Schroders Capital and Civitas Investment Management have hit a £192m third and final close for their UK-focused Social Supported Housing Fund.
The pair said they hope the fund’s social impact strategy will help alleviate a pressing social issue in the UK by contributing exclusively to the supply of newly built social supported housing, to ease the considerable shortfall in the provision of these properties.
The strategy will forward-fund the development of new specialist supported housing units in the UK, purpose-built to provide safe, lifelong homes for adults with significant physical and mental health conditions.
LPs committed to the fund include public and private pension funds, insurance companies, charitable foundations and family offices located in the UK, US and Singapore.
Schroders Capital has been investing in UK real estate for over 50 years, while £2.5bn impact investor CIM is exclusively devoted to social impact projects.
Robin Hubbard, head of real estate capital at Schroders, said, “We are delighted to have raised almost £200m for Schroders’ first social impact real estate development strategy.
“This follows on from the successful IPO of the Schroder BSC Social Impact Trust PLC in the public market at the end of last year.
“With leverage the Fund will have over £300m of capital to invest of which more than £150m is already invested or committed to projects.”
Andrew Dawber, group director at CIM, added, “This final closing is a major milestone for CIM’s partnership with Schroders.
“SoHo’s prime objective is creating new specialist property supply for some of the most vulnerable individuals in society and with 11 schemes already operational and another 50 in the pipeline, the fund looks set to generate genuine ‘additionality’, alongside an attractive risk-adjusted return.”
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