About the PRS Fund

In May 2018, PfP Capital closed on a joint venture between Universities Superannuation Scheme (“USS”) and Places for People. The joint venture has an initial equity commitment of £330m and on close, acquired a seed portfolio of residential properties in the Private Rented Sector (“PRS”) for c.£150m from Places for People. USS provided 90% of the initial equity commitment, with Places for People holding a 10% stake.


The Fund is focussed on minimising risk whilst delivering a stable income and capital value return to its investors from day one, by targeting a mix of houses and apartments in the Private Rented Sector.

Source of homes

Through opportunity-led investment by our specialist PRS team, PfP Capital is expecting to deploy the initial equity commitment of £330m in the short to medium term, by securing in-house and third party acquisitions.

These acquisitions will be sourced from a combination of guaranteed offtake from Places for People’s c.15,000 home development programme, third-party purchases from UK housebuilders and developers, as well as acquisitions of high-quality existing PRS portfolios.

Target asset-types, geographies & audiences

The joint venture is focused on investment in houses and small apartment blocks (10 – 100 units), to capitalise on strong demand from a broad range of rental customers, including young families as well as singles and couples.

PfP Capital aims to assemble a portfolio of modern, mid-market properties, with high occupancy rates, in towns and cities across the UK which are experiencing increases in rents and capital values.

Management approach

PfP Capital will act as Asset Manager, with Touchstone, Places for People’s specialist property management business, managing the portfolio on a day-to-day basis.

Why is the UK Private Rented Sector an attractive asset class?

Large scale

Currently only 2% of the £1.015bn of the PRS homes are owned by institutional investors.

Limited supply of housing

Only approximately 60% of the required number of homes are being built each year in the UK.

Increasing demand

As house prices rise, mortgage lending tightens and attitudes to renting shift across generations.


The information on this website is directed at persons in the United Kingdom (“UK”) and not otherwise. The availability of any funds mentioned on this website in any jurisdiction other than the UK is subject to local restrictions. Except as specifically set out below the funds mentioned on this website have not been registered or approved for distribution under the laws of any jurisdiction other than the UK.

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