2011 ST MUNGO'S
Resonance is an impact property fund manager, providing life changing homes and solutions for people facing crisis. We launched our first homelessness property fund in 2013, and we now have seven property funds, serving three main tenant groups – homelessness, vulnerable women and individuals with learning disabilities. These funds have enabled us to focus on one of the largest societal issues in the UK today where over 100,000 individuals and families find themselves in temporary accommodation.
In our Twenty Years of Impact book, published as part of our twentieth anniversary celebrations this year, Tim Gadd from St Mungo’s recalls the first meeting that took place in 2011, which set the fuse that led to the development of the first Real Lettings Property Fund, which was launched in 2013.
Scepticism met creative thinking
A little over ten years ago as a Board member of Broadway (Broadway and St Mungo’s merged in 2014) I was asked by Howard Sinclair our then CEO to meet with Daniel Brewer from Resonance, who had a plan to raise £30M for move-on properties.
Despite my natural scepticism I went to the meeting (Broadway did not have a strong balance sheet). What struck me at this first meeting was Daniel’s creativity in thinking through how to use social impact investment to tackle the serious societal challenge of homelessness.
Over the next few years and after many more meetings, this initial impression turned into reality as Resonance raised £250m from its investors, across three funds, resulting in 823 properties being leased and 2,821 homeless people being housed.
Shared vision
One of the key ingredients of the ongoing good working relationship between St Mungo’s and Resonance has been the shared vision and passion to end homelessness.
My personal view is that if as society we are to continue to make significant progress towards eliminating homelessness in the current turbulent times, where public funds are exceedingly stretched, there is vital need for impact investing to fund good quality housing.
On behalf of St Mungo’s and the people who we support, a really BIG THANK YOU to Daniel and the whole Resonance team…you are making a difference.
Good luck
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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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