Having recently transitioned from non-executive Director to Chair of our board of directors, there’s no doubt Phil Clark plays a key role within our senior team at Thriving Investments – bringing deep knowledge and experience from across real estate investment, alongside a long-standing commitment to sustainable and socially-driven development.
In this Q&A, Phil shares insights into his background, what attracted him to the role, and his ambitions for the future as we continue to scale the business and deliver much-needed homes across the UK.
Can you tell us a bit about your background, and what led you to real estate?
Like many people, I fell into it. My parents suggested banking as a career… so naturally I did something different! I have since spent 40 years in the real estate investment industry leading investment businesses across the UK, Europe, US and Asia.
Why did you choose to focus on residential as an asset class at this point in your career?
When people look back in 30 years, they will rightly ask: “who was on watch and what did they do about the big issues?”
There are two crises in my view – the impact of climate change, and the lack of affordable accommodation in the UK. I very much wanted to play a small part of addressing the housing crisis, and Thriving Investments, as part of the Places For People Group, enables that in a meaningful way.
You’ve had a long-standing connection to Thriving Investments, including as non-exec director and as a founding member of the igloo Regeneration Partnership – how does it feel to now step into the role of Chair?
Creating the igloo Fund in 2000 was not easy – people literally laughed at me when I said I needed a development partner with a sustainability policy. I was accused of being part of the marketing department... No one says that now!
The igloo team has been at the forefront of sustainable development ever since. Its bespoke sustainable development methodology Footprint®, overseen by fellow Thriving Investments Board Director Julie Hirogoyen, is in my view, the benchmark for property sustainability strategies. So, it feels like coming home but at the same time we have more to do - and more urgently than ever before.
What are you most excited about in your new role and what perspectives are you bringing?
The Thriving Investments leadership team, led by Cath Webster, is developing fast – but what excites me most is how we can accelerate that momentum.
We have a growing number of competitors in this space, so we need to remain ambitious and focused. That said, I know success will continue to follow the energy and passion of the team.
Being part of the Places for People Group also gives us a real depth of credentials across both Thriving Investments and the wider Group, and it is exciting to think about how we can better harness that – ultimately to deliver many more homes for those who need them most.
The business has ambitious plans to grow to 20,000 homes under management from its current level of around 5,700 homes today. What do you see as the key enablers to reach that scale?
We need to keep proving our investment and delivery capabilities while continuing to build scale. The key over the next five years is to remain one of the top three investment teams in this space, and to keep winning (and growing) the trust of institutional investors to back our strategies. The team is already making strong headway in what is a highly competitive market.
From your experience in investment, what lessons have you learned that will be most valuable in steering Thriving Investments into that next phase of growth?
Do a few things very well, at scale, and with a strong moral compass.
The demand side of the UK residential investment sector is very strong. The sector, especially affordable housing, needs to prove that we can deploy investors’ capital at scale and at pace. Alongside that, we should always remember that institutional capital ultimately represents individuals – people relying on us to meet target returns and grow the value of their pension funds, so they can have financial security in retirement.
Anything else you’d like to add?
Just that I’m excited to be working with the PFP Group, the Thriving Investments Board and the executive team – we have much to do, and a real opportunity ahead!