Judge's report

Greater Manchester Pension Fund’s (GMPF) debt strategy aligns well with its aims to provide public funding support to areas of societal need, particularly by targeting affordable housing – illustrated by a £31.3m loan for projects to build 167 homes in Bolton and 122 in Halifax. The homes will be all-electric, supported by solar panels and air-source heat pumps.

GMPF is also part of a group of investors providing a £91m loan for a Leeds city-centre residential development. The scheme will deliver 618 one, two and three-bedroom apartments across five buildings located in extensive landscape grounds, including a new public space.

In addition, the Greater Manchester Property Venture Fund (GMPVF) is a long-term investment vehicle focused entirely around the Northern LGPS pool of North West and West Yorkshire. Investments include equity and senior and mezzanine development finance. Current investments include a JV to develop Manchester’s first zero-carbon office, speculative forward funding of three industrial schemes, which recently reached practical completion, and redevelopment of a redundant town-centre shopping parade. Increasing the region’s residential provision across all tenures is also a key strategy, and GMPVF is currently invested in a number of schemes.