About the PRS Fund

The new ‘PRS' Fund is the first fund from PfP Capital. The fund is focussed on delivering stable returns to investors by targeting a mix of houses and apartments in the Private Rented Sector, serving young families as well as singles and couples across the UK.


The Fund’s investment strategy focuses on minimising risk whilst delivering income to investors from day one, and stable returns thereafter. The target is to achieve a 7% total unlevered return and an income distribution yield of 3%.

Source of stock

The Fund benefits from a seed portfolio from Places for People consisting of high-quality, UK-wide PRS assets valued at circa £150m, delivering income to investors from day one.

The Fund has ongoing privileged access to Places for People’s development pipeline, supporting our ability to deploy capital on a continuing basis.

Through opportunity-led investment by our specialist PRS fund managers the Fund is expected to grow to £300m in the short to medium term securing in-house and third party acquisitions to deliver stable ongoing returns to investors.

Target asset-types, geographies & audiences

Focusing investment in houses and smaller apartment blocks – to capitalise on strong demand from a broad range of rental customers. Investing across the UK – covering a broader market than other ‘build to rent’ funds, capitalising on access to stock through Places for People and ultimately ensuring stable returns for investors. Targeting young families, couples as well as singles.

Management approach

With no shareholders to satisfy, the ‘PRS' Fund will maintain a transparent fee structure, and use profit from fund management activity to support Places for People’s wider housing and social impact agenda. Property management will be carried out by the Places for People’s existing specialist PRS management company - Touchstone - with an excellent track record, experienced team and established cost efficiencies.

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

Large scale

Currently only 2% of the £1.015bn of the PRS stock is 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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