AND Capital Ventures and Forshaw Land & Property Group Launch £185 million Fund for Northern England Housing Projects
Teruel Carrasco, Lisa Carrasco, Jennifer Sethre, Loren Brink of AND Capital Ventures with Lyndon Forshaw and Lisa Forshaw of Forshaw Land & Property Group. (credit: Dominic Holden)
AND Capital Ventures has partnered with Forshaw Land & Property Group to establish a new residential development and investment fund valued at up to £185 million, targeting projects across the North of England.
The collaboration, announced on 13 August 2026 in Manchester, involves a closed-ended fund combining AND Capital’s expertise in institutional capital formation and fund structuring with Forshaw’s comprehensive development capabilities. Forshaw brings experience in site sourcing, development management, construction, lettings, and property management to the venture.
The fund aims to focus on residential-led developments, including build-to-sell, private rented sector, and selected mixed-use opportunities. These initiatives will concentrate on markets characterised by structural housing shortages and regeneration-driven demand.
Teruel Carrasco, CEO of AND Capital Ventures, highlighted Manchester’s growing prominence: “Manchester is having a moment. This is a city that now behaves like a capital city in its own right, and the capital markets are responding. We’re seeing sustained institutional demand, a regeneration pipeline measured in the billions, and a genuinely deep talent and development ecosystem. That is exactly the kind of moment that draws private equity groups like ours to want to invest here — and to want to invest in great, proven local operators like Forshaw.” He added, “When you combine housing undersupply, a regeneration pipeline in the tens of billions, and a city that institutions are actively rotating capital into, you have the ingredients for a compelling long-term investment thesis. We wanted a local partner with a proven track record to execute against that thesis — not just capital looking for a home.”
Lyndon Forshaw, CEO of Forshaw Land & Property Group, described the partnership as transformative: “This partnership with AND Capital represents a transformational moment for our business. We have built a strong track record as an SME developer, but access to funding remains one of the biggest challenges facing businesses in our sector. With AND Capital’s support, we will be able to significantly increase both the scale and number of projects we deliver, while expanding into new asset classes. From growing our hotel portfolio to delivering more family housing and larger high-rise developments, this partnership provides the platform for our next phase of growth. We believe this is the beginning of something genuinely significant.”
David Chung, Head of Capital Formation at AND Capital Ventures, emphasised Forshaw’s appeal to institutional investors: “Forshaw has spent nearly 20 years building the kind of track record that institutional capital wants to underwrite. Pairing that operating discipline with a dedicated institutional capital vehicle gives us a genuine competitive edge in one of the most sought-after regional markets in Europe.”
According to the Letter of Intent, Forshaw will take the lead on pipeline generation, site origination, development execution, and day-to-day asset management. Meanwhile, AND Capital will focus on fund formation, institutional capital raising, and investor relations. Both companies will collaborate on limited partner recruitment and share management and performance fees.
The parties plan to finalise the fund structure over the coming months, aiming for a closed-ended vehicle designed to efficiently serve both UK and international institutional investors. This process is subject to due diligence and the completion of definitive documentation.
