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02 Dec 2020

Schroder BSC Social Impact Trust - Pre-IPO Research

Company Notes

Targeting measurable positive impacts on UK society

Schroder BSC Social Impact Trust* is aiming to raise £100m through an IPO in order to invest in high social impact opportunities. Its portfolio will consist of difficult-to-access private market impact funds and co-investments designed to deliver measurable positive social impact. A NAV total return of CPI + 2% p.a. is being targeted once fully invested, with a low correlation to markets. The intention is to pay a dividend equivalent to a yield of 1% to 2% on NAV.

The portfolio’s underlying assets will be diversified across sectors including housing, debt for social enterprises and social outcomes contracts. Investment will primarily be via funds, managed by proven managers with established track records, although direct co-investments can be made within the debt and social outcomes contracts asset classes. There is a seed portfolio valued at £60m on a total commitment basis (£40m on an invested basis).

The fund will be managed by a partnership between Schroders and Big Society Capital (BSC). BSC will be the delegated investment manager, responsible for investment sourcing, selection and management. It has a track record of delivering sustainable financial returns and positive impacts on people’s lives in the UK. The management fee will be equivalent to 0.8% of NAV, excluding cash, while the underlying fees are expected to be around 1% p.a.

Big Society Capital will be a 25% shareholder in the new fund, while Schroder & Co. also intends to invest £17.5m. The placing closes on 16 December with dealing expected from 22 December.

*Denotes a corporate broking client of Winterflood Securities