Key Takeaways
- • AND Capital Ventures and Forshaw Land & Property Group have signed a Letter of Intent to establish a closed-ended residential development fund targeting up to $250 million (£185 million) across the North of England, combining institutional capital with vertically integrated development capabilities.
- • The fund will focus on residential-led development, build-to-sell, private rented sector, and mixed-use opportunities in markets characterized by structural housing undersupply and regeneration-driven demand, positioning the partnership to capitalize on Manchester's economic momentum.
- • Forshaw brings end-to-end operational expertise spanning site sourcing, development management, construction, lettings, and property management, while AND Capital contributes institutional capital formation and fund structuring expertise across its multi-fund platform.
- • Manchester's position as an emerging capital city with a multi-billion-pound regeneration pipeline and deep development talent ecosystem has attracted institutional private equity interest, according to AND Capital CEO Teruel Carrasco, signaling broader market confidence in North of England residential markets.
Summary
AND Capital Ventures, a multi-fund private equity platform specializing in corporate finance and capital deployment, has partnered with Forshaw Land & Property Group, an established Manchester-based property developer, to launch a new investment vehicle targeting residential development across the North of England. The proposed closed-ended fund is sized at up to $250 million (£185 million) and represents a strategic alignment between institutional capital and local development expertise.
The fund structure combines AND Capital's capabilities in capital formation and institutional fund management with Forshaw's vertically integrated platform. Forshaw's operational scope includes site identification and acquisition, development project management, construction oversight, residential lettings operations, and ongoing property management. This integrated model positions the vehicle to pursue multiple investment strategies: conventional residential development for sale, build-to-rent private rented sector opportunities, and selective mixed-use projects.
The partnership is premised on market fundamentals in the North of England—specifically, structural undersupply of housing and regeneration-led demand. Teruel Carrasco, CEO of AND Capital Ventures, characterized Manchester as experiencing significant economic inflection, describing the city as now functioning "like a capital city in its own right." He cited sustained institutional capital demand, a regeneration pipeline valued in the billions of pounds, and established development and talent infrastructure as factors supporting the investment thesis. The statement underscores how regional economic differentiation within the UK has begun attracting allocations from private equity platforms traditionally focused on larger metropolitan centers.
The transaction remains subject to final documentation and fund formation completion. As of August 13, 2026, the parties have executed a non-binding Letter of Intent, indicating the transaction remains in preliminary stages.
The fund structure combines AND Capital's capabilities in capital formation and institutional fund management with Forshaw's vertically integrated platform. Forshaw's operational scope includes site identification and acquisition, development project management, construction oversight, residential lettings operations, and ongoing property management. This integrated model positions the vehicle to pursue multiple investment strategies: conventional residential development for sale, build-to-rent private rented sector opportunities, and selective mixed-use projects.
The partnership is premised on market fundamentals in the North of England—specifically, structural undersupply of housing and regeneration-led demand. Teruel Carrasco, CEO of AND Capital Ventures, characterized Manchester as experiencing significant economic inflection, describing the city as now functioning "like a capital city in its own right." He cited sustained institutional capital demand, a regeneration pipeline valued in the billions of pounds, and established development and talent infrastructure as factors supporting the investment thesis. The statement underscores how regional economic differentiation within the UK has begun attracting allocations from private equity platforms traditionally focused on larger metropolitan centers.
The transaction remains subject to final documentation and fund formation completion. As of August 13, 2026, the parties have executed a non-binding Letter of Intent, indicating the transaction remains in preliminary stages.
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