i've been holding out on y'all

Some changes to the "movie but not really" AU

Zane is from the series

Koko is Lloyd's mother (and good)

She is nearly as oblivious as Lloyd

LGPS mean Lloyd Garmadon Protection Squad

Kai is the founding memeber

Nya and Pixal are so very badass besties who kick the shit out of people

I'm still figuring out Jay

Master Wu is morally grey (child soldiers and all that aha)

Lloyd I going to go through sooo much shit lol

First chapter is out

READ IT PLEASE, I'm literally begging you, wah wah wah

Climate Change Impact: Unveiling Pension Scheme Challenges

  The Ongoing Battle Against Climate Change

In a world increasingly defined by the specter of climate change, it is imperative to grasp the gravity of this global challenge. The United Nations defines climate change as 'the long-term shift in global temperatures and weather patterns.' It is a phenomenon that has been on the rise since the 1800s, largely driven by human activities such as the burning of fossil fuels. As a result, global temperatures have surged by over one degree Celsius during this period.   Widespread Consequences The impacts of climate change extend far beyond rising temperatures and erratic weather patterns. They cast a long shadow over various aspects of our lives, including life expectancy, government spending priorities, and economic growth. These macroeconomic variables have intricate connections with the climate crisis, raising questions about how this crisis will impact future valuations of Public Service Pension Schemes (PSPS).  

Uncertainty and the Need for Scenario Analysis

While it's clear that climate change will have consequences, the extent and nature of these consequences remain uncertain. This uncertainty hinges on factors such as current and future mitigation efforts and their effectiveness. To shed light on potential outcomes, scenario analysis becomes a valuable tool.   Exploring Different Scenarios To gauge the potential impact of climate change on PSPS valuations, experts have explored three distinct scenarios. These scenarios paint different pictures of the world in 2100, based on climate outcomes. They are: - Orderly Transition: A future where climate change is managed with relative ease, leading to a greener, low-carbon economy. - Disorderly Transition: A scenario marked by struggles to address climate change effectively, resulting in chaotic consequences. - Failed Transition: The bleakest scenario, where climate mitigation efforts fail, causing severe repercussions.   Analyzing Risk Types Each scenario considers two main types of risks emanating from climate change: - Physical Risks: These arise due to changes in temperature and extreme weather events, affecting everything from infrastructure to public health. - Transition Risks: Stemming from efforts to transition to a greener, low-carbon economy, these risks are primarily linked to policy and financial market changes.  

Evaluating the Scenario Outcomes

The scenario analysis provides a lens through which to assess the potential implications of climate change on key valuation assumptions. For example, many experts anticipate climate change effects on gross domestic product (GDP) growth. These effects play a crucial role in determining the SCAPE discount rate used to set employer contribution rates for unfunded public service pension schemes.   A Glimpse into the Future To provide a clearer perspective, we compare the scenario outcomes to a baseline projection. We calculate this baseline as the expected cost of future benefits using the standard assumptions from the 2020 PSPS valuations. Notably, for the funded Local Government Pension Scheme (LGPS), actuaries have already begun to consider climate change risk in their 2022/2023 valuations.  

What Lies Ahead

In the months to come, the Government Actuary's Department (GAD) will finalize valuations for all public service pension schemes and present them to clients. These evaluations will serve as a vital tool for clients and stakeholders to understand the risks their schemes face due to climate change. For those seeking more tailored insights and analysis, GAD is open to further discussions. It is a pivotal step in ensuring that we are well-prepared to address the ongoing challenges posed by climate change.   Sources: THX News & Government Actuary's Department. Read the full article

Cheyne Capital Secures Two New Local Authority Pension Funds

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building "high quality housing" both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.

Cheyne Capital Secures Two New Local Authority Pension Funds

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building "high quality housing" both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.

Cheyne Capital Secures Two New Local Authority Pension Funds

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building "high quality housing" both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.

Cheyne Capital Secures Two New Local Authority Pension Funds

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building "high quality housing" both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.

Cheyne Capital Secures Two New Local Authority Pension Funds

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building "high quality housing" both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.

Cheyne Capital Secures Two New Local Authority Pension Funds

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building "high quality housing" both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.

Cheyne Capital Secures Two New Local Authority Pension Funds

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building "high quality housing" both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.

Cheyne Capital Secures Two New Local Authority Pension Funds

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building "high quality housing" both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.

Cheyne Capital Secures Two New Local Authority Pension Funds

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building "high quality housing" both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.

Cheyne Capital Secures Two New Local Authority Pension Funds

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building "high quality housing" both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.

Cheyne Capital Secures Two New Local Authority Pension Funds

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building "high quality housing" both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.

Cheyne Capital Secures Two New Local Authority Pension Funds

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building "high quality housing" both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.

Cheyne Capital Secures Two New Local Authority Pension Funds

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building "high quality housing" both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.