+353 1 662 3001 info@greshamhouse.ie

Gresham House Credit Union Income Fund

For Qualifying Investors only. It is a closed ended fund with generally no right of redemption.
Credit unions are advised to seek the advice of financial advisors prior to investment.
Capital at risk. 


This information (the Information) has been prepared and issued by Gresham House Asset Management Ireland Limited (the AIFM), a wholly owned subsidiary of Gresham House plc.

The AIFM is authorised by the Central Bank of Ireland (the Central Bank) and is the alternative investment fund manager of the Gresham House Credit Union Income Fund (the Fund), a Qualifying Investor Alternative Investment Fund (QIAIF) which is a sub-fund of Appian Investments ICAV (the ICAV). The information contained herein is being furnished to you solely for the purpose of giving you an indication of the proposed strategy and structure of the Fund and is not to be used for any other purpose or made available to anyone not directly concerned with your evaluation of the possibility of requesting further information regarding any investment in the Fund. This Information should not be taken as an inducement to engage in any investment activity and is for the purpose of providing information about the Fund only.

This Information is intended for distribution to Credit Unions established in Ireland and authorised by the Central Bank. Those representing the Credit Union in relation to consideration of this Fund must (i) have professional experience in matters relating to investments and (ii) have the authorisation to act on behalf of the Credit Union and must ensure that the investing Credit Union meets the Qualifying Investor definition as defined in the Central Bank’s AIF Rulebook and all potential investing Credit Unions must certify (i) that they meet the relevant criteria as a qualifying investor and (ii) that they have the minimum capital commitment available to invest.

In relation to client classification, by expressing an interest in the Fund, you understand and accept that Credit Unions are automatically categorised as Professional Clients as defined in Directive 2014/65/EU (MiFID II). This classification is provided for in the Central Bank of Ireland’s Credit Union Handbook Investments, dated September 2021. Therefore, the Credit Union will not have the ability under MiFID II to opt down to Retail Client status (as defined in MiFID II) and consequently, the Fund is not under any obligation to provide a Key Information Document under the PRIIPS regulation (Regulation (EU) No. 1286/2014).

This Information is a marketing communication. Please refer to the Prospectus of the ICAV and the Fund Supplement before making any final investment decisions.

This Information does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe for any interests or any other shares in the Fund or ICAV nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract. The distribution of this Information and other information in connection with the Fund and the ICAV in certain jurisdictions may be restricted by law and persons into whose possession comes any document or other information referred to in it, should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This Information is not intended to provide and should not be construed as or relied upon for legal, tax, financial, business, regulatory or investment advice, nor does it contain a recommendation regarding the purchase of any interest in the Fund. Credit Unions are strongly advised to seek independent, expert advice before making any investment decision.

The information and opinions contained in this Information are provided as at the date of this Information (unless otherwise marked) and are subject to verification, change, material updating and revision and no representation or warranty, expressed or implied, is or will be made in relation to the accuracy or

completeness of the information contained herein and no responsibility, obligation or liability or duty (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the ICAV, the Fund or the AIFM or any of their affiliates or by any of their respective officers, employees or agents in relation to it.

No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this Information is accepted and no representation, warranty or undertaking, express or implied, is or will be made by the AIFM or any of its affiliates, the ICAV or any of their respective directors, officers, employees, advisors, representatives or other agents (together the “Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements. None of the Agents makes or has been authorised to make any representation or warranties (express or implied) in relation to the ICAV or the Fund or as to the truth, accuracy or completeness of this Information, or any other written or oral statement provided. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this Information relating to the Fund or ICAV and nothing in this Information is or should be relied on as a promise or representation as to the future.

This Information is strictly private and confidential, it may not be distributed to the press or any other person, it may not be copied, re-produced, discussed, published, quoted or referenced to, in any form, in whole or in part, for any purpose whatsoever, without the prior written consent of the AIFM.

By accepting this Information and completing and returning the Expression of Interest form to the AIFM, you consent that in accordance with the General Data Protection Regulation 2018 (GDPR), that the AIFM may process your data for the purposes of considering your investment in the Fund and to contact you about this Fund in the future. You acknowledge and further consent to the AIFM sharing your data with its affiliates for the purposes of processing your application and providing you with relevant updates and information from time to time. The AIFM’s Data Privacy Policy and Data Privacy Notice are available on the AFIM’s website.

The AIFM is authorised by the Central Bank as an alternative investment fund manager (AIFM) under the European Union (Alternative Investment Fund Managers) Regulations 2013.

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‘A safe and secure home for credit union investment.’

The Gresham House Credit Union Fund (the Fund) is a new fund inviting credit unions to invest in Tier 3 Approved Housing Bodies (AHBs) through the issuing of loans for the provision of social housing.

The Fund is approved by the Central Bank of Ireland* and has been specifically designed for credit unions in line with the Credit Union Act 1997 (Regulatory Requirements) (Amendment) Regulations 2018.

*The Fund has been approved by the Central Bank of Ireland as an L-QIAIF, a Loan-Qualifying Investor Alternative Investment Fund. It will be available only to Qualifying Investors and is a closed ended fund with generally no right of redemption. Credit unions are advised to seek the advice of financial advisors prior to investment

It will provide Tier 3 AHBs with a new, attractive source of loan capital as they address the ongoing undersupply of social housing in Ireland. This will be through a combination of acquisitions and construction projects, in line with delivery targets in the government’s ‘Housing for All’ strategy. The Fund provides an exciting opportunity for credit unions to partner with AHBs over the long term to deliver on their common mission of improving the wellbeing of their clients within their homes and communities.

Why the Gresham House Credit Union Income Fund?

The Fund is a sub-fund of the Gresham House Investments ICAV (formerly Appian Investments ICAV) which was authorised by the Central Bank of Ireland in November 2016. The Gresham House Investments ICAV (formerly Appian Investments ICAV) has an independent board and retains responsibility for oversight of the performance and risk management of the Fund’s investments.

The Fund will allow credit unions to invest in a diversified portfolio of social housing loans utilising the specialist investment and risk management expertise of the Gresham House Ireland team, which is the appointed AIFM, including provision of investment management services to the Fund.

“We manage a range of funds which we invest to grow and protect our clients’ assets while generating sustainable income. We have a history of investing in and managing social housing, property, and debt funding. With the long term in mind, we have provided investment solutions to credit unions.”

The Fund has a dedicated Fund Manager, Fiona O’Driscoll, who brings direct experience of arranging long-term loan finance for Tier 3 AHBs and a strong network across the social housing sector, as well as wider loan origination and portfolio management skills. Within Gresham House Ireland, there is an in-house team of compliance, risk, finance and operations specialists from the banking and fund management industry who will support the Fund Manager in risk management and the day-to-day operations of the portfolio.

All borrower loans will be approved by a credit committee and risk oversight of the investment portfolio will be provided by a special sub-committee of the Gresham House Ireland Board. The members of both committees have been selected to collectively bring a wealth of banking and credit risk management, social housing finance, property, and legal expertise to these committees.

The Fund also draws on the construction and property expertise of Burlington Real Estate as the Investment Advisor to the Fund and the sustainable and real asset investment expertise of the wider Gresham House Group, including the specialist social housing sector expertise of its TradeRisks team.

Further detail on the Fund structure and governance is available here.

The Fund is a qualifying investor fund, with no liquidity as it is a closed-ended fund, and the minimum investment in the Fund is €250,000. Prospective investors are advised to read the Fund Supplement and Prospectus, along with an Information Memorandum, which is available on request.


    Please complete the form below, to download the Credit Union Income Fund Teaser.

    Please note that by filling out the above, you are consenting to your data being processed for the purposes of providing you with more information in relation to the Credit Union Income Fund and also to be contacted by Gresham House Ireland in relation to this fund. Should you like more information on how we manage your data please see our Data Privacy Notice.

    Investor information 

    For credit unions who are interested in investing in the Fund, we have prepared an Information Memorandum which provides more comprehensive detail on the Fund’s target return and risks; the Fund structure, key counterparties, and fee details; as well as an outline of the investment processes and sustainable investment framework that will be used by the Fund.

    Important information on the Application Form and Fund subscription process is also provided in the Information Memorandum, which should be read in conjunction with the Fund Prospectus and Supplement by prospective investors.


    Please email the following address to receive your copy of the Information Memorandum, Fund Prospectus and Supplement: creditunions@greshamhouse.ie

    Please note that by contacting us to request the above information, you are confirming that you are a Credit Union and therefore a qualifying investor for the Credit Union Income Fund. You also consent to your data being processed for the purposes of providing you with more information in relation to the Credit Union Income Fund and also to be contacted by Gresham House Ireland in relation to this fund. Should you like more information on how we manage your data please see our Data Privacy Notice.

    Alternately please contact us with request for access to this information and with any further queries:

    Fiona O’Driscoll, Fund Manager
    (01) 662 3982 / (085) 880 2828

    Patrick Lawless, Managing Director
    (01) 662 4050 / (085) 880 0342

    For credit unions who would like to complete an Application Form, please complete the Expression of Interest form via the link below, and we will be in touch to provide you with same:

    Expression of Interest form >>