The Greater Manchester Pension Fund (GMPF) has committed £100 million ($122.3 million) to L&G Affordable Housing Fund, a program of Legal & General Investment Management (LGIM). This information was confirmed on Jan. 23, according to GMPF’s investment newsletter.
L&G Affordable Housing Fund is a closed-end fund that will hold more than 750 homes with a focus on affordable rent, with the remainder of the homes being shared ownership and social rented homes in the United Kingdom. A fundraising goal has not been determined for this fund.
GMPF is a public pension fund for the 10 local authorities in Greater Manchester. As of December 2023, it had £29.5 billion ($35.8 billion) in total assets under management.