CBRE IM adds two new LGPS investors for its U.K. Affordable Housing Fund

CBRE Investment Management (CBRE IM) has secured two new LGPS investors — Tyne and Wear Pension Fund and Scottish Borders Council Pension Fund — for its U.K. Affordable Housing Fund (AHF).

The addition brings the total number of LGPS subscribers to nine, with 23 investors overall and total equity commitments of more than £500 million ($604 million).

AHF has invested institutional capital for the provision of affordable homes in some of the most deprived areas of the United Kingdom. The fund partners with The Good Economy (TGE) to implement a framework to measure and manage social impact, including wider ESG performance.

AHF was one of the first U.K. unlisted funds to bring institutional client capital into affordable housing to deliver social impact. The fund has a pipeline of £400 million ($483 million) of schemes, which are expected to provide more than 2,098 homes for more than 5,600 people.

“AHF offers investors the opportunity to access an at