The African Development Bank (AfDB) has invested US$7 million in the Pan African Housing Fund (PAHF), an Africa-focused fund managed by private equity fund manager Phatisa Group. The fund will invest in lower-middle and middle class residential housing in African urban areas. Shelter-Afrique, an African housing finance and development institution established by African governments, the AfDB, Africa-Reinsurance Co. and CDC Group are sponsoring the fund.