We are thrilled to have supported the launch of a new UK homelessness property fund, the National Homelessness Property Fund 2 (the "Fund"), as trustee.

The Fund is being launched by leading UK social impact investment manager, Resonance to help meet increasing housing demand of those who are homeless or at risk of homelessness. The fund is partnering with Let Us, a group of registered housing providers in Greater Manchester and has already secured £20 million in investment from the Greater Manchester Pension Fund, Greater Manchester Combined Authority and Big Society Capital, the UK's leading social impact investor. 

The Fund has a target size of £50-£100 million in investment from institutional, pension fund, foundations and professional investors, who will be attracted by Resonance's track record, the potential financial return from rent and capital appreciation but also the strong focus on achieving substantial positive social impact, by helping to reduce homelessness. The fund works by acquiring properties and leasing them to the housing sector and homelessness charities to provide individuals and families at risk of homelessness with a settled home. 

The fund will initially focus on purchasing affordable homes in the Greater Manchester and North West region and will expand nationally, with the aim of providing around 870 affordable homes across the UK. 

Commenting on the ambitions for the fund, Resonance's Chief Investment Officer, Simon Chisholm said: "With homelessness on the rise the need for safe, decent and affordable housing is high; in Greater Manchester alone over 80,000 people are on social housing waiting lists. Building on the success of our previous homelessness property funds Resonance is proud to launch our next social impact property fund, the National Homelessness Property Fund 2 which will initially focus on purchasing affordable homes across the North West. We are delighted that our first partnership is with Greater Manchester's ethical lettings agent Let Us and that our initial investors include our first pension fund investor, Greater Manchester Pension Fund, alongside repeat investors Big Society Capital and Greater Manchester Combined Authority. This will enable the fund to begin investing into good residential property and make a real difference to people's lives, whilst adding new institutional investors in due course"

On Ocorian's support, he added: "We are delighted to appoint Ocorian as trustee for the Fund. Their continued support will be invaluable in delivering an appropriate investment vehicle for tax exempt investors like pension funds, as the fund looks to deliver both good, long-term financial returns and respond to the urgent issue of homelessness."