AMPERE raises €325m for French affordable housing fund
AMPERE Gestion, a French real estate investment management company, has raised €325 million from six institutional investors in the first closing of its third intermediate housing fund, Fonds de Logement Intermédiaire III (FLI III). The fund will support the development of around 1,000 affordable rental homes across France.
FLI III continues the strategy of its previous funds by targeting “intermediate” housing — rental properties priced below market rates but above social housing thresholds. These units are primarily aimed at middle-income households and key workers in urban areas where housing is in short supply. The new fund is classified as an Article 9 product under the EU’s Sustainable Finance Disclosure Regulation (SFDR), reflecting its environmental and social investment objectives.
Institutional investors participating in the first close include France’s public pension reserve fund, Fonds de Réserve pour les Retraites (FRR), the civil service pension scheme Établissement de Retraite Additionnelle de la Fonction Publique (ERAFP), and leading insurers such as AG2R La Mondiale and Allianz.
“FLI III aims to provide institutional investors with stable, long-term returns while addressing the pressing need for affordable housing in France’s most constrained markets,” said Nathalie Caillard, chairwoman of AMPERE Gestion.
The fund is managed by AMPERE Gestion, which specialises in structuring and managing residential real estate investments with a social purpose. The firm is a wholly owned subsidiary of CDC Habitat, the residential housing arm of France’s Caisse des Dépôts group.
A final close is anticipated in 2026, with AMPERE Gestion aiming to grow FLI III’s capital base and deepen its impact footprint across the French housing market. The fund will invest in new developments and forward funding projects in partnership with public and private sector developers.
