The most general homogeneous monodromy conditions in $N{=}2$ string theory are classified in terms of the conjugacy classes of the global symmetry group $U(1,1)\otimes{\bf Z}_2$. For classes which generate a discrete subgroup $\G$, the corresponding target space backgrounds ${\bf C}^{1,1}/\G$ include half spaces, complex orbifolds and tori. We propose a generalization of the intercept formula to matrix-valued twists, but find massless physical states only for $\Gamma{=}{\bf 1}$ (untwisted) and $\Gamma{=}{\bf Z}_2$ (\`a la Mathur and Mukhi), as well as for $\Gamma$ being a parabolic element of $U(1,1)$. In particular, the sixteen ${\bf Z}_2$-twisted sectors of the $N{=}2$ string are investigated, and the corresponding ground states are identified via bosonization and BRST cohomology. We find enough room for an extended multiplet of `spacetime' supersymmetry, with the number of supersymmetries being dependent on global `spacetime' topology. However, world-sheet locality for the chiral vertex operators does not permit interactions among all massless `spacetime' fermions.