London CIV (LCIV), the LGPS investment pool for London Local Government Pension Schemes (LGPS), has made a £100 million ($124.8 million) investment commitment into Legal and General’s Affordable Housing Fund. This latest move has brought the London LGPS community's total allocated pooled investments in affordable housing (through the LCIV U.K. Housing Fund) to £470 million ($586.7 million) — less than two years since the fund was launched in March 2023.
With this latest support from London CIV, Legal & General has raised £510 million ($636.6 million) for its affordable housing investment strategy as part of the second close of its Affordable Housing Fund. Other new investors include social impact investor Better Society Capital, which also invests in other affordable housing funds alongside London CIV.
L&G’s Affordable Housing Fund is already seeded with a portfolio of 514 homes and is actively deploying capital that is expected to deliver over 1,000 h