Ocorian appointed administrator for Man GPM community housing fund
Ocorian has been appointed administrator of Man GPM RI Community Housing Fund 1 Limited Partnership which has completed its first close.
The Man GPM RI Community Housing Fund has raised an undisclosed amount at its first close with commitments from investors including Homes England, the Swansea and Strathclyde LGPS, Big Society Capital and the Schroder BSC Social Impact Trust.
The fund seeks to achieve the dual objective of providing both financial returns alongside well defined social and environmental outcomes by accelerating the provision of new affordable homes in the United Kingdom. To date, the fund has committed to 363 new homes in England, with a target of 3,500 homes by 2026.
Kevin Smith, Head of Listed and Alternative Funds for Ocorian in Guernsey, says: “We are pleased to partner with the Man GPM team on this Guernsey Private Investment Fund structure and contribute towards such a worthy and sustainable investment objective.”
The fund will be marketed for a further 15 months or until capacity is reached.