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Vengrove Launches Debut Social Housing Fund

Vengrove has launched VRE Social Housing Partners (VRESHP), a fund focussed on investing in and developing social housing across the UK. VRESHP will target £200m of acquisitions of which £40m has already been transacted.

VRESHP will create a sustainable and high-quality social housing platform focussed on temporary and homelessness accommodation, general needs/social rent, specialist supported as well as affordable rent, which will have a lasting positive impact on families and individuals most in need. The focus will be on aggregating a portfolio of social housing in regions where the demand is greatest and identified through collaboration with local authorities, charities and registered providers.

VRESHP will have a flexible approach and broad investment criteria including the ability to agree short leases instead of the traditional requirement of 20 years or more.

As well as being signatories to the United Nations Principles of Responsible Investment, Vengrove’s strategy is also aligned to the UN Sustainable Development Goals (SDGs) through contributing to the following; 1) Good Health & Wellbeing, 2) Reduced Inequalities and 3) Sustainable Cities & Communities. Vengrove will contribute 10% of any performance fee to select charitable organisations that focus on these three SDGs.

Ross Taylor, CEO, commented, “We are proud to launch this fund in a sector that is just in its institutional investment infancy. There is a well-documented housing crisis in the UK, with the rate of house building dramatically less than what it needs to be. Unfortunately, vulnerable residents are disproportionately affected by this so there is an impactful role for private capital to support the delivery of social housing and affordable stock. We have an ambitious vision for what we can achieve and are ready for the challenge of delivering it.”