London Treasury is an “arm’s length” subsidiary of the Greater London Authority, and the LTLF is its flagship investment strategy with £3.3bn in assets as of September 2024.

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This follows a similar deal last week where Pluto secured £30m form the Welsh Pension Partnership, with that sum ring-fenced for projects in Wales. 

“We are delighted to be working with the team at London Treasury and are aligned with their investment aim - competitive financial returns and the delivery of much needed affordable housing across the UK,” said Robert Swift, head of investor relations at Pluto Finance.

“In addition to new homes, lending in London and the South-East delivers local investment and SME job creation.”

Richard Tomlinson, deputy chief investment officer at London Treasury, added: “As a fund, we are at an exciting stage.

"Our performance since inception in April 2023 has exceeded current benchmarks, and our operations have scaled sufficiently to welcome new investors who are eager to partner with us.”