Property impact investors boost homeless women’s fund

Patron Capital and social impact investment company Resonance have secured five new investors for the Women In Safe Homes fund which they jointly manage.

Commitments from these additional investors amount to circa £11 million and bring the total raised to date to over £26 million, the majority of which is already allocated to pipeline investments based on charity partners’ immediate requirements.

Patron Capital, a pan-European institutional investor focused on property-backed investments, and Resonance, a leader in homelessness property funds in the UK, said that the fund’s fourth close raised £6 million into the fund, and introduced new investors Casey Family Programs, the Church of England’s social impact investment programme, Snowball and the Joseph Rowntree Foundation.

Previous investors include Guy’s & St Thomas’ Foundation, Barrow Cadbury Trust, Monday Charitable Trust, City Bridge Trust, The Clothworkers’ Foundation and Comic Relief who joined the efforts of the fund earlier this year, investing circa £5 million between them.

Patron and Resonance said in a statement that the investments will enable the fund to address women’s homelessness by providing safe, good-quality and affordable homes, as well as specialist support.

Fund aims for £200m target and protection for 6,000 women

The fund is aiming to reach a target size of £100-£200 million, providing 650 homes across the UK for over 6,000 women during its lifetime.

Described as “One of the world’s first gender-lens property funds”, Women in Safe Homes aims to provide a solution to the lack of affordable, safe and good-quality homes for women experiencing homelessness. Many are survivors of domestic abuse, are leaving prison, have mental health issues, or other complex needs.

The fund buys properties and leases them to its charity partners who rent the homes to women at risk of homelessness, on a secure tenancy.

The fund’s charity partners include Preston Road Women’s Centre, Nacro, and Refuge.

The fund aims to provide a good risk-adjusted financial return from rent and capital appreciation, while achieving substantial positive social impact by supporting women facing homelessness.

“The global pandemic exacerbated the women’s homelessness crisis, with 91% of people already experiencing domestic abuse saying that Covid-19 had negatively impacted them in at least one way,” said Patron Capital managing director Keith Breslauer.

“The Domestic Abuse Bill receiving Royal Assent earlier this year was a key moment in strengthening measures to tackle perpetrators; the Women in Safe Homes fund provides an important next step by helping survivors rebuild their lives after escaping abuse.”

He added that the fund’s model is innovative in its focus and its ability to provide a financial return while improving society.

Louise Swinden, Resonance’s property fund development manager and lead on the Women in Safe Homes fund, added that since covid there has been an increase in demand for domestic abuse services, including emergency refuge accommodation. However there is a 30% shortfall in the number of refuge spaces available so 57% of women referred are turned away. Furthermore, almost 60% of women leaving the criminal justice system are released with no home to go to, leaving them at risk of homelessness and increased vulnerability.