Conscious Investment Management invests $300M to boost housing access

Director Casey Taylor says money will be invested into eight impact investment projects, with $150 million going towards Victorian social housing.

Conscious Investment Management (CIM) has teamed up with eight values-aligned organisations and a host of other investors to deploy $300 million into eight investments across social and affordable housing, specialised disability accommodation, distributed solar and social impact bonds. The largest portion of the capital will fund Victorian social housing.

According to the director of Conscious Investment Management, Casey Taylor, over 500 investors who have incorporated impact investment into their portfolio were part of the deal.

“As the impact investment industry grows, thoughtful and accurate measurement is more important than ever,” Taylor explained, noting that the deal is captured in the firm’s 2022 Impact Report. “Through this report, we continue to build our track record in measuring, and transparently communicating our impact, recognising that we can only manage the impact that we can measure.”

The largest investment made by CIM was in Victorian social housing, under a unique partnership with the Victorian government and community housing association, HousingFirst. CIM will invest approximately A$150 million to fund the acquisition of up to 307 apartments for social and affordable housing tenants.

To date, CIM has financed a total of 260 new social and affordable apartments in 18 buildings across Melbourne. 200 of these apartments have settled and are leased up.

“Our impact measurement methodology uses the leading global impact measurement framework, the Impact Management Project, which considers impact achieved across five dimensions: what, who, how much, contribution and risks,” Taylor said. “We also align with the United Nations Sustainable Development Goals and layer in the Global Impact Investing Network’s Impact Reporting and Investing Standards metrics – enabling investors to aggregate their impact at a portfolio level.

“We hope to continue to grow together with our investors and Impact Partners to contribute to better outcomes across our three core impact themes, being environment and climate, health and education and social infrastructure. In 2023, CIM is intending to continue this impact by launching new funds focused on these and new investment areas.”

The release marks the company’s second annual Impact Report, which encapsulates portfolio impact and performance for the 2021-22 year. It sets out CIM’s framework for impact measurement and provides case studies on key investment themes.

“Our portfolio aims to deliver positive social or environmental benefit, and this report helps to communicate the powerful stories and outcomes that CIM’s investors have had through their investment,” Taylor added.