TPS Pakistan owns a group of business and tourist hotels and lodges in Pakistan managed under the Serena brand. The main owner of the Company is the Aga Khan Fund for Economic Development (AKFED), a fund which has broad experience in industrial development in the region. The Company owns and runs five hotels in Islamabad, Faisalabad, Quetta, Swat and Gilgit, in addition to two lodges in Hunza and Shigar Fort. Norfund’s investment in this project financed the expansion of the Islamabad hotel which is the group’s main asset. Norfund exited from TPS Pakistan in the year 2016.