Ocorian has been appointed as administrator of Man GPM RI Community Housing Fund 1, which has completed its first close.
The fund, set up using a Guernsey Private Investment Fund structure, has raised an undisclosed amount at its first close.
There have been commitments from investors including Homes England, the Swansea and Strathclyde LGPS, Big Society Capital and the Schroder BSC Social Impact Trust.
To date, the fund has committed to 363 new homes in England, with a target of 3,500 homes by 2026. It will be marketed for a further 15 months or until capacity is reached.