting investments in affordable housing, including green housing projects, within South Africa. IHS Fund II SA began operations in July 2014 and at year-end 2017 had raised approximately $123 million of LP capital from 11 investors. IHS Fund II SA also has an additional participating debt commitment from OPIC for up to $80 million. At year-end 2017, IHS Fund II SA had closed on 19 investments that represent a total of 6,875 affordable for-sale and rental housing units in South Africa.
  • IHS Fund II SSA is a multi-investor fund targeting investments in affordable housing, including green housing projects, within Namibia and Botswana. IHS Fund II SSA began operations in July 2014 and, by early 2018, had raised approximately $74 million of LP capital from five investors.

Transcend Residential Property Fund

Transcend Residential Property Fund Limited (“Transcend”) is a REIT that was listed on the AltX of the Johannesburg Stock Exchange in December 2016. The primary strategy of Transcend is to acquire multifamily residential properties, with a focus on housing opportunities that are affordable, lifestyle enhancing and located in well-situated and high growth urban areas of South Africa. At year-end 2017, Transcend owned a portfolio of 13 properties that have approximately 2,500 units and that were previously part of the SAWHF portfolio. At year-end 2017, SAWHF owned 89% of the common shares of Transcend.