The Resonance Real Lettings Property Fund² (RLPF²) has received a substantial investment from Guy’s and St Thomas’ Charity, the largest place-based health foundation in the UK, as part of its commitment to achieving positive health impact in the UK alongside investment return.
The Resonance Fund, managed by social impact investment company Resonance, was launched in 2017 and has now over £80m of funds under management following this investment. The Fund buys one and two bedroom homes in Greater London, refurbishing them to a high standard, and subsequently leasing them to leading homelessness charity St. Mungo’s, who let these properties to individuals and families at risk of homelessness.
The commitment is part of the Charity’s initiative to invest some of its £800m endowment in funds that aim to have a positive effect on health in the UK, complementing its charitable activity.
David Renton, Director of Finance and Investment at Guy’s and St Thomas’ Charity, commented on the move: “We are delighted to be an investor with one of the UK’s leading impact investment managers and their partner, St Mungo’s. This is our second impact fund investment which seeks positive impact as well as investment return. Providing suitable and stable accommodation to vulnerable adults and children, and enabling people to build resilience against homelessness, addresses the current challenges of a key determinant of health. By supporting funds like the RLPF², we feel that we can improve the health and wellbeing of some of the most vulnerable groups in society.”
John Williams, Investment Director at Resonance, said: “It’s a great honour to be one of Guy’s and St Thomas’ Charity first impact investments. They are committed to addressing key health issues which are largely impacted by inequality so this is an opportunity to help reduce the growing social issue that is homelessness and drive positive health impact.
Our Homelessness Property Funds, which are unique in the UK, are going from strength to strength. The three Funds combined now total circa £200m under management, from a range of institutional, individual and foundation investors. Investors are not only attracted by the social impact, but also by the potential of a commercial risk-adjusted return.
The Funds have so far helped house over 1,200 individuals and families, who were at risk of homelessness. This investment from Guy’s and St Thomas’ Charity will allow us to help home even more individuals and families, who currently face an uncertain future. The Fund remains open for investment.”
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Resonance Limited is a company registered in England and Wales no. 04418625
Resonance Impact Investment Limited, a subsidiary of Resonance Limited, is authorized and regulated by the Financial Conduct Authority (FCA). Firm number 588462.
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