The new partnership, known as the Perpetual Opportunities Partnership (“POP”), will initially focus on the UK and Ireland.
The housing investment strategy will principally target stable, operationally geared investments that offer strong risk-adjusted returns, whilst also providing a wider positive social impact.
The partnership will have a perpetual life cycle, investing for the medium to long term and investments will be made both by Legal & General Capital, L&G’s principal investment team, and Patron Capital as co-investors with Legal & General Capital being the majority stakeholder.
Paul Stanworth, managing director, Legal & General Capital, said: “We believe that by taking a flexible, strategic approach to investing in housing and social infrastructure, we will not only offer our shareholders attractive risk-adjusted returns but also drive UK economic growth and contribute in a significant way to enhancing UK living standards.
As such, to date Legal & General has already invested £4.6bn group-wide across a range of property and infrastructure investments.”
