- Core plus, semi-open-ended vehicle has secured additional investment from an institutional client of Aberdeen Investments
- Fund has already completed 13 investments across the healthcare, education, transport and other social infrastructure sectors throughout the UK
- The second close takes total commitments to over £100 million
Newcore Capital (‘Newcore’), today announces it has achieved a second close for its £375 million core-plus income fund, the Newcore Social Infrastructure Income Fund (“NSIIF” or “the Fund”). The Fund is seeking high-quality, income-producing social infrastructure real estate with a target net return of 9–11% per annum.
NSIIF has secured additional investment from an institutional client of Aberdeen Investments, further strengthening its investor base and supporting Newcore’s continued capital deployment across the UK social infrastructure sector.
The second close comes at an important point in NSIIF’s investment period. Since inception in March, NSIIF has completed 13 investments across the healthcare, education, transport and other social infrastructure sectors throughout the UK. All assets are let to strong covenants on long-dated leases.
The initial portfolio has been assembled during a period of market dislocation, enabling acquisitions at attractive pricing levels. Recent acquisitions include a 20,000 sq ft (NIA) primary healthcare centre in Bushey, a trunk road service area with a hybrid model forecourt in Lincolnshire, a 100-place children’s nursery in London and a waste management site in Norwich. The investment strategy seeks to improve local supply and services across the UK.
Capital deployment will continue to be managed with the objective of maintaining a balanced and diversified portfolio across core social infrastructure sectors over the medium term. Newcore has also developed a strong investment pipeline for NSIIF and remains active in the market sourcing further opportunities.
In April 2025, NSIIF reached a first close. The fund’s cornerstone investors included the Parliamentary Contributory Pension Fund, a Local Government Pension Scheme and an insurance company client of Capricorn Private Investments, an outsourced investment office.
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 at Newcore Capital, said:
“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, added:
“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-focussed strategy.”
