Socially conscious fund manager Thriving Investments has secured a further £100m of equity from Universities Superannuation Scheme (USS) for its flagship private rented sector (PRS) strategy Picture Living.
This latest commitment will support Thriving Investments’ ambition to grow the Picture Living portfolio to more than 2,000 homes by the end of 2024.
Jamie Younger, fund manager for Picture Living, said: “This commitment extends our partnership with one of the UK’s largest pension schemes and reinforces our strategy to date as a differentiated fund manager with a social conscience, delivering much needed single-and-multi-family home-led communities across the UK.
“Solving the UK’s rental crisis has become an issue of national importance, and one where it has become increasingly apparent that the solution to delivering homes at the scale and pace required lies with institutional capital and fund managers. Our focus now is to deploy the capital into new opportunities, leveraging our strong housebuilder relationships to grow the portfolio to over 2,000 homes.”
Alex Turner, head of property at USS, added: “We continue to increase our exposure to asset types which provide resilient and stable cash flows that align with the long-term pension promises we make to our members, plus benefit from strong macro tailwinds in the sector. Picture Living complements our other investments in the Living sector including PBSA, equity release, shared ownership and residential development lending.”
