Thriving Investments, a socially conscious fund manager that is part of leading U.K. social enterprise Places for People (PfP) Group, has secured an initial £30 million (€36 million/$39 million) of equity commitments from Greater Manchester Pension Fund (GMPF), Better Society Capital (BSC) and Places for People Group, for its newly formed New Avenue Living Greater Manchester Housing Fund. With the Greater Manchester Combined Authority (GMCA) providing an initial £10 million (€12 million/$13 million) loan, the fund structure provides a blueprint for how public and private capital can work together to deliver place-based impact projects across the United Kingdom.
The fund has a mandate to deliver high-quality, sustainable, affordable homes for rent in the Greater Manchester area, outside typical grant-funded/S106 stock. These homes will be let to essential workers at a discount, capped at a maximum rental level of 80 percent to open market rents, enabling them to access q
