Momentum’s Africa Real Estate Fund has successfully raised $150m at its second close in August 2015. The Fund intends to focus on the development of retail, commercial and light industrial real estate in sub-Saharan Africa ex. South Africa. Warren Schultze, CEO of Eris Property Group, the fund’s investment advisors stated that they are currently reviewing projects in Mauritius, Ghana, Mozambique, Nigeria, Rwanda and Zambia.

The fund raised $50m in February 2015 and is planning to cap aggregate commitments at $250 million in July 2016 when the fund finally closes.

Momentum says the successful fund raise is in direct response to client demand to capitalize on Africa’s growing need for quality retail, office and industrial real estate. A need which is driven by strong economic growth and an expanding population that is migrating to the cities with increased spending power.  The fund is targeting an 18% minimum return target over its eight year life.