- Partnership will manage Gresham House ReSI LP, an institutionally backed shared ownership strategy, combining Thriving Investments’ origination, execution and development capabilities with Gresham House’s fund management and capital-raising track record
- Ben Fry appointed Affordable Housing Fund Director at Thriving Investments to lead its affordable housing strategy
Thriving Investments, the socially conscious fund manager which is part of the Places for People (PfP) group and is focused on the UK Living sector, has formed a partnership with Gresham House, the specialist alternative fund manager, to create a new UK-leading affordable housing fund management platform. The partnership will manage Gresham House Residential Secure Income LP, a UK shared ownership strategy, which will be renamed to reflect the partnership (“The Fund” or “ReSI LP”).
The Thriving Investments and Gresham House partnership creates a shared ownership platform of scale, with the combined resources and complementary skills of both companies enabling the best possible outcomes for investors and residents, whilst providing a strong pipeline for growth. The partnership aligns with Thriving Investments’ (and PfP’s) mission to increase the provision of affordable housing in the UK. The larger, enhanced offering, including an expanded investment team of 24 professionals*, will enable the Fund to capitalise on and support the new government’s call for institutional partners in housing delivery.
In addition, Ben Fry has been appointed to the newly created role of Affordable Housing Fund Director at Thriving Investments, effective immediately. In this new role, Ben will continue to advise ReSI LP, whilst supporting Thriving Investments’ broader expansion ambitions in the shared ownership and affordable rent sectors. At Gresham House, Ben was Fund Manager for ReSI LP, as well as Residential Secure Income plc, which he will continue to manage under a secondment agreement, alongside being the Managing Director of the two Registered Providers of Social Housing within these funds, ReSI Homes Limited and ReSI Housing Limited.
To date, the Fund has successfully deployed nearly £200 million, amassing a portfolio of 1,557 affordable homes across England, of which over 1,100 are operational. It currently has £120 million of capital to deploy and is actively fundraising, with a target to build a £1 billion+ shared ownership portfolio over the next five years, whilstexpanding the delivery of its customer and environmental charters which seek to drive customer service across the shared ownership sector.
The partnership will see seven employees from Gresham House join Thriving Investments ensuring continuity for stakeholders, whilst Thriving Investments CEO, Cath Webster, Finance Director, John Tatham, and Fund Manager, Jamie Younger, will join an expanded investment advisory committee. Gresham House will continue to provide all FCA regulatory functions, oversight, finance and reporting, client servicing and fundraising functions for the Fund. Thriving Investments will be responsible for managing the portfolio and sourcing and executing new acquisitions via its highly streamlined investment process and access to Places for People’s significant pipeline. There are no proposed changes to the existing For-Profit Registered Provider, ReSI Homes, or the membership of its board.
Cath Webster, Chief Executive Officer at Thriving Investments said: “UK Government targets have been set to solve this country’s housing problem. It will take innovation, new approaches and partnerships to get this country building to the scale required. 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. It combines Gresham House’s proven capital raising capabilities, and deep LGPS relationships in particular, with Thriving Investments’ core activity of fund deployment and consistent delivery of market outperformance and strong social impact.
“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. It also takes us past £1 billion of assets under advisory, which, following PfP’s acquisition of For-Profit Registered Provider Rosewood in March, is the latest step on our journey to become one of the UK’s leading providers of housing solutions across both rental and sale tenures and at attainable prices.
“Ben’s residential real estate experience, in both the private and listed markets, and across the capital stack, is almost unparalleled. Alongside ensuring continuity for the Fund, we look forward to leveraging his and the team’s enviable track record in, and deep relationships across, the UK housing and local government sectors.”
Anthony Dalwood, Chief Executive Officer at Gresham House said: “This significant partnership will create a best-in-class shared ownership platform for investors and unlock opportunities for continued investment and growth.
“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. Combining a Greater London Authority strategic partner in Gresham House, and a Homes England strategy partner in Places for People, provides the best possible opportunity set to deliver deployment in the Fund.
“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.”
