London CIV, the LGPS investment pool that exclusively serves the UK capital’s 32 Local Government Pension Schemes, and The Church of England have made a combined £104m anchor commitment into Man Group’s Man RI Community Housing Fund 3 LP (“Man CoHo 3”).
This was the first close of Man CoHo 3, which was led by London CIV and the Church of England’s Social Impact Investment Programme after a robust due diligence process. The initial capital invested by the anchor investors in Man CoHo 3 is expected to help enable more than 350 energy efficient, affordable family homes to be built in areas of constrained affordability across the UK, and is the first step towards an initial capital raise of £300m, funding the delivery of 1,000 homes over the next few years.
The LCIV UK Housing Fund was launched by London CIV in March 2023 to enable its 32 partner funds (all London boroughs and the City of London) to invest in the attractive characteristics underpinned by affordable housing, including income that typically tracks inflation, high occupancy, low void rates, and low correlation compared to other real estate sectors. This latest investment in affordable housing is the fifth since the LCIV UK Housing Fund was launched in March 2023.
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