A number of investors, including Big Society Capital, the Greater Manchester Combined Authority and the Church of England’s social impact investing scheme, have backed a fund run by the UK social housing investment manager , Social and Sustainable Capital (SASC).

SASC said it has raised an initial £35m (€35m) for Social and Sustainable Housing II (SASH II), a newly launched fund aiming to raise £125m.

SASC said initial investors in SASH II also included the Scottish National Investment Bank, Ceniarth and Ogelsby Charitable Trust, adding that it was already working on a second closing which is expected to include both new and existing SASH investors.

The Church of England’s social impact investing program said it had committed £2million to SASH II. Details of contributions from other investors are currently unknown.

Vanessa Morphet, Head of the Church of England’s Social Impact Investing Programme, said: “Our investment in SASH II will help social housing charities own their properties, enabling them to provide the right combination of safe and stable housing and support services for vulnerable people. people, and to invest in the sustainability and energy efficiency of these properties over time.

“There is clear alignment with the mission and social and environmental goals of the Church’s program.”

SASH II, SASC’s second housing fund, will allow the manager to continue providing loans to social landlords by helping more than 30 organizations purchase 1,000 properties.

The first fund, launched in 2019has allocated £64.5m to 20 organisations, SASC said.

Ben Rick, Co-Founder and CEO of SASC, said, “SASH was co-designed with social landlords and is an investment structure that has significant appeal for borrowers and investors.

“We are delighted with the success of the first fund and the pipeline of opportunities that led to the launch of the second fund.”

Susan Campbell, Chief Investment Officer at Scottish National Investment Bank, said: “The bank’s fundamental investment in SASH II aligns with our mission to invest in places and regeneration, reduce inequality and improve outcomes for people and communities.

“Several Scottish social housing organizations have already benefited from social investments from SASH, and this follow-on fund will enable more organizations across Scotland to provide accommodation for more people in need of care. ‘assistance.”

Stephen Muers, CEO of Big Society Capital, said: “We have been investing in SASC funds since 2014 and our support of SASH II underscores their role as a leading manager in the social investment industry. We invest in structures like these because they can offer investors the opportunity to create attractive risk-adjusted returns in an inflationary environment, a clear exit path and lasting impact.

Zamo Capital, an organization that invests in and alongside general partners, made its first investment in SASC in 2020.

Jim Roth, Founder and Managing Partner of Zamo Capital, said: “We have identified an opportunity to invest in SASC so they can grow their social housing lending structure.

“The launch of the second fund in the series demonstrates just how much has been accomplished. We look forward to providing the additional support that will enable them to build on this success in the years to come. »

Shaun Needham, CEO of Target Housing, one of SASH’s largest borrowers, said: “Owning provides total flexibility and Target has become much more resilient as a result. We are able to deal with problems on a much larger scale than ever before, as the loan allows us to expand our housing supply. »

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