In brief: M&G invests to tackle Ireland’s housing shortage

M&G’s £5bn Catalyst fund launched in February 2021 to invest in ‘innovation and impact’.

UK-headquartered asset manager M&G will provide funding to develop 10,000 homes in Ireland to tackle the country’s housing shortage.

M&G is deploying capital from its £5 billion ($6.9 billion; €5.85 billion) Catalyst fund into Irish debt provider Ardcairn Capital. The investment will provide the financing to small and medium sized developers constructing affordable and social housing projects and homes for first-time buyers, M&G said in a statement. It declined to comment on how much capital it was investing.

Catalyst’s investment strategy “flexibly encompasses ESG risk management through to positive impact for vulnerable groups”. Catalyst was launched in February 2021 with a £5 billion commitment from M&G’s £136 billion for-profit fund, which invests on behalf of pension, savings and insurance policyholders from M&G’s subsidiary Prudential.

Read more: M&G: Focus on private debt to deliver impact