Decision

To APPROVE, a commitment of £10m to a Housing Fund, focused on provision of essential worker rental housing at scale in Greater Manchester, subject to satisfactory completion of outstanding legal documentation.

Reasons for the decision

The Panel approved an allocation of up to 1-2% of total assets to the Impact Investment portfolio on 19 July 2024. The report included an analysis of the required pacing of commitments necessary to meet the target allocation within a reasonable timeframe, whilst also prescribing appropriate diversification targets on the portfolio. The Local Investments team is responsible for selecting managers and funds consistent with the approved strategy.

The Director has delegated authority to sign off investments of this nature.