The L&Q Foundation has been an active social investor from its inception in 2011. Since then we have been investing in community projects and partnerships through traditional grant making. We have utilised the skills of our people to support our communities through non-repayable gifts aimed at outcomes aligned to our social mission.
Through our new Foundation strategy we are more committed than ever before to be a significant grant maker in London and the South East, however we also recognise the growth and opportunities presented by changes to how interventions are funded in the social sector. Impact investment is the use of repayable finance to fund social and environmental change – in essence it is the use of loans rather than non-repayable grants to support community projects. The United Kingdom benefits from having a diverse and growing impact investment market and in the last few years the L&Q Foundation has been at the forefront of this new space. Below are examples of our track record that demonstrate our commitment to innovation in funding social change.
Real Lettings Property Fund
In 2012 L&Q invested in the Real Lettings Property Fund, the fund was created between investment management firm Resonance and London based Homelessness charity St Mungo’s. The Fund was developed in response to the lack of private rented accommodation accessible to the rising numbers of people living in temporary accommodation and those at risk of homelessness.
L&Q’s was one of the first and largest social investors in the fund, our £10m investment has helped the fund source, purchase and refurbish a portfolio of over 250 one and two bedroom properties in London and lease them to St Mungo’s to provide quality accommodation to families and individuals at risk of homelessness. The Real Lettings Property Fund has grown to become the largest impact investment fund in the UK at a final close of £57m.
Build London Partnership
L&Q is partnering with small housing associations across London to unlock small sites and realise the capital's build potential through the Build London Partnership programme. You may have seen the programme referred to as the BME 9, however we now have 16 partners and have opened it up to all London SME housing associations. Jointly funded by the L&Q Foundation and the Greater London Authority, the programme aim to start work on 1,000 new, affordable homes in London by March 2022.
The ground-breaking programme will see the L&Q Foundation invest £100m, and our partnership with the GLA brings an additional £80m which will be used to provide affordable homes across London. L&Q has created a brand new team – Strategic Partnerships – to procure land and build the new homes. The Strategic Partnerships team focus on small sites that are less than 50 homes. The initiative will support housing association partners with the development process from inception to completion and then handover the completed homes at cost.
For more information, please email the Strategic Partnerships team.