The 拢82bn (鈧�96bn) Universities Superannuation Scheme (USS) has made a strategic investment in UK property lender Pluto Finance.
Pluto Finance said the pension scheme for universities and other higher education institutions in the UK, has made a 鈥渟ignificant minority investment鈥� in the company to enable a major expansion of the business.
In addition, USS has committed 拢75m as a cornerstone investor alongside Pluto鈥檚 sixth development lending vehicle, which is targeting a 拢300m capital raise. The new commitment will supplement the existing 拢840m of institutional capital currently supporting Pluto鈥檚 lending activities.
Pluto closed its first real estate debt vehicle in 2011 and since then has lent over 拢2bn across more than 200 real estate loans.
Justin Faiz, co-founder of Pluto Finance, said: 鈥淲e are delighted to be working with USS. With its size, long-term perspective and commitment to the UK, USS is the perfect partner to help Pluto with its next phase of growth to become the leading one-stop shop for all types of UK property finance.
鈥淚ts support will allow us to expand our team and move into adjacent lending strategies, whilst maintaining the quick turnaround and flexibility that our borrowers have come to expect from Pluto.鈥�
Eamon Ray, senior investment director, private markets group at USS Investment Management, said: 鈥淯SS is delighted to have established this strategic partnership with Pluto, highlighting our commitment to long-term investment in the UK particularly in critical sectors such as residential housing.
鈥淭he UK faces a chronic housing shortage and the sector requires long-term sustainable capital to meet national targets. We believe our partnership with a leading specialist in this sector will help bridge this gap in provision whilst providing our members with attractive returns to fund their pensions.鈥�
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