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.


Our Real Estate Funds

Credit: Jill Tate

Credit: Jill Tate

Credit: Jill Tate

Picture Living 


Launched: May 2018

Size: £330m, 1,700 homes

Traditional PRS properties of family houses and up to 100-unit unbroken apartment blocks.

National spread across the UK.

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.

Property management by Touchstone, part of Places for People Group.

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.

New Avenue Living


Launched: March 2019

Size: £182.5m, 1,071 homes to grow to £400m

Mid-market rent development fund on nine sites across the central belt of Scotland.

First raise capital target exceeded and faciliated development of over 1,000 homes. Managed by PfP Capital as a stable portfolio.

Partnering with Scottish government, local authority pension funds and institutional investors.

Current pipeline of a further 1,200 homes

Find out more...

Credit: Jill Tate

Credit: Jill Tate

Credit: Jill Tate

Urban Transformations Partnership


Under development

Target size: £600m

Target delivery: Initial 1,400 homes over a variety of tenures, plus commercial developments with 90% of residential held for rent.

The platform was acquired by PfP Capital from Aviva in 2018.
Heritage dating back to 2001.

Founded by Aviva and igloo Regeneration Ltd to deliver mixed-use regeneration across the UK.

Strategy to grow the platform with new investors and build on pipeline of 1,400 homes and other uses.

Recognised by the United Nations in 2006 as the “world’s first socially responsible property fund.”

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