TPS Pakistan owns a group of businesses, tourist hotels, and lodges in Pakistan under the Serena brand. The majority of TPS Pakistan is owned by the Aga Khan Fund for Economic Development. In 2007, Norfund invested equity in TPS Pakistan, providing patient capital for the expansion of the Islamabad Serena Hotel. This was in accordance with the Norfund strategy at this time. TPS Pakistan’s performance was good and Norfund’s investment has had a number of development impacts, including the creation of new jobs and greater gender equality. TPS Pakistan has also had positive environmental impacts, including the implementation of a waste segregation, recycling and composting project at the Islamabad Serena Hotel.
Norfund's return on this investment (IRR) was 3%.