Impact Real Estate – Social Housing

UK Endowment | 2021

Engagement at a glance

Real Estate – Social Housing

The client, a UK endowment, was looking to allocate GBP 20 million to Impact Real Estate, focusing on affordable housing. Although the client indicated a minimum return requirement of 8% per annum, its management team wanted to consider the full landscape of options.

Client-specific concerns

The investor was looking for a strategy that would generate meaningful social impact without forgoing any financial return. This investor was comfortable investing in start-up managers and funds—and was willing to help shape the strategy if appropriate.


  • Providing sub-strategy insight: the bfinance team worked with the client to evaluate the range of options available within the residential sector; topics included shared ownership, keyworker housing, homeless centres, supported living, care homes, etc.

  • Analysing ESG and impact approaches: bfinance conducted in-depth analysis of various approaches to impact measurement and ESG processes, including the use of the Impact Management Project (IMP) framework.

  • Providing full risk assessment: using quantitative modelling and analysis, the team provided systematic comparison of managers with regard to their ‘impact’ and investment risk.

  • Delivering market expertise: in providing analytical resources to this highly experienced investor, bfinance was able to augment and expand the client’s own knowledge base.

  • Offering a flexible search process: bfinance fast-tracked the evaluation of one fund that had a near-term final close date; three additional managers were shortlisted for consideration. The client selected one manager, with the understanding that it might opt to choose a second in six months.

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