Hughes has served on the boards of companies including The Body Shop, Next, Home Retail Group, Gap and Superdry. She was chair of iQ Student Accommodation until its sale last month to Blackstone for £4.66 billion.
Riverstone is preparing to spend up to £3 billion in London over the next seven years. It is overseeing the construction of two senior living schemes, and is reported to be seeking up to 10 more sites.
Hughes said: “Riverstone is at the forefront of the UK’s opportunity to create a world-class retirement living sector on the scale of what we can see in locations such as the United States, Australasia and Canada. The strength and experience of the Riverstone team, coupled with the expertise and financial backing of Goldman Sachs, sets us apart from others and offers a platform to create something significant for all our stakeholders. With a focus on health and wellbeing, later senior living can be safer living in retirement communities. I look forward to joining the team and delivering on our promise to our future residents.”
Riverstone CEO Jason Leek said: “Penny’s arrival at Riverstone is a pivotal moment on our journey, as we seek to benefit from her long experience of enhancing world-class businesses through a focus on the customer experience.”