Shared ownership fund to build 700 affordable homes as commitments top £400m

Ben Fry, fund manager at ReSI LP, said: “This significant commitment from Worcestershire Pension Fund is a strong endorsement of our strategy and track record of delivery.

“With this capital we’ll deliver over 700 new affordable homes, making a meaningful contribution to people and communities in Worcestershire, Herefordshire and across the country.  

“We’re proud to have raised £400m of socially focused capital into ReSI LP that’s directly addressing the UK’s affordable housing crisis and providing robust, inflation-linked income for pension funds.

“We’re excited to replicate this model with partners nationwide.”

Adrian Hardman, chair of the Worcestershire Pension Fund Committee, said: “Our investment into ReSI LP reflects our commitment to securing strong, long-term financial returns for our members while also supporting the development of affordable homes in Worcestershire and Herefordshire.

“The opportunity to direct a portion of our investment locally was particularly compelling, and we look forward to seeing the positive outcomes this will deliver for our communities.

“Gresham House has shown a proven ability to scale shared ownership housing effectively and responsibly, and we are pleased to be partnering with them on this important initiative.”

The shared ownership fund, originally set up by asset management giant Gresham House in 2021, joined up with Places for People-owned investment company Thriving Investments last year.

Since then it has made a £53m commitment to forward fund shared ownership homes and secured £125m from council pension schemes in Gloucestershire and Devon to go towards more than 1,000 new affordable homes.

Pension funds in Staffordshire and Wiltshire have also given the fund capital.