Worcestershire Pension Fund joins £400m affordable housing drive
Author: LAPF Investments | Published: December 3, 2025
A £400m affordable housing partnership has secured backing from Worcestershire Pension Fund, which will see more than 700 new homes delivered across the UK.
The investment into Residential Secure Income (ReSI LP), managed by Gresham House Thriving Investments, will deliver homes across the country – including a local portfolio in Worcestershire and Herefordshire.
Worcestershire’s commitment has also seen the investment vehicle surpass £400m in total commitments. Other backers include fellow LGPS funds Devon, Gloucestershire, Staffordshire and Wiltshire.
Launched in 2021, ReSI is an open-ended UK limited partnership focused on shared ownership – with its dual mandate focused on providing investors with secure inflation-linked income and reducing lifetime housing costs for those on lower to middle incomes, such as young families and key workers.
On this latest investment, Gresham House Thriving Investment Residential Secure Income fund manager Ben Fry said: “This significant commitment from Worcestershire Pension Fund is a strong endorsement of our strategy and track record of delivery.
“With this capital we’ll deliver over 700 new affordable homes making a meaningful contribution to people and communities in Worcestershire, Herefordshire and across the country.
“We’re proud to have raised £400m of socially focused capital into ReSI LP that’s directly addressing the UK’s affordable housing crisis and providing robust, inflation-linked income for pension funds. We’re excited to replicate this model with partners nationwide.”
Worcestershire Pension Fund Committee chair Councillor Adrian Hardman added: “Our investment into ReSI LP reflects our commitment to securing strong, long-term financial returns for our members while also supporting the development of affordable homes in Worcestershire and Herefordshire.
“The opportunity to direct a portion of our investment locally was particularly compelling, and we look forward to seeing the positive outcomes this will deliver for our communities.
“Gresham House has shown a proven ability to scale shared ownership housing effectively and responsibly, and we are pleased to be partnering with them on this important initiative.”
With a strong pipeline of opportunities and previous commitments funding more than 2,300 affordable homes, new funding from ReSI will be invested at pace in the coming months to support the expansion of its portfolio across England.
