Fund manager Thriving Investments and specialist alternative fund manager Gresham House have partnered to establish a UK affordable housing fund management platform.
This collaboration will manage Gresham House Residential Secure Income, a UK shared ownership strategy, which will be rebranded as ReSi LP to reflect the partnership.
The partnership aims to deliver optimal outcomes for both investors and residents, aligning with Thriving Investments' (and parent company’s Places for People) mission to expand affordable housing options in the UK. The combined platform, featuring an expanded investment team of 24 professionals, is well-positioned to capitalize on the government's call for institutional partnerships in housing delivery.
Ben Fry has been appointed as Affordable Housing Fund director at Thriving Investments, continuing his advisory role for ReSI LP while supporting Thriving Investments' wider expansion within the shared ownership and affordable rent sectors.
He will also maintain his responsibilities as Fund Manager for ReSI LP and Residential Secure Income, under a secondment agreement. Fry will continue as managing director of the two Registered Providers of Social Housing within these funds, ReSI Homes Limited and ReSI Housing Limited.
Cath Webster, CEO at Thriving Investments said: ‘This transformative partnership not only highlights the role private investment can bring into the sector, but delivers immediate opportunities to scale across the property, asset management and regulatory markets. The partnership will enable us to accelerate our ambitions in the shared ownership and affordable rental housing sectors, which are increasingly attractive to investors for their combination of stable income streams blended with capital growth, as part of our commitment to delivering high-quality, socially conscious communities.’
Anthony Dalwood, CEO at Gresham House added: ‘Combining our expertise will accelerate essential investment in affordable, high-quality, energy efficient housing to support the Government’s commitment to tackling the UK’s housing crisis. The scale of the UK’s housing challenge clearly cannot be met by the public sector alone, and long-term, patient private capital can make a tangible difference to the overall supply of UK housing while providing social and environment benefits to residents, the local community and wider economy.’
Ben Fry, Affordable Housing Fund director, added: ‘Delivering meaningful social impact investment opportunities for investors in the housing sector has underpinned much of my career and fully aligns with Thriving Investments’ strategy. I look forward to leveraging my experience at Gresham House and that of the Thriving Investments team to accelerate the Fund’s growth, whilst delivering value for clients within what is arguably the sector’s only vertically integrated, social impact fund management platform.’
The partnership will involve the transfer of seven Gresham House employees to Thriving Investments, ensuring a smooth transition for stakeholders. Cath Webster (CEO), John Tatham (finance director), and Jamie Younger (fund manager) from Thriving Investments will join an expanded investment advisory committee.
The Fund has invested nearly £200 mln (€238 mln), creating a portfolio of 1,557 affordable homes across England, with over 1,100 already operational. With £120 mln (€143 mln) of capital ready for deployment and active fundraising efforts underway, the Fund aims to build a shared ownership portfolio exceeding £1 bn (€1.2 bn) within the next five years.
