Two U.K. local authority pension funds committed an undisclosed amount to an affordable housing strategy managed by Cheyne Capital Management.
Greater Manchester Pension Fund and South Yorkshire Pension Fund, Barnsley, England, are investing in Cheyne Impact Real Estate, which specializes in building high-quality housing, including for low-income residents and essential workers.
"It's a pleasure to have invested our members' capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the U.K. to those who need it the most in the current difficult economic climate," said George Graham, director of South Yorkshire Pensions Authority, which manages the assets of £10.5 billion ($13.7 billion) South Yorkshire Pension Fund, in a news release Monday. "As an authority, we are committed to place-based impact investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the U.K., while making the returns we need to pay our members' pensions."
Gerald Cooney, chairman of the £27 billion Greater Manchester Pension Fund, added in the news release: "Our impact portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return.
