Gresham House has reached the first close of GBP200 million (US$230 million) for its UK housing and infrastructure fund, British Strategic Investment Fund (BSIF). 

The company has received commitments from the Greater Manchester Pension Fund and Greater London Authority (GLA) with a total of GBP35 million (US$44.4 million). The new investment will add to commitments from the Royal County of Berkshire Pension Fund and Teesside Pension Fund.

BSIF is a closed-ended fund with a 12-year time horizon. It invests with a long-term view targeting an 8% to 10% annual net return including an income yield of 5% to 6% per annum.

Currently, BSIF has made six investments, deploying 41% of available capital into renewable energy, vertical farming, waste recycling, and key worker accommodation assets.