Actis, a leading growth markets investor, is pleased to announce that it has reached final closing on its third opportunistic private real estate fund, Actis Africa Real Estate Fund 3 (“ARE3”) with commitments totalling more than $500m, comfortably exceeding its original $400m target.ARE3 is the largest opportunistic private real estate fund targeting sub-Saharan Africa raised in the market to date. ARE3 has a diverse investor base, including pension funds, sovereign wealth funds, development finance institutions and endowments from Africa, Asia, Europe and North America. The new fund is significantly larger than Actis Africa Real Estate Fund 2, which closed in October 2012 with commitments of $278m.ARE3 will invest predominantly in prime retail, office and industrial developments in the capital cities of 7 – 8 sub-Saharan African markets. Over the past decade, the team has invested in assets valued at $1.4 billion on a gross asset value basis.The team is led by David Morley and includes two other partners, Amanda Jean-Baptiste and Louis Deppe and 11 other investment professionals across offices in London, Johannesburg, Nairobi and Lagos.David Morley said: “This successful fundraising is a further sign of confidence from our investors in our ability to identify the most compelling opportunities across Africa. With this new vehicle, they will satisfy part of the demand for institutional quality real estate in some of the fastest growing cities globally.”Torbjorn Caesar, Senior Partner at Actis, said: “We are delighted that investors have chosen to recognise 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. 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 fundraising was led by Actis with support from First Avenue.