Cheyne bags commitments from two LGPS for impact real estate strategy

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have invested in the platform, which builds housing for low-income and key worker residents.

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have become the latest local government pension schemes (LGPS) to commit to Cheyne Capital’s impact real estate strategy, according to a press release from the London manager.

A private markets firm with with approximately $10 billion in assets under management, Cheyne’s Impact Real Estate Trust was launched in April 2020. The strategy focuses on building residential property, some of which is made available to low-income and key worker residents. The fund has an evergreen structure and therefore has no fundraising target, a Cheyne spokesperson told New Private Markets. It is classified under Article 9 of the SFDR, and has a mandate to invest across the UK.

The two new investors join the London Borough of Newham as LGPS investors to have backed the strategy. Cheyne declined to comment on the size of latest commitments.

The Greater Manchester scheme has shown itself a ready investor in impact real estate strategies in recent years. Previous commitments include £10 million to Resonance’s National Homelessness Property 2 Fund, and a commitment to Bridges Property Alternatives Fund IV, per NPM data.

South Yorkshire Pensions Authority has also committed to the Bridges fund, as well as a number of Bridges’ other products.

“As an Authority we are committed to place-based impact investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions,” SYPA director George Graham said.