Wayhome has formed a strategic partnership with Venn, a European residential real estate investment manager.
Venn will become the new AIFM (alternative investment fund manager) for Wayhome’s homeownership solution and invest in the company as part of the agreement, establishing a new fund for upcoming investments. The managing partner and co-founder of Venn, Gary McKenzie-Smith, will become a member of Wayhome’s board.
Wayhome uses pension fund investments to make homeownership available to generation renters through its part-own-part-rent, no-mortgage concept. Wayhome says it has invested an initial £75 million from pension funds and is growing its presence in the insurance, private debt, and private equity sectors.
Wayhome CEO Nigel Purves says: “Venn’s credentials in residential property speak for themselves, managing almost £10 billion of housing mandates on behalf of the UK Government, as well as its experience of managing institutional capital in consumer mortgage markets. We are delighted to welcome Venn as a strategic partner and to have Gary join our Board. Venn’s expertise, guidance and counsel will be invaluable as we continue to secure further investment in our Gradual Homeownership product that provides a compelling investment opportunity for institutional investors while helping people get on the housing ladder.”
Venn co-founder and managing partner Gary McKenzie-Smith says: “We’re delighted to be working with Wayhome as a strategic partner and look forward to continuing to develop their innovative homeownership model with them. The Wayhome proposition is a great fit with our aim of focusing institutional capital into addressing some of the UK’s big housing challenges.”
