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Cheyne Capital Management (UK) LLP

PRI reporting framework 2019

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Fundraising of property funds

PR 02. Fund placement documents and RI

02.1. Indicate if your most recent fund placement documents (private placement memorandums (PPMs) or similar) refer to responsible investment aspects of your organisation.

02.2. Indicate how your fund placement documents (PPMs or similar) refer to the following responsible investment aspects of your organisation:

02.3. Describe how your organisation refers to responsible investment for property funds in fund placement documents (PPMs or similar). [Optional]

The focus of the Cheyne Social Property Impact fund is to generate affordable housing and investments that have a positive social impact, this is stated within the investment objectives and strategy within the fund prospectus. 

The prospectus describes the role played by the credit committee, which considers all potential investments.  The Fund will only proceed with an investment upon approval from the credit committee.  The credit committee contains representation from New Philanthropy Capital, who are responsible for assessing the social impact in relation to each investment.

The prospectus describes the social impact audit that is performed annually,whereby Cheyne conducts an impact assessment, which is audited by an independent third party with expertise in the area of impact measurement.  The social impact audit reviews:

a) the property manager, its mission and whether the relevant property manager continues to satisfy the investment policy of the Fund;

b) the target beneficiaries and the impact that is delivered to the beneficiary group;

(c) the social outcomes and impact variables that are being measured; and

(d) whether the investment is achieving the stated impact objectives.

The results of the social impact audit are presented to investors in the Fund.

02.5. Additional information. [Optional]

PR 03. Formal commitments to RI (Private)