National Homelessness Property Fund


Last updated 12 May 2020, by Impactyield.

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Fund geography

Global (48)

The National Homelessness Property Fund (NHPF) makes investments in residential property in targeted locations around the United Kingdom in order to house individuals and families who are at risk of becoming homeless.

The Fund was launched by Resonance, in partnership with leading homelessness charity St. Mungo’s, to invest directly in residential property in targeted locations around the UK, excluding London, in order to house individuals and families who are at risk of becoming homeless.

INVESTMENT APPROACH – (1) Build institutional quality private rented sector portfolio with significant impact on homelessness, (2) Purchasing properties with C3 classification for exit valuation

STRATEGY – (1) Closed-ended real estate fund for institutional and HNW investors, (2) More diversified portfolio than traditional residential property fund due to single unit acquisition strategy, (3) Delivering commercial risk-adjusted return through yield and capital appreciation, backed by 5 year leases on all properties to Charity Partners (including St. Mungo’s)

RESIDENTIAL PROPERTY EXPERIENCE – (1) The award winning Real Lettings Property Fund in London has successfully built a portfolio of 260 properties around Greater London. (2) Winner of RESI “Newcomer of the Year” from Property Week and Winner of MIPIM “PRS Initiative of the Year” from Estates Gazette

Asset class


Fund style

Financial description

To build a residential property portfolio within the UK in order to provide a cash yield to investors of c 3% with a total IRR of c 6% over the 7 year life of the fund

8 years

of track record


the year funded

60,000,000 GBP


Asset manager



Headquarters location:

Other funds managed by this asset manager: Real Lettings Property Fund

SDG goals

SDG targets

Safe and affordable housing

Impact Category

Key performance indicators

Fund overview

Asset manager: Resonance

Product track record: Fund has 8 years of track record

Target IRR: 6%

Committed Capital: 30,000,000 GBP (Pound Sterling)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2015

Vintage year: 2015

Target region:

Target close date: 01/10/2016

Product term: 7 year fund

Assets under management: 60,000,000 GBP (Pound Sterling)

Investment size: Min: 160,000; Max: 160,000; Avg: 160,000

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 6

Fund investments to date exited or repaid: 0

Management fee: 1%

Carried interest: 5%

Hurdle rate: 5%%

GIIN Investors' Council Investment: No

Limited Partners / Investors: Big Society Capital, Bristol Council, Oxford Council, Milton Keynes Council

Limited Partner / Investor Type: Development Finance Institution (DFI), Endowments/Foundations, Family Office, Pension Funds, Other Institutional Investors, Retail Investors


E-mail: n.a.


Phone number: 7508910263.00

If you wish to have your details removed from this database please email

John Williams

Senior Investment Manager

Simon Chisholm

Investment Director

Impact Performance


Impact thesis

At its simplest, NHPF achieves impact by moving homeless people into properties, supporting them as they make the transition, and then enabling them to move-on to other stable homes. NHPF seeks to have a positive impact on the lives of individuals in three key areas:
• Improving housing opportunities
• Progressing towards work
• Improving resilience against homelessness
Measures for assessing progress in each of these areas were developed jointly by Resonance and St Mungo’s/Real Lettings from an early stage, based on the underlying motivations of the project, and have been the subject of ongoing discussions between the partners since then.

Impact Management


Financial benchmark

Term Description:


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