Social and Sustainable Capital (SASC) has launched its second housing fund, Social and Sustainable Housing II (SASH II) with almost £35m of commitments.

The fund will allow SASC to continue providing loans to best in class social landlords.

With a target size of £125m, the fund aims to help over 30 organisations purchase 1,000 properties, providing homes for 10,000 people over the life of the fund.

SASH II follows the success of the first fund launched in 2019, which has raised and allocated £64.5m to 20 organisations.

First close investors include Scottish National Investment Bank, Big Society Capital, Greater Manchester Combined Authority, the Church of England’s Social Impact Investment Programme, Ceniarth, and Ogelsby Charitable Trust. SASC is already working towards a second close that is expected to include both new and existing SASH investors.

Susan Campbell, Investment Director at Scottish National Investment Bank, said,

“The Bank’s cornerstone investment in SASH II aligns with our mission to invest in places and regeneration, to reduce inequalities and improve outcomes for people and communities. Several Scottish social sector housing organisations have already benefitted from social investment from SASH, and this follow on fund will enable organisations across Scotland to house and support greater numbers of disadvantaged people.”

Stephen Muers, CEO at Big Society Capital, said,

“We have invested in SASC funds since 2014 and our support for SASH II underlines their role as a leading manager in the social investment sector. We invest into structure like these because they can offer investors the opportunity to create attractive risk adjusted returns in an inflationary environment, a clear path to exit, and lasting impact. We believe this is a proven model and, with the demand for supported housing continuing to grow, funds like these have the potential to play a key role in allowing social landlords to build capacity and financial resilience.”

Vanessa Morphet, Head of the Church of England’s Social Impact Investment Programme, said,

“Our investment in SASH II will support social housing charities to own their properties, enabling them to provide the right combination of safe and stable accommodation and support services to vulnerable people, and to invest in the sustainability and energy efficiency of those properties over time. There is a clear alignment with the mission and social and environmental goals of the Church’s Programme.”

A recent report from Big Society Capital[i], highlighted 10-fold growth in five years in investment in social and affordable housing funds. This growth has made social and affordable housing the largest segment of the UK’s £7.9bn social-impact fund market, representing 48%.

Zamo Capital, an organisation that invests into and alongside General Partners to scale them to over £1bn AUM, made their first investment in SASC in 2020. Jim Roth, Founder and Managing Partner of Zamo Capital said,

“We identified an opportunity to invest in SASC so they could build out their lending structure for social housing.  The launch of the second fund in the series demonstrates how much has been accomplished.  We look forward to providing the additional support that allows them to build on this success in the coming years.”

Ben Rick, Co-Founder and CEO of SASC said,

“SASH was co-designed with social landlords and is an investment structure that has significant appeal to both borrowers and investors. We are delighted at the success of the first fund, and the pipeline of opportunities that has driven the launch of fund two.”

“SASH II will provide finance that contributes to solving a critical social challenge.  SASC’s 2021 borrower survey revealed that 95% of borrowers said they would recommend SASC to other organisations.”

Target Housing, headquartered in Sheffield, provides support to disadvantaged individuals in over 800 houses across Yorkshire and the Humber, and is one of SASH’s largest borrowers. CEO, Shaun Needham, said,

“Owning gives total flexibility and Target has grown far more resilient as a result. We are able to deal with issues on a much bigger scale than ever before as the loan allows us to expand our housing provision.”

If you want more information on SASC’s social housing funds visit:

For more information on SASC visit:

– Ends –

For media enquiries contact:
Kathryn Hughes, Kayak PR
Tel: 07801 823 839

Notes for Editors
About Social and Sustainable Housing II
SASH II invests in locally-rooted organisations that provide housing with high levels of support to vulnerable individuals. Returns are based on rental income from the properties and capital growth over the life of the loan. The fund is targeting £125m and will invest across the UK.
About Social and Sustainable Capital
SASC provides simple finance for extraordinary charities and social enterprises.  We believe greater access to the right kind of investment makes charities and social enterprises better able to tackle society’s most pressing challenges.  Our funds provide flexible capital to enable social sector organisations to grow their social impact, improving the lives of disadvantaged people across the UK.  SASC is a social enterprise and is authorised and regulated by the Financial Conduct Authority.

[i] Housing funds become largest segment of UK’s £7.9bn social impact sector | News | Real Assets (