Patron Capital has taken home the trophy for impact project or investment of the year for a second year, once again being celebrated for its female-focused homelessness and complex needs socially responsible real estate fund.
Launched in partnership with social impact property fund manager Resonance in 2020, the fund has raised £29 million ($36.9 million) from a collection of 20 impact investors, including Better Society Capital and Guy's and St Thomas' Foundation. One notable commitment came in 2021, via the Church of England's first 'social impact' commitment.
"This is a powerful and inspiring example of the ability of impact investing to address complex social issues," one of the IMPACT Awards judges commented. "The fund is delivering a vital service to an at-risk group while achieving clearly defined outcome objectives."
The investor buys and refurbishes properties, leasing them to expert housing partners – predominantly charities – and providing follow-on specialised services and support for its tenants.
It has worked with these charity partners to define an impact measurement framework, spanning five principles: recognising women's oppression; aligned investment; appropriate scaling; empowerment; and inspiration.
The fund has now fully committed of its total fundraise, having purchased, or in the process of completion with, a total of approximately 120 properties.
The past year has also seen an increase in the number of women and children the fund could house – increasing from 71 in March 2023 to 380 by September 2024. Some 83% of its tenants reported improved mental health as a result of securing the accommodation, up from 75% in the previous year.
"This win is a tribute to the dedication of the Patron team - who work essentially pro bono to manage the fund - and is an important launchpad to help us amplify the fund's profile and highlight the importance of our mission: to provide safe, secure housing for vulnerable women at risk of homelessness," Keith Breslauer, managing director of Patron Capital, told Environmental Finance.
Patron has also focused its efforts on improving the energy performance certificate (EPCs) ratings of each property, in a bid to lower energy consumption and subsequently reduce bills for tenants.
