Quebec partners launch first private limited partnership for non-profit student housing
A Quebec real estate fund manager and a non-profit student housing developer have created a new $30 million investment fund that they say is a Canadian first.
Called the Société Ipso Facto Impact, the fund is a joint venture with Ipso Facto and l’Utile that will finance pre-construction expenses, including land acquisition, site development and environmental decontamination.
The fund is backed by Fondaction, the CAP Finance Social Finance Fund, the McConnell Foundation and the Chantier de l’économie sociale trust.
While there are existing tools to support affordable housing and pre-development work, none mirror this particular structure, say the groups.
While the Social Capital Real Estate Investment Fund uses blended finance, the Toronto Community Housing Pre‑Development Fund offers interest‑free loans and Partners for Affordable Housing provides philanthropic capital to de‑risk projects, Société Ipso Facto Impact differs in that it is privately managed and targets investment returns at the going market rate.
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