IHS is, simply, a private equity asset manager focused on the affordable housing market. “That means we raise capital from all over the world and invest it in affordable housing, currently mostly in South Africa,” he explains. IHS has about 8 000 units that they own and manage. They also manage three private equity funds and one Real Estate Investment Trust (REIT) that is a pure rental portfolio, called Transcend Property Fund. The African-based company is US-owned by MMA Capital Management. “About 10 years ago they decided to diversify outside of the US. They were going to set up affordable housing managers worldwide but after the global financial crisis South Africa is the only business that got up and running,” he says. Despite this, the company has slowly branched into other parts of Africa. “We’re starting to expand, we have a fund in Namibia and Botswana.