Newcore Capital has achieved the second close for its £375m Newcore Social Infrastructure Income Fund (NSIIF), taking total commitments to more than £100m.
The fund, which is seeking high quality, income producing social infrastructure real estate with a target net return of 9–11% per annum, has secured additional investment from an institutional pension scheme client of Aberdeen Investments.
Since its inception in March, NSIIF has completed 13 investments across the healthcare, education, transport and other social infrastructure sectors throughout the UK.
Rachel Childs, senior investment manager at Aberdeen Investments, said “Investing in UK social infrastructure is essential to strengthening communities and improving access to vital services. Through our commitment to NSIIF, we can deliver meaningful social impact and enhance the long-term sustainability of the services society depends on, all without compromising investor performance.”
Hugo Llewelyn, chief executive officer of Newcore Capital, added: “Reaching this milestone amidst a highly challenging capital raising environment underlines the strength of our investment proposition and continued institutional appetite for needs-based real estate such as UK social infrastructure. The continued backing from like-minded investors reinforces our belief that a genuinely three-dimensional approach to sustainability – across financial, environmental, and social metrics – can deliver positive outcomes for society as well as strong returns for investors.”
Jonathan Scriven, NSIIF fund manager at Newcore Capital, said: “NSIIF has built a strong seed portfolio of 13 assets, providing an excellent base from which to continue to scale the vehicle. We are pleased with the quality of the assets we have managed to acquire to date at attractive pricing and remain actively engaged in the market to source further high quality social infrastructure investments that align with the core-plus income-focused strategy.”
