One The Square Cambridge


The Real Assets team invests in property, infrastructure, and income-producing assets. We believe that we have a competitive advantage that is built on our strengths of long-term horizon, freedom from index constraints, financial scale, flexibility and single client focus.

We use our competitive advantage to invest in commercial and residential real estate, energy, education, transportation, healthcare, renewables and social infrastructure. We are active across the risk-return spectrum, ranging from development projects to stabilised and income-generating assets, including debt and equity.



We look for investments that provide two distinct types of return that correspond with two pools of capital:

Long-term Income Fund

Focus on income-generating assets across real estate, infrastructure and other areas, with a preference for a high degree of UK inflation linkage, low levels of risk, and long-term horizon.

In keeping with our core values, we seek opportunities that meet our sustainability criteria.  We also target investments that are defensive in nature, thereby seeking to deliver a stable, yet attractive risk-adjusted return to our members, throughout any economic cycle.

Growth Fund - Property

Focus on property assets offering the potential for significant returns through capital growth or income. We are investors for the long term and invest in economically, socially and physically relevant investments where people want to live, work and play.

We improve our assets through expert hands-on management and targeted value-add initiatives. Our approach delivers attractive risk-adjusted returns for our members and strong economic assets for the communities in which we invest.


Infrastructure Debt

Long-term financing of a UK portfolio of operating rooftop solar assets. The solar panels are distributed across England and Wales.


The purchase of a large office building, 2 Colmore Square in Birmingham for c£95m. This purchase meets all of our core themes of affordability, connectivity and creativity.