Actis has raised $500m (€448m) for its third Africa real estate fund.

The company said it had reached final closing on its opportunistic private real estate fund, Actis Africa Real Estate Fund 3.

The fund, which had been set an initial $400m target, focuses on sub-Saharan Africa.

Pension funds, sovereign wealth funds, development finance institutions and endowments from Africa, Asia, Europe and North America backed the fund.

The company’s Africa Real Estate Fund 2, which closed in 2012, raised $278m.

The fund is focused on prime retail, office and industrial developments in the capital cities of 7-8 sub-Saharan African markets.

Ashburton Investments this year raised an initial $250m for RMB Westport Real Estate Development Fund II. 

Eight of the company’s offshore and South African institutional clients backed the fund, which had a $450m target.

Westport II, RMB Westport’s second African real estate-focused fund, is investing in developments in sub-Saharan Africa, with a focus on the commercial, retail and industrial sectors in Nigeria, Ghana, Angola and the Ivory Coast.