British government-backed emerging markets investor CDC has set up a $100 million fund the Actis Africa Real Estate Fund to back property developments in sub-Saharan Africa. Based in Johannesburg but investing outside South Africa, the fund already includes $50 million of properties at various stages of development in Lagos, Nairobi, Dar es Salaam, Kampala and Accra, while a further $50 million is said to be available for future expansion. The fund will invest in commercial and retail properties in particular to meet the demand created by growing foreign direct investment in Africa and the expansion of South African retailers into other parts of the continent. The British government requires that around 50 per cent of CDC funds are invested in sub-Saharan Africa and southeast Asia. The money is channelled indirectly through private equity funds investing in these markets.