19/06/2026
Old Mutual Investment Group marks milestone with Tunga Fund distribution to GIPF
Old Mutual Alternative Investments Namibia, a division of the Old Mutual Investment Group Namibia (OMIGNAM), has announced a distribution from the Tunga Real Estate Fund to its investor participants, marking another important milestone in the Fund’s lifecycle.
Of the total distribution, an amount of N$21 663 932.40 has been allocated to the Government Institutions Pension Fund (GIPF), representing its 99% shareholding in the Fund, bringing total distributions to GIPF to date to N$265 430 680.24. The remaining proceeds have been distributed to OMIGNAM, which holds a 1% co-investment stake.
Speaking at the cheque presentation ceremony, Sepo Haihambo, Managing Director of OMIGNAM, said the milestone reflects the strength and consistency of Namibia’s alternative investments landscape.
“This milestone reflects how long-term savings can be translated into real, productive investments that support Namibia’s development while still delivering returns for investors. Alternative investments require discipline, strong governance and a clear sense of purpose, and it is through this approach that we are able to deploy capital with both intent and impact,” she said.
Established in September 2011, GIPF remains the anchor investor in the Tunga Real Estate Fund, with OMIGNAM participating as a co-investor, aligning its investment strategy with national development priorities.
The Fund has built a diversified portfolio across the Namibian property sector, in towns like Arandis; Windhoek; Otjiwarongo; Grootfontein; Ondangwa; Oshakati; Oshikango and Rundu. To date, eight investments have been made into shopping centres, office developments and affordable housing. Two have been fully exited, namely Rehoboth Shopping Centre and KwaNkhomo Housing Development in Kuisebmond, Walvis Bay. Assets are structured as debt and or equity, and although six investments remain active, a sizeable portion of debt is repaid.
Haihambo noted that the Fund’s structure, which combines debt and equity investments, has enabled periodic capital repayments over time, reinforcing OMIGNAM’s ability to leverage its investment expertise in Namibia’s unlisted investment market.
“These investments are long-term in nature and require careful structuring, rigorous due diligence and active management. Our approach has been to translate complex opportunities into investments that remain resilient and continue to deliver sustainable value over time, both for investors and for the broader economy,” she said.
Sara Katiti, Chairperson of the Tunga Real Estate Fund, said the milestone reflects the strength of governance and the long-term vision underpinning the Fund.
“As the Board, our role is to ensure that the Fund remains disciplined, well governed and aligned to its mandate. This distribution reflects that consistency, where sound oversight and strong partnerships translate into tangible value for investors, while continuing to support development across Namibia,” she added.
GIPF Chief Executive Officer, Martin Inkumbi, commended the strength of the partnership and its role in delivering both financial and developmental outcomes. “We are proud of what has been achieved through the Tunga Real Estate Fund, which stands as clear evidence that disciplined investment, strong governance, and strategic partnerships can deliver both sustainable financial returns and meaningful developmental impact. We commend Old Mutual Investment Group Namibia for its responsible management of the Fund and remain committed to investing in opportunities that not only grow our members’ savings but also contribute to Namibia’s long-term economic growth and social progress.”
Beyond financial returns, the Tunga Real Estate Fund continues to deliver meaningful socio-economic impact. To date, 296 houses have been constructed, and 538 erven have been serviced. Developments supported by the Fund have also contributed to local economic activity, including job creation and municipal revenue through rates and taxes.
“This Fund has always been about more than returns,” Katiti added. “It reflects what can be achieved when capital is invested with purpose, supporting both financial sustainability and real outcomes in communities.”
To date, the Fund has drawn a total of N$543 million from investors, with over N$268 million already returned, while the remaining portfolio is valued at N$462 million.
“This milestone is a reminder of what is possible when capital is deployed with discipline, expertise and a shared purpose. It is through strong partnerships and consistent ex*****on that meaningful, measurable outcomes are delivered, and that remains central to our commitment at Old Mutual Investment Group Namibia,” Haihambo said.
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