Hearthstone Investment Management raises £200m

The UK-based institutional investment manager closes residential fund above target.

Hearthstone Investment Management has held a final close for Hearthstone Residential Fund I just above its £200 million ($261 million; €230 million) target. The fund invests in the private rented sector across the United Kingdom, in areas including the Midlands, the North West, the North East, Southern England, and Wales.

A first close was previously held at £100 million in December 2017 with backing from the Derbyshire Pension Fund, Nottinghamshire Pension Fund, Staffordshire Pension Fund, Teesside Pension Fund and the West Midlands Pension Fund. The Merseyside Pension Fund and the Tyne and Wear Pension Fund bring the total number of investors to seven.