What Thriving Investments does

Thriving Investments is a London-headquartered FCA-regulated fund manager (FRN 775636) wholly owned by Places for People Group, the UK's largest social enterprise. The firm was established in 2017 as PfP Capital and rebranded in August 2023. It manages approximately £1.3 billion+ in assets under management across four distinct UK residential living strategies: Picture Living (suburban build-to-rent / single-family housing, ~£485m), New Avenue Living (essential-worker rental in Scotland at £222.5m and Greater Manchester targeting £200m), Gresham House Residential Secure Income LP (shared ownership, £311m), and igloo Regeneration (mixed-tenure placemaking, target £600m). The platform serves institutional investors — predominantly UK pension funds (Strathclyde, Nationwide, Greater Manchester, USS, Worcestershire, Staffordshire, Wiltshire, Devon, Gloucestershire), development banks (Scottish National Investment Bank), and impact investors (Better Society Capital, Housing Growth Partnership / Lloyds) — alongside essential-worker and shared-ownership residents. As of 2025 the firm has delivered or manages over 5,000 homes and is targeting 20,000 by 2030.

The business model is a vertically integrated, FCA-regulated fund management platform that earns (i) management fees on AUM, (ii) carried interest/performance fees linked to inflation-linked return hurdles, and (iii) development management fees via the in-house igloo Regeneration platform. Property management is delivered through Touchstone (a Places for People Group company), and development capability sits inside igloo, whose proprietary Footprint® sustainability methodology is applied across schemes. The New Avenue Living Scotland fund carries the FCA Sustainability Impact Label and the firm holds the AREF Quality Mark (2025) and UN PRI signatory status since 2019.

Distribution is exclusively institutional and relationship-driven: senior fund directors and a newly hired Business Development Director (Anita Jerkovic, September 2025) pursue LP mandates directly, supplemented by the Gresham House AIFM partnership and government/local-authority relationships (Greater Manchester Combined Authority, Scottish Government loans, Winchester City Council, Newcastle City Council). The firm's distinctive competitive position — described in its own materials as the first and only fully FCA-authorised fund manager wholly owned by a social enterprise and Registered Provider — is reinforced by strategic hires in 2024-2026 (Phil Clark as Chair, Ed Crockett as New Avenue Living Fund Manager, Peter Hansell and Marley Miller for a new portfolio-acquisition vehicle, plus an expanded business development and compliance team), indicating active capacity build-out across product lines and governance ahead of further fundraising.

Name

Thriving Investments

Legal name

Thriving Investments Limited

Website

https://thrivinginvestments.co.uk

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Thriving Investments is a London-based FCA-regulated fund manager wholly owned by Places for People Group, managing £1.3B+ across four UK residential living strategies (Build-to-Rent, essential-worker, shared ownership, regeneration) for institutional investors.

Ownership category

akta.pro rank

Product category

Residential Real Estate Fund Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Community Development & Affordable Housing Funds (FSANAJAK)

akta.pro secondary industries

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ), Sustainable Real Assets (Green Real Estate, Land, Forestry) Funds (FSANAJAD), SDG / Thematic Sustainable Investment Funds (FSANAJAN)

Keywords

• Residential real estate funds
• Affordable housing investment
• Build to rent
• Social impact investing
• Fund management services

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees: Thriving Investments charges management fees on assets under management across its four living platform funds. Fees are negotiated with institutional investors as part of fund LP agreements. Assets under management span approximately £1.3 billion+ across Picture Living (£485m), New Avenue Living Scotland (£222.5m), Gresham House Residential Secure Income (£311m), and igloo Regeneration target (£600m).
2. Carried Interest / Performance Fees: As a fund manager, Thriving Investments earns carried interest tied to investment performance above hurdle rates. This aligns manager and investor incentives. Funds target inflation-linked returns and long-term capital growth, with performance fees accruing upon meeting return targets.
3. Development Management Fees (igloo): Through the acquired igloo Regeneration development platform, the firm earns development management fees on regeneration projects. This includes the Housing Growth Partnership JV (£390m GDV targeting 1,200 homes) and the Jigsaw Consortium's Central Winchester Regeneration project. Development fees are typically structured as a percentage of GDV or on a fixed-cost basis.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Thriving Investments is an FCA-authorised fund manager that raises institutional capital and invests it into UK residential living sector strategies. The firm manages four core fund platforms—Picture Living (suburban build-to-rent/single-family housing), New Avenue Living (essential worker rental housing in Scotland and Greater Manchester), Gresham House Residential Secure Income LP (shared ownership), and igloo Regeneration (mixed-tenure urban regeneration)—delivering long-duration, inflation-linked assets to investors alongside measurable social and environmental outcomes. Revenue is earned via fund management fees, carried interest, and development management fees.

Product overview

Thriving Investments operates as a fund manager offering a portfolio of distinct living sector investment strategies. The core offerings include: Picture Living (single-family/build-to-rent PRS strategy, £485m), New Avenue Living (essential worker housing in Scotland £222.5m and Greater Manchester £40m targeting £200m), Gresham House Residential Secure Income LP (shared ownership fund, £311m, partnership with Gresham House), and igloo Regeneration (placemaking/regeneration strategy, £600m target). The company is powered by Places for People Group and leverages its property management partner Touchstone for portfolio management.

Differentiator

Problem solved

Functional benefit

Brands

• Picture Living: Flagship Private Rented Sector strategy - suburban build-to-rent/single family housing platform delivering high-quality homes for rent
• New Avenue Living
• Gresham House Thriving Residential Secure Income
• igloo Regeneration

Products and services

• Picture Living Fund Thriving Investments' flagship Private Rented Sector (PRS) strategy focused on suburban build-to-rent and single-family housing for market rental. The fund invests in high-quality new or modern single-family homes for rent, regionally diversified with 84% of homes located outside of London and the South-East. Fund size approx. £485m; portfolio of 1,769+ single family homes and apartments. Targets institutional investors seeking long-duration, inflation-linked residential assets.
• New Avenue Living - Scotland Scottish affordable homes for rent strategy delivering high-quality, sustainable and energy efficient affordable homes for essential workers at Mid-Market Rent (48-71% of average open market rents), targeting locations within close commuting distance of major Scottish city centres. Delivered 742 homes with 449 under construction across 11 sites in Edinburgh, Leith, Glasgow, Paisley, and Midlothian. Fund size £222.5m. Awarded FCA Sustainability Impact label. Targets institutional investors and government partners.
• New Avenue Living - Greater Manchester Essential worker rental strategy for the Greater Manchester area, forward funding developments and delivering them as essential worker housing at locations close to key centres of employment across the ten metropolitan boroughs. Initial £40m fund size with £200m target. Targets institutional investors, the Greater Manchester Combined Authority, and impact investors.
• Gresham House Residential Secure Income LP Affordable housing fund management platform focused on acquisition and management of Shared Ownership homes throughout the UK, launched in partnership between Gresham House (AIFM) and Thriving Investments. Delivered 1,557 affordable homes to date with £190m deployed and £120m remaining. Targets institutional investors including pension funds (Worcestershire, Centrica Combined Common Investment Fund, Staffordshire, Wiltshire, Devon, Gloucestershire).
• igloo Regeneration Fund Thematic investment strategy utilizing igloo's development and placemaking expertise to deliver thriving communities that generate returns over the long term. Built on the igloo Regeneration Fund established in 2001, targeting £600m mixed-tenure UK regeneration investments with delivery of initial 1,400 homes plus commercial developments. Uses the proprietary igloo Footprint® sustainability methodology. Includes a £390m JV with Housing Growth Partnership (Lloyds-backed) to deliver 1,200 sustainable homes. Targets institutional investors and local authority partners.

Quantifiable outcome

• 97% of homes are at low or no flood risk based on postcode-level flood risk assessments
• +7 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor, core and flagship (parent).

• Unseen (Modern Slavery Charity)minorStrategic or Co-development Partner · 24 May 2023Places for People Group (parent) works with Unseen, the leading charity committed to the abolishment of modern slavery. Unseen played an active role in developing anti-slavery codes and policies, undertook a thorough review of the Group's supply chain, and provides training to contractors and subcontractors on modern slavery issues.
• Winchester City CouncilcoreStrategic or Co-development Partner · 1 March 2023Winchester City Council appointed Jigsaw Consortium (trading as Partnerships & Places - Genr8 Kajima Regeneration + igloo) as development partner for the Central Winchester Regeneration project. This is a major urban regeneration project in the historic city centre, delivering mixed-use development including homes, commercial space, hotel, and public realm.
• igloo RegenerationcoreStrategic or Co-development Partner · 1 January 2023Acquired by Thriving Investments in January 2023, igloo Regeneration is an award-winning B Corp development platform. igloo has been creating sustainable mixed-use neighbourhoods since 2002 using its proprietary Footprint® methodology. The acquisition provides Thriving Investments with in-house development and placemaking capabilities.
• Jigsaw Consortium (Genr8 Kajima Regeneration + igloo)coreStrategic or Co-development Partner · 1 January 2023Jigsaw Consortium (comprising Genr8 Kajima Regeneration Limited and igloo, trading as Partnerships & Places) was appointed by Winchester City Council in January 2023 for the Central Winchester Regeneration project. The consortium leverages igloo's Footprint® process to deliver positive social, environmental, and economic outcomes.
• Newcastle City CouncilcoreStrategic or Co-development Partner · 1 July 2020Newcastle City Council partnered with Thriving Investments igloo on the Stephenson Works Development (PfP igloo joint venture), securing the first new scheme in July 2020. The partnership is part of broader regeneration efforts in Newcastle including Ouseburn Valley (300-350 homes) and Stephenson Quarter (4.3 acres brownfield regeneration).
• Touchstone Property ManagerscoreStrategic or Co-development Partner · 1 May 2018Touchstone Property Managers (a Places for People Group company) manages the property portfolio for both Picture Living and New Avenue Living funds. Provides professional property management including 24-hour helpdesk, maintenance, and resident services. Touchstone powers the property management operations underpinning fund performance.
• Places for People Groupflagship (parent)Strategic or Co-development Partner · 1 March 2017Places for People Group is the parent social enterprise that established Thriving Investments (originally PfP Capital) in March 2017. Thriving Investments is wholly owned by Places for People, the UK's leading social enterprise. As part of a not-for-dividend organisation, all profits from Thriving Investments are reinvested back into Places for People Group. The relationship provides access to the Group's property management (via Touchstone), development capabilities (via igloo), and institutional network.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Patrizia: European real estate investment manager with significant UK PRS and residential strategies; CIO Jamie Younger previously held senior roles at PATRIZIA. Comparable mid-to-large European residential fund manager competing for UK institutional mandates and pan-European residential deal flow.
• Get Living: UK Build-to-Rent operator and investment manager with major schemes at East Village (Stratford) and Elephant and Castle. Operates similar institutional-grade BTR operating model with direct pension-fund LP backing, making it a directly comparable operator/asset manager in the UK PRS segment.
• Quintain: One of the UK's largest Build-to-Rent developers and operators with the £2.5bn tip-to-toe BTR portfolio at Wembley Park. CEO Catherine Webster was previously Executive Director for Strategy and Investment at Quintain, and the operating model — large-scale institutional PRS with on-site management — closely mirrors Picture Living's single-family/PRS strategies.
• Patron Capital: European real estate private equity firm actively investing across UK and European residential, including through partnerships with Housing Growth Partnership (parallel to Thriving's HGP JV via igloo). Comparable mid-market PE real estate platform targeting operational residential and PRS strategies.
• Gresham House: UK specialist asset manager listed on the Specialist Fund Segment with established residential real-estate strategies including the Residential Secure Income shared ownership fund. Direct partner/co-manager with Thriving Investments on the ReSI LP and a directly comparable institutional residential fund manager with ESG focus.

Broad incumbents

• Legal & General Capital: L&G's capital arm operates the UK's largest BTR platform (over £3bn committed across multiple build-to-rent joint ventures), plus affordable-housing and later-living strategies. Directly comparable institutional PRS investor with shared LP base and overlapping product spectrum, though at materially larger scale.
• Schroders Capital Real Estate: Schroders' real estate arm manages UK and European residential mandates, including PRS and build-to-rent vehicles. Directly comparable institutional fund-manager profile targeting UK pension funds and insurance balance sheets — overlapping competitively with Thriving's institutional distribution motion.
• CBRE Investment Management: One of the world's largest real estate investment managers with substantial UK residential and affordable-housing mandates. Competes for institutional LP capital across the same pension-fund universe and offers comparable regulated fund vehicles, though at meaningfully greater scale than Thriving.
• M&G Real Estate: One of Europe's largest real estate investment managers with significant UK PRS/BTR and residential exposures. Comparable institutional investor base (UK pension funds, insurance balance sheets) and similar fund structures; substantially larger scale provides the benchmark incumbents Thriving competes against for LP mandates.
• Blackstone Real Estate (Sage Homes & Leaf Living): Blackstone's UK residential platforms — Sage Homes (Registered Provider for affordable rent/shared ownership) and Leaf Living (PRS acquisitions) — overlap directly with Picture Living and ReSI. Represents the dominant global PE capital competing for UK residential assets and LP mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/thriving-investments

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles25 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thriving Investments