Social and Sustainable Capital (SASC) has launched a new fund, the Social and Sustainable Housing LP, co-designed with charities to ensure demand for investment, and SASC is 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 which provided the capital for SASC’s two initial funds in 2014. In addition to SASC’s original investors, the fund has attracted investment from Barrow Cadbury Trust, Garfield Weston Foundation, CCLA Investment Management, The Esmée Fairbairn Foundation, Tudor Trust, City Bridge Trust, University of Edinburgh, Power to Change, Trust for London, and Adlib Foundation.
“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,”said 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.”