Multi-fund private equity platform AND Capital Ventures has agreed a deal with Forshaw Land & Property Group to form a new closed-ended fund focused on residential development and investment across the North of England worth up to £185m.
The proposed vehicle will combine AND Capital’s institutional capital formation and fund structuring expertise with Forshaw’s vertically integrated development platform, spanning site sourcing, development management, construction, lettings and property management.
The vehicle will target residential-led development, build-to-sell, private rented sector and selected mixed-use opportunities.
Teruel Carrasco, CEO of AND Capital Ventures, said: “Manchester is having a moment. This is a city that now behaves like a capital city in its own right and the capital markets are responding. We’re seeing sustained institutional demand, a regeneration pipeline measured in the billions and a genuinely deep talent and development ecosystem. That is exactly the kind of moment that draws private equity groups like ours to want to invest here – and to want to invest in great, proven local operators like Forshaw.
“When you combine housing undersupply, a regeneration pipeline in the tens of billions and a city that institutions are actively rotating capital into, you have the ingredients for a compelling long-term investment thesis. We wanted a local partner with a proven track record to execute against that thesis – not just capital looking for a home.”
Lyndon Forshaw, CEO of Forshaw Land & Property Group, added: “This partnership with AND Capital represents a transformational moment for our business. We have built a strong track record as an SME developer, but access to funding remains one of the biggest challenges facing businesses in our sector.
“With AND Capital’s support, we will be able to significantly increase both the scale and number of projects we deliver, while expanding into new asset classes. From growing our hotel portfolio to delivering more family housing and larger high-rise developments, this partnership provides the platform for our next phase of growth. We believe this is the beginning of something genuinely significant.”
David Chung, head of capital formation at AND Capital Ventures, said: “Forshaw has spent nearly 20 years building the kind of track record that institutional capital wants to underwrite. Pairing that operating discipline with a dedicated institutional capital vehicle gives us a genuine competitive edge in one of the most sought-after regional markets in Europe.”
