Five UK pension funds back Hearthstone’s residential fund

The UK pension funds’ commitments have helped Hearthstone’s residential fund reach its halfway fundraising mark at first close.

Five UK local authority pension funds, including the West Midlands Pension Fund, Nottinghamshire Pension Fund, Staffordshire County Council Pension Fund, Derbyshire County Council Pension Fund, and Teesside Pension Fund, have become the cornerstone investors in the Hearthstone Residential Fund 1. The investors have committed £100 million in total to the vehicle.

This is Hearthstone Investments’ first private rented sector (PRS) fund with a target to achieve a final close at £200 million in November 2018.

The ten-year vehicle will focus on investing in low-rise apartment blocks in areas of good rental demand.