UK local authority pension funds Tyne and Wear Pension Fund and Scottish Borders Council Pension Fund have backed CBRE Investment Management鈥檚 UK affordable housing fund.
CBRE IM said the additional capital from the duo of local government pension schemes (LGPS) takes the UK Affordable Housing Fund鈥檚 (AHF) total equity commitments of over 拢500m (鈧�567m).
AHF鈥檚 backers now comprise 23 investors, nine of which are LGPS, the manager said.
The fund 鈥� which invests in social and affordable rented housing and affordable-ownership properties 鈥� has a pipeline of 拢400m of schemes both in development and completed, CBRE IM said.
Andrew Davey, the head of liability aware strategies UK and fund manager for AHF at CBRE Investment Management, said: 鈥淎HF offers investors the opportunity to access an attractive risk-adjusted return whilst achieving their impact goals.
鈥淚ndependently audited performance against the funds impact objectives is critical and provides the bedrock of our investment process. Transparency and proven track record of performance against this framework for our investors has been key to the funds鈥� success thus far.鈥�
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