Social infrastructure fund that invests in developing the public supply of affordable renting housing with environmentally, socially, and economically sustainable assets through a new Public-Private Partnership model.

The Fund’s investment strategy is focused on reducing the habitability cost of housing as the principal means of facilitating people’s access to housing and mobilizing private capital to accelerate the development of affordable public rental housing stock.

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Documentation

Brochure and Investment Guidelines

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Frequently Asked Questions

To make an impact on the Spanish residential rental market, in order to facilitate universal access to housing throughout the country. Affordable social rental housing only accounts for 1.6% of the total in Spain, compared to a European average of 15%. There is therefore a need to create two million new housing units to address an insufficient stock of affordable social housing.

The new disruptive model transforms housing into a social infrastructure, proposes a new collaborative framework with the Public Administration, and incorporates sustainability into the development of assets, in order to create a stock of publicly-managed and privately-owned rental housing without Public Administrations having to generate debt or consume resources. The Fondviso model makes it possible to reduce renters’ habitability costs by 30% (rent, energy and water cost, and maintenance expenses), accelerate the development of public rental housing stock, and reduce investor risk to mobilize private capital.

The Fondviso model allows Administrations to obtain five times more housing units for the public rental market supply than with the current model, giving them a greater capacity to expand the supply of affordable rental housing with the same resources they have now.

Fondviso is a greenfield infrastructure fund through which investors participate in the development of social infrastructure but not in its management, which falls to the Public Administration, with an estimated target return (net IRR) of above 7% and with the added value of investing in a project with social impact that is committed to the environment and sustainable social progress.

It is a socially responsible investment fund with a direct impact on 10 of the 17 United Nations Sustainable Development Goals (SDG), especially those linked to environmental, social, and economic sustainability.

The goal is to raise 650 million euros to develop a portfolio of approximately 12,000 affordable rental housing units in 10 years, with a diversification strategy focused on minimizing investors’ development risk in terms of target geographical areas, investee companies, and a large number of infrastructures.

The Fund invests in investee companies that develop long-term infrastructure projects, with high income visibility and partial protection against inflation.

The exit strategy has levers that mitigate the divestment risk.

The development risk is mitigated through high geographical diversification and by type of projects, with a portfolio comprised of between 80 and 175 infrastructures.

The investor assumes no demand risk. The risks and costs of operation are borne by the Public Administration.

Fondviso is a Closed-End Collective Investment Fund, aimed at qualified investors and public and private institutional investors interested in real-estate and infrastructure investment vehicles.

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