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Hearthstone secures £100M for 1st UK private rented sector fund

Hearthstone Investment Management Ltd. procured capital commitments worth over £100 million from five cornerstone investors at the first close of its debut closed-ended private-rented sector fund.

The company, a 50/50 joint venture between the fund's senior management team and Hearthstone Investments Plc, will serve as adviser, while Langham Hall Fund Management LLP will manage the fund.

The 10-year Hearthstone Residential Fund 1 targets to raise £200 million by November 2018 and will make investments in U.K. regions where there is, or is anticipated be, strong rental demand, Hearthstone Investment Management said in a release. The fund will make bulk purchases of newly built clusters of houses and low-rise apartment blocks from house builders and standing investment assets, expecting a 4% annual yield net of costs.

The cornerstone investors comprise Derbyshire Pension Fund, Nottinghamshire Local Government Pension Fund, Staffordshire Pension Fund, Teesside Pension Fund and West Midlands Pension Fund.