Positive Impact Property Fund – Nairobi

United Kingdom

Last updated 12 May 2020, by Impactyield.

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The Truestone Impact Property Fund-Nairobi makes retail real estate investments anchored by educational charities aimed at improving the lives of women and poor families through small business creation, financial literacy programmes, and in-school teaching in Kenya.

The fund is developing two prime real estate sites owned by Kenyan charities in Nairobi. New grade A office space on the sites will provide the charities with new offices plus further office space to rent or sell, making the charities more financially self-sufficient and allowing them to expand their educational missions in the country. It is anticipated that approximately 1,000 new training roles will be funded.

Investors' capital will be split 80:20 debt to equity and will provide a targeted income of 15% per annum (pre-tax)after fund charges on the debt element during the term of the investment. The target IRR for the Fund overall is 20% (pre-tax) annualised.

The Fund is available to Professional and Sophisticated Investors and High Net Worth individuals only.

Financial description

Financially the fund aims to add value in two ways:
1. By developing old poor quality buildings into Grade A office space
2. From the ongoing increase in property prices in Nairobi
The term of the Fund is 30 months which includes a generous allowance for any possible delays.
IRR: annualised target is 20% (pre-tax)after fund charges
Income: target is 15% per annum (pre-tax) after fund charges on the debt element of the investment, paid out during the term
Investments are split 80:20 debt to equity the debt portion generating the annual income by using interest earned on undeployed cash and presales of the developments. The income element is hedged (Kenyan Shilling to GB Pound) but not initially the principal.

8 years

of track record


the year funded

9,500,000 GBP


Asset manager

Truestone Impact Investment Management


Headquarters location:

Other funds managed by this asset manager: Truestone Impact Fund LP

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Free primary and secondary education

Full employment and decent work with equal pay

Key performance indicators

Fund overview

Asset manager: Truestone Impact Investment Management

Product track record: Fund has 8 years of track record

Target IRR: 20%

Committed Capital: 6,000,000 GBP (Pound Sterling)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2015

Vintage year: 2016

Target region: , , ,

Target close date: 01/01/2016

Product term: 30 months

Assets under management: 9,500,000 GBP (Pound Sterling)

Investment size: Min: 100,000; Max: 8,500,000; Avg: 0

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 1

Fund investments to date exited or repaid: 0

Management fee: 3.1%

Carried interest: 20%

Hurdle rate: 10%%

GIIN Investors' Council Investment: No

Limited Partners / Investors: n.a.

Limited Partner / Investor Type: Development Finance Institution (DFI), Endowments/Foundations, Family Office, Pension Funds, Other Institutional Investors, Retail Investors


E-mail: n.a.

Website: http://www.truestoneimpactinvestment.co.uk

Phone number: +44 (0)20 7135 2480

If you wish to have your details removed from this database please email gdpr@impactyield.com

Guy Ruddle

Senior Investment Analyst

Impact Performance


Impact thesis

The Impact will be delivered through the financing of two charities (CMS - Africa and the Kenyan Student Christian Fellowship (KSCF)). The funding they receive from the completed developments will allow the recruitment of approximately 1,000 new educational roles, working both within and outside the formal education system in Kenya.
KSCF - presently provide personal development awareness training under a MoU with the Kenyan government. They are active in roughly half the secondary schools (4,000) in the country and are targeted to expand to cover all 8,000. KSCF also provides guidance on equality, the importance of the environment, HIV/AIDS education and Christian ethics.
CMS - Africa provides financial literacy training for poor families and vulnerable women as well as business skills training for young adults and women to help build small businesses and employment in a country with 40% unemployment. It is also involved in cross cultural projects within the country. The charity is targeting to reach an extra 40,000 families with their work, over the next five years with much of the funding coming from the income from their new office space.
IRIS Metrics being Measured Include:
Educational roles Number of teachers employed- OI5896
Number of students receiving vocational/technical training- PI8836
Small businesses created Number of small businesses created PI4583

Impact Management


Financial benchmark

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