The French real estate investment management company has raised €325m for the first close of its third intermediate housing fund, the Fonds de Logement Intermédiaire III.
AMPERE Gestion, a French real estate investment management company and subsidiary of CDC Habitat Group, the public interest global real estate operator, has announced the first close of its third fund targeting intermediate housing to help address the rental property gap.
Fonds de Logement Intermédiaire III (FLI III) has raised €325m from six institutional investors, including insurers AG2R La Mondiale, Allianz France, BPCE Assurances and French public finance institutions and pension funds Caisse des Dépôts, Etablissement de Retraite additionnelle de la Fonction publique (ERAFP) and Fonds de réserve pour les retraites (FRR).
Target market
Nathalie Caillard, chairman of AMPERE Gestion’s management board told Impact Investor that the fund is aimed at developing rental accommodation priced between social housing and the open market, typically around 10% to 15% below standard market rates.
“It targets individuals and families who earn too much to qualify for social housing but not enough to afford market-rate rents. This segment includes key workers, young professionals, and other middle-income earners, especially in urban areas where housing affordability is under increasing strain,” she said.
In particular, the fund aims to boost the production of intermediate rental housing for families, student accommodation and co-living developments. The latter refers to housing developments designed for individual renters, typically students, young professionals, or even seniors, who lease a private bedroom while sharing communal spaces such as kitchens and living rooms.
“Unlike traditional apartment buildings, co-living emphasises affordability, flexibility, and community living, catering to the evolving lifestyle preferences of a diverse urban population, including both younger and older residents. CDC Habitat, AMPERE Gestion’s parent company, has formed several partnerships to launch large-scale co-living residences,” said Caillard.
The fund has reached roughly two-thirds of its target size and Caillard confirmed that a final close was expected by the end of 2026.
Social impact
Caillard said that AMPERE Gestion both structures and operates dedicated residential real estate funds with a strong social impact on behalf of French and European institutional investors, primarily pension funds and insurance companies. She said this includes sourcing, developing, and managing properties as well as ensuring financial performance and compliance with ESG criteria.
“Since its creation, AMPERE Gestion has raised over €10bn in assets under management, including more than €4.5 billion allocated specifically to intermediate housing. This long-term capital is vital for financing the development of affordable rental housing in cities where supply falls far short of demand,” she said, explaining that France is facing acute pressure in the rental market due to a combination of structural factors that include demographic growth, an increase in single-person households, strict planning regulations limiting new housing, and a societal shift from ownership to renting.
“As a result, supply is diminishing, particularly in major cities, while demand is rising. Many middle-income earners, including key workers and students, find themselves excluded from both social and market-rate housing,” she said, adding that intermediate housing is a “targeted solution”.
Impact measurement
As an Article 9 SFDR fund, Caillard said FLI III would be subject to a robust impact assessment framework, which includes key indicators such as a building’s energy performance, carbon footprint and the number of intermediate housing developed and households supported. The fund team will also measure rent affordability levels relative to local income and the savings made compared to free market housing. They will also assess tenant profiles and accessibility for target populations.
“These metrics will be monitored throughout the investment lifecycle to ensure accountability and transparency,” she said.
