Resonance opens £700M homelessness housing fund with £118M first close
UK social impact property manager Resonance has launched the Resonance Housing Pathways Fund (RHPF), reaching a first close of £118 million. It targets £700 million in assets under management by the end of 2030.
The open-ended fund — Resonance's first — buys UK residential property to house people experiencing or at risk of homelessness. It aims for a net internal rate of return of about 6% a year over a 10–15 year hold, with income backed by government-linked Local Housing Allowance rents.
First-close investors include the Oxfordshire Pension Fund, Westminster City Council, City Bridge Foundation, Better Society Capital, and further local authorities and a strategic authority. Many are re-investing from earlier Resonance funds.
Over 164,000 households are stuck in temporary accommodation across the UK, an estimated £40 billion capital gap for settled housing. "The need for this has never been greater," said chief investment officer Simon Chisholm.
RHPF will initially be seeded with over £100 million of existing property from two established Resonance funds — the National Homelessness Property Fund 1 and Real Lettings Property Fund 2 — covering Greater London, Bristol, Oxford, and Milton Keynes.
The fund is structured as a Reserved Investor Fund, a UK-domiciled, tax-efficient vehicle built to draw pension and insurance capital into social housing. Resonance says its model has housed 3,870 people to date; the bet now is whether institutional money can scale it.
Read more: Cherry PLC
Image credit: Images George Rex
