Social and Sustainable Capital LLP, a leading UK social impact fund manager that provides finance for charities and social enterprises tackling poverty, homelessness, care, health and improving community resilience, today announces a new investment partnership to accelerate its growth. The partnership includes Thriving Investments joining as a new investor alongside Places Foundation, increased investment from Better Society Capital, and a personal investment from SASC Chair Scott Greenhalgh.
This marks the next step in SASC's evolution, strengthening the partnership between SASC and its investors and creating a platform for future growth. The partnership will increase SASC's capacity to support charities and social enterprises, with a particular focus on expanding investment in supported accommodation and housing solutions for people at risk of or experiencing homelessness.
Recognising that homelessness extends far beyond rough sleeping, SASC's funding supports the purchase of safe, stable, high-quality emergency accommodation, as well as supported housing and move-on homes for people experiencing homelessness; including survivors of domestic abuse, care leavers, vulnerable adults requiring supported living environments, and those transitioning from custody or rehabilitation.
Working with charities across the UK, SASC has seen first-hand that decent and safe housing is crucial to helping people flourish. The partnership recognises that a stable bridge between emergency shelter and independent living is often needed.
Better Society Capital is the UK’s leading social impact investor and a long-standing investor in SASC.
Thriving Investments, owned by leading social enterprise, Places for People, is an investment manager with a social conscience, managing 5,700 homes across the UK with aspirations to grow this to 20,000 homes. Places Foundation is the charitable arm of the Places for People group with a long history of supporting charities and community projects that tackle key social issues through its’ grant-making activity. Thriving Investment’s strength in place-based investing adds scale, sector expertise and long-term stability, strengthening SASC's capacity to grow its impact.
SASC will continue to operate independently, with its existing leadership team, Board, Investment Committee and systems, while maintaining its mission, model and approach to impact investment.
Bernice Affat, CEO at SASC, said: “This is an important step for SASC, bringing together organisations with a shared commitment to social impact and increasing our capacity to support nonprofit partners when the need has never been greater. By combining SASC’s expertise in supported accommodation with Thriving Investments’ scale in affordable housing, we can strengthen pathways from homelessness in all its forms to independent living. We are excited to begin this next chapter with the continued support of Better Society Capital.”
Stephen Muers, CEO at Better Society Capital, said: "SASC has been an outstanding partner in growing the supported accommodation sector, and this new structure creates the conditions for it to go further. By bringing together complementary expertise and expanding the capital base, we are strengthening SASC's ability to reach more people experiencing homelessness and housing insecurity in its many forms at a critical point in their journey. We are proud to deepen our commitment to SASC and look forward to the next chapter of impact together."
Catherine Webster, CEO at Thriving Investments said, “SASC has developed a highly distinctive and impactful model, financing the supported accommodation that helps people move from homelessness towards long-term stability. As a subsidiary of Places for People who supported over 16,800 people at risk of homelessness in the last year, we are proud to be investing alongside Better Society Capital in its next phase of growth. This partnership brings together complementary expertise across supported and affordable housing, with a shared ambition to mobilise more capital, expand housing provision and deliver lasting social impact.”
Scott Greenhalgh, SASC Chair, said: “This reflects SASC’s ambition to grow its impact while focusing on its mission and independence. The investment from Thriving Investments, increased support from Better Society Capital and my own investment provide strong foundations for the future. I’m delighted Ben Rick and Rachel Webb will remain on the Board, and proud to be investing personally to help SASC support more disadvantaged people in the years ahead.”
For more information on SASC visit: Social and Sustainable Capital