The funding from the WPP, a collaboration of the eight local government pension funds in Wales, is ring fenced for deployment in the country.

This will be used to fund housebuilders’ and developers’ projects to deliver local, affordable housing. WPP will invest through Pluto Finance’s local impact programme.

“We are thrilled to be working with the WPP, to help them deliver a step change in local, affordable housing,” said Ashley Manning-Brown, head of investor solutions at Pluto Finance.

•   The Finance Professional Show 2024: The Video
•   Frank Pennal joins Pluto as non-executive advisor
•   Pluto funds housing association low carbon development

“By utilising our innovative approach to place-based investment, the WPP will be supporting local communities and their housing needs, while delivering investment and SME job creation into the region.”

“The WPP is committed to providing productive capital into Wales and we are delighted to have found a solution that delivers both in financial and local impact terms,” added councillor Elwyn Williams, chair of the joint governance committee, on behalf of the WPP.

“This investment made through our private debt allocator, Russell Investments, will look to support both the Welsh economy and the affordable housing needs of our local community.”