Gresham House Thriving Investments Residential Secure Income LP (ReSI LP) has reached over £400mn of total commitments. The new investment will deliver over 700 new affordable homes across the UK, including a local portfolio in Worcestershire and Herefordshire. This will help deliver high-quality, affordable housing for local residents, supporting long-term community growth and housing stability and aligns with the government’s agenda.
The latest commitment underscores a continued shift among local authority pension funds towards investments that offer long-term, inflation-linked income streams while addressing critical local social needs. ReSI LP has now secured capital from five LGPS, Devon, Gloucestershire, Staffordshire, Wiltshire and Worcestershire pension funds.
Launched in 2021, ReSI LP is an open-ended UK limited partnership focused on shared ownership housing. The fund’s dual mandate is focused on:
- Providing investors with secure inflation-linked long-term income; and
- Reducing lifetime housing costs for those on lower to middle incomes, such as young families and key workers, by making energy efficient homes affordable and accessible.
With a strong pipeline of opportunities and previous commitments funding over 2,300 affordable homes, the new funding will be invested at pace in the coming months to support the expansion of ReSI LP’s portfolio across England.
Ben Fry, fund manager, Gresham House Thriving Investments Residential Secure Income LP, said:
“This significant commitment from Worcestershire Pension Fund is a strong endorsement of our strategy and track record of delivery. With this capital we’ll deliver over 700 new affordable homes making a meaningful contribution to people and communities in Worcestershire, Herefordshire and across the country.
“We’re proud to have raised £400mn of socially focused capital into ReSI LP that’s directly addressing the UK’s affordable housing crisis and providing robust, inflation-linked income for pension funds. We’re excited to replicate this model with partners nationwide.”
Cllr Adrian Hardman, Chair of the Worcestershire Pension Fund Committee, said:
“Our investment into ReSI LP reflects our commitment to securing strong, long-term financial returns for our members while also supporting the development of affordable homes in Worcestershire and Herefordshire. The opportunity to direct a portion of our investment locally was particularly compelling, and we look forward to seeing the positive outcomes this will deliver for our communities. Gresham House has shown a proven ability to scale shared ownership housing effectively and responsibly, and we are pleased to be partnering with them on this important initiative.”