Resonance Launches £700m Housing Fund Aimed at Tackling Homelessness and Delivering Long-Term Institutional Returns

30 July 2026

Resonance launches the Resonance Housing Pathways Fund (RHPF), combining measurable social impact with long-term financial performance
The Fund has achieved a first close of £118m and is targeting Assets Under Management of £700 million by the end of 2030
With the ambition to deliver c.6% net IRR, RHPF seeks to deliver a long-term, risk-adjusted return on UK residential property, attracting institutional capital into housing solutions for people experiencing or at risk of homelessness
The Fund is structured as a Reserved Investor Fund (RIF), offering a streamlined, tax-efficient, UK-domiciled vehicle for institutional investors

Resonance, one of the UK’s leading social impact property fund managers, today announces the launch of the Resonance Housing Pathways Fund (RHPF), its first open-ended residential property fund. The Fund has achieved a first close of £118m from investors including Local Authorities, Foundations and a Local Government Pension Scheme, many re-investing from previous funds. It has a target of raising £700m by the end of 2030, with a long-term ambition to build the fund into one of the UK’s leading impact-focused residential property funds.

The Fund is designed to connect institutional capital, particularly Local Government Pension Schemes (LGPS) and other long-term investors including, insurance companies pension funds, Local Authorities and foundations, with the urgent need for safe, settled, affordable housing for people facing housing crisis. It aims to deliver a long-term, risk-adjusted return on UK residential property with a projected net IRR of approximately 6% per annum over a 10–15 year hold period, with income backed by government-linked Local Housing Allowance (LHA) rental streams.

The launch comes against the backdrop of a deepening homelessness crisis. The latest figures1 show over 164,000 households are stuck in temporary accommodation across the UK, representing an estimated capital need of approximately £40 billion to provide sufficient settled housing. Building on an already proven model, RHPF allows institutional-scale public and private capital, deployed responsibly and with rigorous impact management, to play a decisive role in addressing this crisis. The Fund builds on Resonance's track record of managing award-winning impact property funds, with 3,870 people housed to date. This includes 2,324 households, among them 965 children, during 2024/25 alone.

Simon Chisholm, Chief Investment Officer at Resonance, said:

"The Resonance Housing Pathways Fund gives institutional investors a strong alignment between financial return and social purpose. It provides the structure and the scale to allow institutional investment to reach many more of the people who are in housing crisis, investing across the country but with local focus. Every property we acquire creates a safe, stable, affordable home for an individual or family in crisis, as a pathway out of Temporary Accommodation. The need for this has never been greater. Over more than a decade, Resonance has pioneered and proven that this model works, and it is now capable of being scaled through institutional investment."

RHPF will initially be seeded with over £100m of existing property portfolios from two established Resonance funds - the National Homelessness Property Fund 1 and Real Lettings Property Fund 2 - representing diversified portfolios of residential properties across Greater London, Bristol, Oxford and Milton Keynes. The portfolio will then continue to grow and expand across the UK. Initial investors include Oxfordshire Pension Fund, Westminster City Council, City Bridge Foundation, Better Society Capital, and fourfurther Local Authorities and a Strategic Authority.

Josh Brewer, Responsible Investment Officer at Oxfordshire Pension Fund said:

“We are proud to invest in a fund that will make a real difference, both nationally and locally. This investment will increase the availability of affordable, settled housing in Oxfordshire, supporting individuals and families as they move on from homelessness towards long-term stability. Investing £10m into Resonance Housing Pathways Fund is consistent with the Oxfordshire Pension Fund’s fiduciary duty to deliver strong, long-term returns for our members, while also supporting positive outcomes locally.”

Resonance works with specialist housing partners, who lease properties from the fund on long-term agreements and let them to individuals and families facing homelessness, providing safe, settled and affordable homes at rents aligned with Local Housing Allowance levels, in addition to appropriate support. Housing Partners working with the Fund include Developing Health and Independence (DHI), Salix Homes, Regenda/Redwing and Notting Hill Genesis.

Rosie Phillips, Chief Executive of DHI, said:

"A home is far more than just a roof over someone's head – it provides the safety, security and stability people need to move forward with their lives. Through our partnership with Resonance, we've seen first-hand the difference that social investment in housing can make for people facing homelessness. We're excited to see this new fund launched and look forward to seeing even more people benefit from safe, affordable homes and the opportunity to build a brighter future."

The Fund meets the requirements of the Sustainability Disclosure Requirements (SDR) regime, adopting the FCA 'Sustainability Impact' label upon launch.

Sources:

1 https://www.gov.uk/government/statistics/statutory-homelessness-in-england-october-to-december-2025/statutory-homelessness-in-england-october-to-december-2025

https://www.gov.wales/homelessness-april-september-2025

https://www.gov.scot/publications/homelessness-in-scotland-update-to-30-september-2025/pages/temporary-accommodation/

https://www.nisra.gov.uk/news/more-8000-households-presented-homeless