The Pan African Housing Fund (PAHF), a fund managed by private equity firm Phatisa, has held a first close at US$41.5 million. The fund, which is targeting US$100 million, raised the capital from European and African development finance institutions, including a US$20 million commitment from CDC Group of the U.K. PAHF will invest in housing projects in Eastern and Southern Africa, including Kenya, Rwanda, Uganda, Tanzania, Mozambique and Zambia.