Simmons & Simmons has advised Cheyne Capital on the launch of the Cheyne Social Property Impact Fund.

The Cheyne Social Property Impact Fund, seeded by investors including Big Society Capital, is seeking commitments of £300 million (c. $475 million US dollars) for investment in UK property so as to increase the capacity of social sector organisations and other related bodies to deliver front line services.

The Cheyne Social Property Impact Fund is intended to address an opportunity created by a reduction in government capital grants at a time of increased need for social housing and related community schemes.

The Simmons & Simmons team was led by funds partner David Williams, with tax advice from partner Nick Cronkshaw, both from our London office. The firm also advised on state aid issues, via competition & regulatory partner Charles Bankes. Real estate partner John Kelsey continues to advise on real estate investments for the fund.

Commenting on the transaction, David Williams said: ‘‘We are proud to have been able to help Cheyne Capital with the structuring and launch of a fund which will both develop Cheyne Capital’s business and have such a positive effect on the lives of so many. The “impact” fund sector is increasingly important and active, and we are pleased to be leading the way in this area.’’