New Affordable Housing Fund Shows that Impact Investing is Not Dead

• Affording to be affordable: An impact fund raising $2.5 billion for an affordable housing play shows both the desire for impact real estate investments and the growing opportunity in building and maintaining low-income housing.

• Decoding Real Estate podcast: PropTech investor Zach Aarons discusses industry challenges and opportunities, from office struggles to the promise of AI and AR.

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Editor’s Pick

New Affordable Housing Fund Shows that Impact Investing is Not Dead

As the Trump administration rolls back DEI and sustainability initiatives in the federal government and economic uncertainty grows, concerns are mounting that investors may shift away from impact-focused investing in favor of profit-driven strategies. Fortunately, there are still signs of strong interest in real estate investments that deliver societal benefits—as long as they remain financially viable.

The Vistria Group recently announced it has raised $2.5 billion for a fund focused on affordable housing. Perhaps more notably, the investment came from a wide range of real estate investors, including family offices, investment banks, and insurance companies. Founded in 2013, Vistria already manages $8 billion in assets across its portfolio, which includes investments in healthcare, knowledge and learning solutions, financial services, and housing. The firm is guided by a philosophy of delivering “both attractive financial returns and lasting societal impact.”

The new fund will be led by Margaret C. Anadu, who previously served as global head of Sustainability and Impact for Goldman Sachs’ Asset Management division. “This investment isn't just about real estate; it’s about how private investment, local government, and nonprofits can partner to create scalable and efficient models for addressing the housing crisis across the country,” Anadu said.

Anadu is not only a seasoned real estate investment professional from one of the industry’s top firms; she also serves as chair of the board of directors of the New York City Economic Development Corporation and sits on the boards of the Low Income Investment Fund, the Center for an Urban Future, and Planned Parenthood Federation of America.

Vistria’s success in raising significant capital for an aspirational affordable housing fund shows that demand for impact-focused real estate investments remains strong. It also highlights the growing business case for affordable housing. The fund has already secured support from institutions like Freddie Mac and has effectively used tools such as long-term rent caps and deed restrictions to preserve affordability while still achieving solid returns.

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