UK social impact manager Resonance is seeking to raise £700m (€817m) to address homelessness in the UK and has secured initial investment from investors including Oxfordshire Pension Fund.
The Resonance Housing Pathways Fund (RHPF) is the firm’s first open-ended fund, having previously launched vehicles aimed at alleviating homelessness.
RHPF has reached a first close, securing £118m from investors, including Oxfordshire Pension Fund, Westminster City Council, City Bridge Foundation and Better Society Capital, many of which were investors in previous funds.
The new fund will be seeded with £100m worth of existing property from two established Resonance funds – the National Homelessness Property Fund 1 and Real Lettings Property Fund 2.
The existing properties are spread across Greater London, Bristol, Oxford and Milton Keynes, but Resonance plans to expand the portfolio across the UK.
Resonance hopes to raise £700m by the end of 2030 and has a long-term ambition to turn RHPF into one of the UK’s leading impact-focused residential property funds.
It has been structured as a Reserved Investor Fund, a new vehicle introduced by the UK government to make onshore investment by institutional investors into property and other illiquid assets more efficient.
Resonance said the fund is designed to connect institutional capital with the “urgent need for safe, settled, affordable housing” in the UK. At the same, it is projecting a net internal rate of return of approximately 6% per annum over a 10-15-year holding period, with income backed by government-linked local housing allowance rental streams.
Simon Chisholm, CEO of Resonance, said: “RHPF gives institutional investors a strong alignment between financial return and social purpose. It provides the structure and the scale to allow institutional investment to reach many more of the people who are in housing crisis, investing across the country but with local focus.
According to Resonance, its previous homelessness funds have housed 3,870 people to date, including 2,324 households, among them 965 children, during 2024 and 2025.
“Every property we acquire creates a safe, stable, affordable home for an individual or family in crisis, as a pathway out of temporary accommodation,” said Chisholm. “The need for this has never been greater. Over more than a decade, Resonance has pioneered and proven that this model works, and it is now capable of being scaled through institutional investment.”
Josh Brewer, responsible investment officer at Oxfordshire Pension Fund, said: “We are proud to invest in a fund that will make a real difference, both nationally and locally. This investment will increase the availability of affordable, settled housing in Oxfordshire, supporting individuals and families as they move on from homelessness towards long-term stability.
“Investing £10m into RHPF is consistent with the Oxfordshire Pension Fund’s fiduciary duty to deliver strong, long-term returns for our members, while also supporting positive outcomes locally.”
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