Hearthstone Investments, a fund sponsor focused on affordable private rented housing in the UK, received regulatory approval to market its Hearthstone Residential Fund (“HRF”) to institutional investors in the Netherlands.
Hearthstone Investments manages assets on behalf of UK Local Government Pension Schemes, as well as other institutional investors and oversees an income generating portfolio of over 1,800 homes across the UK.
The Hearthstone Residential Fund will follow the same investment strategy as the fully deployed Hearthstone Residential Fund 1 (final close in 2019 at £200 million), and Hearthstone Residential Fund 2 (final close in 2021 at £152 million). Hearthstone Investments specialises in building regionally diversified portfolios, a mix of clusters of houses and low-rise apartment blocks outside prime (urban) areas. Unlike its closed-ended predecessors, the new fund has a semi open-ended “evergreen” structure.
Source: Press release sent May 9th