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Travers Smith advises SASC on its closing of Social and Sustainable Housing II LP


Travers Smith LLP has advised long-standing client Social and Sustainable Capital LLP ("SASC") on the successful first closing of Social and Sustainable Housing II LP (the "SASH II"). SASH II has a target of £125 million of commitments by final close.

SASH II's investment objective is to deliver a financial return alongside positive social impact in the UK. Its purpose will be to provide funding to various social sector organisations in order for them to acquire safe, stable and appropriate residential properties for disadvantaged people. SASH II will also aim to address the energy efficiency of the properties that it will finance.

SASH II was supported by both investors re-upping from the previous fund and new investors, including UK and US based investors.

The Travers Smith team was led by Funds Partner, Sam Kay and also included Funds Associate Natacha Öz, and Trainee Joseph Gitata. Support was also provided by Financial Services & Markets Senior Associate Alice Hallewell and Head of Asset Management and Tax Partner Emily Clark.

Sam Kay commented "We are delighted to have supported SASC on the raising of SASH II. Ben Rick and his team are doing fantastic work in this space to support the most vulnerable people in society. Their innovative model has again proven successful in attracting commitments from both previous and new investors and we look forward to continuing to support their efforts in the coming months."

Ben Rick, Co-founder and Chief Executive Officer, says "We are very grateful to Sam Kay and all the Travers Smith teams for their help with launching our SASH II fund. SASC has been supported by Travers Smith since the first fund in 2019 and their practical, professional approach has been invaluable during that time."

Travers Smith has also advised SASC on a number of pro bono mandates including acquisition of a low carbon innovator company, amending its banking facilities and the investment by Zamo Capital into SASC.

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