UK impact fund manager Resonance has launched the Resonance Housing Pathways Fund, an open-ended residential property fund targeting £700 million in assets under management by the end of 2030. The fund aims to combine long-term institutional returns with investment in housing for people experiencing or at risk of homelessness. Resonance is targeting a net internal rate of return of around 6% a year over a 10-15 year investment period, supported by government-linked local housing allowance rental income. The fund will initially be seeded with more than £100 million of residential property portfolios transferred from Resonance’s National Homelessness Property Fund and Real Lettings Property Fund. Initial investors include Oxfordshire Pension Fund, Westminster City Council, City Bridge Foundation, Better Society Capital, four additional local authorities and a strategic authority.