Karachi: The acquisition of Ansaar Management Company(AMC) was finalized last week, and brings on board two major international players from the low-cost housing market; Real Equity for All (Reall), and Places for People (PfP). Reall is working in more than 20 countries, and has chosen AMC as their entry partner in Pakistan. Similarly, PfP, a UK based property development company is looking to increase its visibility across South Asia through AMC. Both companies saw potential in AMC as a model that could be replicated not just in Pakistan but globally.
Acumen first invested in AMC in 2009, and helped scale the operations, and social impact of the investee company. AMC is Pakistan's only socially driven private sector business developing and implementing affordable housing solutions for ordinary, hardworking people.
“This is in incredible opportunity for us, but it’s also a great opportunity to prove that social enterprises can work in Pakistan,” said Nadir Ahmed, AMC’s Chief Financial Officer.
Acumen, established in 2002, is Pakistan’s only social impact investment fund. It harnesses the power of entrepreneurship, and employs its Patient-Capital model (investments that are high risk, flexible and have a longer time threshold) to disrupt poverty globally, by investing in revolutionary ideas, leaders and companies.
“Our investment and support to AMC has demonstrated that social impact enterprise can solve the housing problem for the poor in a scalable and profitable way. This has now attracted international investors that can provide the financing and expertise to massively scale up AMC to bridge the housing gap for the poor. We are excited by this validation and encouraged to confidently move forward with our investing activity in ventures that are going to solve the energy, education and healthcare gaps and enhance livelihood for farmers to tackle poverty and give them a life of dignity and choice” said Naeem Zamindar, Acumen’s Pakistan Country Director.