Singapore’s Sovereign Wealth Fund GIC (Government of Singapore Investment Corporation) has injected $100 million in two Africa-focused real estate funds established by private equity firms Actis and RMB Westport, Perenews reported on March 2.

GIC, Singapore’s biggest sovereign fund, has funded Actis Real Estate Fund III and Real Estate Development Fund II. Both institutions initially aimed to raise $400 million and $450 million respectively but have now exceeded those targets, according to Perenews.

Truly, Actis Real Estate Fund III has so far raised $500 million while Real estate Development Fund II raised $690 million.

GIC which has invested, since its establishment in 1981, in the U.S., in Europe and Asia, thus makes its first indirect investments in Africa.

The private equity firm Actis, which has more than $7 billion of assets under management, has up till now invested more than $3 billion in Africa, of which a billion in its financial sector.

Established by real estate assets manager Wesport Property Management and Rand Merchant Bank, the investment arm of South African First Rand Bank, RMB Westport focuses solely on real estate development projects in Africa.