Hearthstone Investment Management has raised 拢97m (鈧�106m) for the first close of its second UK residential fund, drawing commitments from three UK local government pension scheme funds.
Lincolnshire Pension Fund, South Yorkshire Pensions Authority and Tyne & Wear Pension Fund all committed to Hearthstone Residential Fund 2 (HRF2), a 10-year closed-ended fund seeking to raise 拢300m to invest in the UK private rented sector.
Jo Ray, head of pensions at Lincolnshire Pension Fund, said: 鈥淲e were keen to invest in the residential sector, and in particular into a strategy involving houses and small block of flats. We were greatly impressed with Hearthstone鈥檚 track record and approach.鈥�
Hearthstone raised 拢200m for its first residential fund, which is now fully committed with almost 1,000 residential units throughout the UK. Seven UK local authority pension funds, including Tyne & Wear, are investors in HRF1.
Richard Otten, head of asset management at Hearthstone, said: 鈥淲e are delighted that institutional investors continue to have confidence in the residential sector and in our ability to source and secure high-quality residential assets.
鈥淲e have built up a strong track record of partnering with leading housebuilders to deliver the types of homes people want, at rents they can afford, and in the places they need them.鈥�
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