London CIV has committed £100 million ($122 million) to L&G Affordable Housing Fund managed by Legal & General, following its second close, according to a news release.
ACCESS Pool, Essex, England, also made a £20 million follow-on commitment in addition to a previous allocation in 2024.
London CIV is the investment pool for London-based local government pension schemes with combined assets of £51 billion as of March 31. ACCESS Pool is an LGPS covering southern and central England.
The funds raised to date are expected to go toward building about 3,500 to 4,000 homes. L&G has seeded the fund with funding for a portfolio of 514 homes, and has exchanged contracts on three funding opportunities for more affordable housing development. With the current pipeline, the fund expects to have more than 1,000 homes either operational or under construction by the second quarter.
The fund’s assets are developed and operated by Legal & General Affordable Homes. LGAH has invested £1 billion in affordable housing, and more than 8,000 homes are in operation or development since the business was established in 2018.
