b'Weve looked at institutional investment with pension funds. Theres a fundamental misunderstanding with them, they want all of the profit and none of the risk. I think housing associations that have taken this investment have done it because they have no choice. (Interviewee 1)Most did not object to the principle of institutional investment, but felt that finding a partner with similar values to a housing association was difficult:Its dead capital, with shared ownership. Because that 50% of the value is stuck, and you cant do anything with it. Finding an investor that is willing to purchase that 50% in an efficient way, that also is ethical and moral in what they do, and isnt going to bang up their charges the minute we turn our backs, is difficult. Theres a lot that say that can do it, but Im not finding many that actually can. Theyre trying to squeeze a margin out of it as well. (Interviewee 4)In addition to concerns about the alignment of values, some providers noted longer term issues as the financial returns from property changed over time:The thing that worries me is shareholders are always going to come first. And in terms of the longevity. The difference with housing associations is were doing this forever. This is our primary purpose and not an additional way of making money. Thats why we do it. You have investment funds that think of it as a good investment, but they might not think that in 10 years time. (Interviewee 6)One provider was more positive about private equity investment and thought that this was a useful way to boost the supply of shared ownership homes:We are probably slightly different from some associations in terms of the ways were thinking about funding our future program and thinking about providing subsidy for 10 years. Weve made an explicit commitment in our corporate strategy to seek to work with third party capital partners to deliver more. What that really is about, its about sayingon our own, on our account balance sheet, we will deliver roughly 1000 homes a year. And our development team and our operational team are able to provide and deliver and then manage far more homes that that. But we have a commitment to deleveraging. In the long term, we dont believe that public subsidies are going to increase. So if we want to drive additionality above thatWeve got to find different ways of financing that. (Interviewee 7)24'