New housing fund for charities and social enterprises

Social and Sustainable Capital (SASC) has launched a new fund, which will help charities build homes for vulnerable people and their families.

The Social and Sustainable Housing LP was co-designed with charities to ensure demand for investment, and SASC is already working with a number of organisations looking to access funding in the coming months.

The fund is launching with over £26m in commitments from 19 investors, including the Social Investment Business and Big Society Capital who provided the capital for SASC’s two initial funds in 2014.

In addition to SASC’s original investors, the fund has attracted investment from Garfield Weston Foundation, CCLA Investment Management, The Esmée Fairbairn Foundation, Tudor Trust, City Bridge Trust, University of Edinburgh, Power to Change, Trust for London, Adlib Foundation and Barrow Cadbury Trust.

‘We are proud to have created an innovative investment structure in housing that appeals to both borrower charities and investors. The fund will address a major social issue by increasing the stock of quality homes that will be available to communities for the long term,’ SASC managing director, Ben Rick.

‘We are delighted to announce this significant first close, supported by both existing social investors and those entering the market for the first time.  Fundraising is ongoing, and we are targeting a total fund size of £100m which will allow us to support 30 organisations to house 10,000 people over the next 10 years.’

The chief executive of Social Investment Business, Nick Temple added: ‘Back in 2014, Social Investment Business invested in SASC and both of their initial funds. We are hugely proud to have been involved in their development, and now during this next important phase with the Social and Sustainable Housing LP. We’re also very excited about the fund’s potential for impact on an important social issue, with the strength of partnership as a key driving force.’

Photo by Stevepb (Pixabay)