Alma Economics’ Post

Gloucestershire Pension Fund has invested £30m in the National Homelessness Property Fund 2 (NHPF2), managed by UK social impact investor Resonance Limited. The fund buys homes, which are then renovated for rent to the homeless and those living in temporary accommodation. #impactinvesting https://lnkd.in/eV6yFh_R

We are delighted to announce that Gloucestershire Pension Fund has invested £30m in Resonance’s National Homelessness Property Fund 2 (NHPF2). This will enable the fund to purchase around 90 homes in Gloucestershire to house individuals and families who are currently living in unsuitable temporary accommodation. NHPF2 will lease the homes to Developing Health & Independence – one of the fund’s existing housing partners - who will provide support to tenants. With around 315 households living in temporary accommodation in the region, including nearly 200 in the city of Gloucester alone, this investment will make a difference to the lives of people experiencing homelessness in the county. Read more about this place-based impact investment and how it illustrates the difference that local government pension funds can make to the area in which their members live, here: https://lnkd.in/emdE-5PX

Local Government Pension Scheme (LGPS) funds continue to see the logic of meeting their members' needs through investments that also create positive social impact. Here is Gloucestershire Pension Fund investing £30 million in Resonance Limited's National Homelessness Property Fund 2. The fund acquires properties, refurbishes them to a high quality and energy standard, and then leases them to homelessness charities and housing associations to allow families to move out of unsuitable and expensive temporary accommodation, such as B&Bs and hostels. Last year Better Society Capital commissioned Alma Economics to analyse the financial benefit created by Resonance's homelessness funds over their ten years of operation. Alma concluded that the funds had saved national and local government £140 million in spending, not only on temporary accommodation, but also costs relating to healthcare, mental health and criminal justice services. As the LGPS considers its mandate from the Labour government to allocate to "local" investments, investments that deliver on pension benefits while saving money for local councils seem like an area to focus on. #homelessness #impactinvesting #lgps #localgovernment #localgov Chris Cullen, CFA Developing Health & Independence Hannah Witty Paul Honeyben Louise Swinden Simon Chisholm Gemma Bourne Marie-Alix PRAT Impact Investing Institute https://lnkd.in/eWZxRzD8

The Greater Manchester Pension Fund’s (GMPF) annual assessment of the place-based impact of its local investment portfolio – a report commissioned by The Good Economy - was recently published, and it features Resonance’s National Homelessness Property Fund 2 (NHPF2) as one of its place-based impact investment case studies. Thanks to a £20m investment from GMPF, and partnering with three expert housing partners in the region, Salix Homes, Stockport Homes Group and Bolton at Home, the fund is able to house and support people who are, or at risk of, being homeless. Once housed, tenants can access specialist support services enabling them to gain the confidence and skills they need to live independently, progress towards securing employment and improve their overall wellbeing. Read our latest blog to discover how Resonance is tackling homelessness in Greater Manchester through place-based impact investing and our recent spotlight in GMPF’s recent report: https://ow.ly/nKa250U6JAW #PlaceBasedInvesting #ImpactInvesting #GreaterManchester #SocialImpact

Very good points raised. If the Canadians were starting out now (like the LGPS Pools) would they follow the same path with huge internal teams and global offices. No, they wouldn’t. It took those funds 30+ years to develop into what they are now. It also raises the intriguing question now that the Canadians are very fully invested in private market assets classes, some might even down weight, what will all the deal doers do at these funds? If no new money to deploy, how do you keep them? Sell assets to recycle the proceeds?? Politicisation has certainly happened in Alberta - but how does that benefit the ultimate beneficiaries whose interests should be protected at all costs??

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👍 Highly recommended and super interesting article from Juanita Gonzalez Uribe and Robyn Klingler-Vidra of The London School of Economics and Political Science (LSE). 📚 The authors argue the importance of improving UK pension funds' VC literacy. That while policy efforts such as the Mansion House Reforms and pooling of local funds are important parts of the puzzle, there ought to be greater focus on upskilling this group of investors to meet the demands of VC investing. 🎉 Which will in turn allow savers and the wider economy to reap the rewards. https://lnkd.in/eyEwstim #venturecapital #unlockingpensioncapital #fundraising #emergingmanagers

£30m investment will help 750 people out of temporary accommodation in Gloucestershire - Gloucestershire Pension Fund invests £30m into Resonance National Homelessness Property Fund 2 (NHPF2) - NHPF2 will buy circa 90 homes in Gloucestershire to house individuals and families who are currently living in unsuitable temporary accommodation - NHPF2 will lease the homes to Developing Health and Independence, who will provide wrap-around support to tenants. Resonance, one of the UK's leading social impact investors, has announced that Gloucestershire Pension Fund (GPF) has invested £30m into its National Homelessness Property Fund 2 (NHPF2). £20m of this investment will be invested directly into immediately buying and refurbishing around 90 properties in Gloucestershire, helping the region cut the number of households in unsuitable temporary accommodation. Known as homelessness property funds, the model operates by attracting capital from institutional investors, such as pension funds, to acquire properties, refurbish them to a high standard, improve their energy efficiency and lease them to expert housing partners, including homelessness charities and housing associations. Tenants are provided with stable, affordable accommodation in safe areas in the heart of local communities. They will also receive support with their health, wellbeing and in seeking employment and training opportunities. This support will be provided by Developing Health and Independence (DHI), who will lease the properties from the fund. https://lnkd.in/er3gvj59

Greater Manchester Pension Fund has invested £100m into a fund managed by Legal and General (L&G) to deliver affordable homes across North West England. The new regional vehicle is a structured extension to L&G’s flagship Affordable Housing Fund, launched in July 2024 to develop high quality, sustainable affordable housing nationally. https://lnkd.in/eEZxaH2Q

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