Category: Article

Newcore is a finalist at the 2025 LGC Investment Awards for Fund Manager of the Year

Newcore is a finalist at the 2025 LGC Investment Awards for Fund Manager of the Year

We are delighted to share that Newcore has been shortlisted for Fund Manager of the Year at the 2025 LGC Investment Awards.

The LGC Investment Awards recognise standout performance, innovation, and best practice across the LGPS. This recognition reflects the strength of our growing partnership with the Local Government Pension Scheme (LGPS) community, a group whose long-term outlook and values deeply align with Newcore’s mission.

A huge thank you to our LGPS partners and peers. We look forward to continuing this important work together.

Congratulations to our team and the other finalists:

  • CBRE Investment Management
  • Gresham House
  • HarbourVest
  • I Squared Capital
  • Mondrian Investment Partners
  • Montanaro Asset Management
  • Quoniam Asset Management

For more information on the awards click here.

Sustainable capital management in an era of AI and populism

Sustainable capital management in an era of AI and populism

Hugo Llewelyn I Guest writer for New Private Markets I 18 August 2025


The era of cheap capital is over – but has the private markets industry truly adapted?

In this timely piece, Newcore’s CEO, Hugo Llewelyn highlights how rising interest rates, climate risk, and political instability should have sparked a reset in capital management. Instead, short termism persists, aided by populist politics and a retreat from sustainability commitments.

Key takeaways:

  • The illusion of progress: Post-Covid and post-QE, many hoped for a shift to disciplined, long term investing. Instead, financial engineering and populist policy threaten deeper inequality and systemic risk.
  • The AI wildcard: Disruption from artificial intelligence could drive industrial scale job losses, compounding the political and economic instability we see today.
  • Three tiers of true impact:
    1. Asset level – socially useful, resilient investments
    2. Fund level – conservative leverage, strong governance
    3. Management platform level – ethical leadership and tax responsibility

At Newcore, we remain steadfast in our commitment to responsible, sustainable investing in UK social infrastructure, aiming to deliver long-term value and risk-adjusted returns through ethical, transparent capital management. In today’s volatile climate, clarity of mission and integrity of execution matter more than ever.

Read the full article here – https://www.newprivatemarkets.com/sustainable-capital-management-in-an-era-of-ai-and-populism/

ESG & impact report 2024-2025 published

ESG & impact report 2024-2025 published

Newcore is pleased to publish its 2024-2025 ESG and impact report which outlines the progress made over the past year across Newcore itself and our institutional funds, NSS IV and NSS V.

Read the report here.

This year’s report reaffirms our continued commitment to investing responsibly in UK social infrastructure, delivering risk-adjusted returns to pension fund and institutional clients, while enabling the delivery of affordable, socially useful, and environmentally resilient buildings all within governance-led fund structures.

These principles have not only guided our investment decisions but have also supported the successful raising of additional capital from investors who share our long-term outlook and values. We look forward to continuing these partnerships and updating you on their progress in next year’s report. Our focus on transparency and externally validated impact remains core to everything we do.

Key highlights include:

  • 82% of assets are delivering positive social and environmental outcomes
  • Newcore’s contribution to achieving impact is medium / high for 74% of total assets
  • 32 assets repositioned into social infrastructure
  • Over 2,000 nursery places and 500+ SEN school places created
  • 900+ jobs created across educational assets
  • NSS V nearly doubled in size with 21 new acquisitions, mainly in healthcare (serving over 150,000 patients)
  • Carbon intensity reduction target tightened – implementing a new mid-term reduction target of 50% carbon intensity reduction by 2030
  • First close held for NSIIF, Newcore’s flagship income fund
  • Launch of NSSIP, a local impact fund with Swansea Pension Fund
  • Winner of Fund Manager of the Year and ESG Investor of the Year at the 2024 Property Week Awards

“This report captures our commitment to our three pillars around sustainable investing and demonstrates how long-term value creation comes from investing in assets that serve both people and the planet. It also shows the role that responsibly managed private capital can play in helping to close the gap in the UK’s social infrastructure by increasing its supply, improving its quality, and ensuring it is future-proofed,” Hugo Llewelyn, CEO & Founder.

Please contact us if you would like to discuss any aspect of the report with us.

Newcore has been shortlisted for LGPS Fund Manager of the Year and Property Manager of the Year at the 2025 LAPF Investments Awards

Newcore has been shortlisted for LGPS Fund Manager of the Year and Property Manager of the Year at the 2025 LAPF Investments Awards

We’re proud to share that Newcore Capital has been shortlisted for LGPS Fund Manager of the Year and Property Manager of the Year at the 2025 LAPF Investments Awards.

A huge thank you to our dedicated team and supportive stakeholders who make recognitions like this possible. We look forward to the results on 2 October.

Congratulations to our fellow nominees:
– Gresham House
– HarbourVest Partners
– Robeco
– AlphaReal
– CBRE Investment Management
– Columbia Threadneedle Investments
– Pluto Finance

View the shortlist here.

Newcore has been shortlisted for UK Investor/Developer of the Year at the 2025 Estates Gazette Awards

Newcore has been shortlisted for UK Investor/Developer of the Year at the 2025 Estates Gazette Awards

We are delighted to announce Newcore has been shortlisted for UK Investor/Developer of the Year at the 2025 Estates Gazette Awards.

Congratulations to the other nominees:
-FORE Partnership
-L&G
-M Core
-Moorfield Group
-Oxford Properties Group
-Royal London Asset Management
-SEGRO
-Tritax Big Box
-Valor Real Estate Partners

We look forward to the results being announced on 20 November.

Newcore Capital and Swansea Council launch £51m local impact fund

Newcore Capital and Swansea Council launch £51m local impact fund
  • UK-focused social infrastructure manager has been appointed as general partner to a new local impact fund focused on the Swansea region
  • With Swansea Council as a limited partner, the £50m+ vehicle will look to deliver social infrastructure, social housing and social care
  • The fund, with a ten-year life targeting 8-10% p.a. IRR net of fees, is also open to other investors interested in improving outcomes in the Swansea region

UK-focused social infrastructure investment manager Newcore Capital (‘Newcore’) has been appointed general partner to a new local impact fund, The Newcore Swansea Social Infrastructure Partnership (‘NSSIP’), launched in collaboration with Swansea Council.

NSSIP is a UK limited partnership that will deliver social infrastructure, social housing and social care, in the Swansea region. With Swansea Council – as the Administering Authority of the £3.6bn City and County of Swansea Pension Fund – as a cornerstone investor, and with Newcore co-investing alongside, the £51m fund will be focused towards delivering positive social outcomes for the region alongside strong, sustainable financial returns for its investors.

NSSIP will be managed by Newcore and target value-add and core-plus investments, including existing assets that can be refurbished as well as strategic land for development, income and planning opportunities.

The fund will have a ten-year life and will target an 8-10% p.a. IRR net of fees. Newcore has also voluntarily waived performance fees from the vehicle. While NSSIP has been designed in partnership with The City & County of Swansea Pension Fund, it is also structured to be open to other investors interested in improving outcomes in the Swansea region.

NSSIP will act as a separate entity to the other value-add and core-plus social infrastructure funds Newcore manages on behalf of its clients.

Newcore is currently investing on behalf of its fifth value-add fund, Newcore Strategic Situations V, which reached a final close at £190m in 2023, with a re-up rate of 60%.

The manager also recently launched a core-plus vehicle, The Newcore Social Infrastructure Fund (NSIIF), which reached a first close this Spring with £100m of investment capacity. NSIIF is targeting £375m in equity commitments. Investors in NSIIF include LGPS scheme East Riding Pension Fund and The Parliamentary Contributory Pension Fund – the MPs pension scheme.

Newcore currently manages approximately £700m across both its value-add and core-plus strategies.

Jeff Dong, Head of Finance, City and County of Swansea Pension Fund, said: “This partnership presents us with a unique opportunity to enhance and expand social infrastructure, social housing and social care provision in the Swansea City region, while generating strong and steady returns for the Swansea LGPS. After extensive due diligence of the market, we chose to partner with Newcore Capital due to its proven track record of investing successfully and conscientiously in UK social infrastructure and approach to delivering genuine positive impact and their commitment to delivering that model in the Swansea City region”

Hugo Llewelyn, CEO, Newcore Capital, said: “We are really pleased to be partnering with Swansea Council in this local impact strategy, the aim of which is to improve the quantity and quality of social infrastructure, social housing and social care in the city region, including Port Talbot and Neath. With this partnership, we hope to provide a blueprint for how private capital can be used to address the UK social infrastructure funding gap in a sustainable manner, while at the same time delivering strong, stable returns as an investment proposition. There is a clear opportunity for local government pension schemes to commit to investments in local social infrastructure, which can deliver sustainable returns while improving the scale and quality of much-needed local services through the provision of physical assets that enable them”

Newcore sells duo of Greater London industrial open storage assets

Newcore sells duo of Greater London industrial open storage assets
  • UK social infrastructure specialist has sold two industrial open storage assets in Ickenham and Harefield to two corporate owner occupiers 
  • Disposals have been made on behalf of Newcore Strategic Situations IV (NSS IV), the fourth fund in the manager’s value-add investment series 
  • To date, NSS IV has realised £45.5m of assets (net sales receipts) with a total gross levered IRR of 21.9% (1.83x gross levered equity multiple) 

Newcore Capital (‘Newcore’), today announces the sale of two industrial open storage (IOS) assets in Greater London for a total of £22m. The disposals have been made on behalf of Newcore Strategic Situations IV (NSS IV), the fourth fund in the manager’s value-add investment series.  

One of the sales comprises a 11.45-acre asset in Ickenham, which Newcore has sold for £10m after having initially acquired the site in August 2021. At time of initial acquisition, the site represented a disused former R&D facility. Newcore subsequently pursued a planning strategy to initiate redevelopment to four new self-contained separate IOS yards and the conversion of an existing building into office space to support IOS use, with consent from the Greater London Authority granted in September 2024.  A sale was then completed to an owner-occupier industrial plant and machinery hire business.

The other disposal comprises an 8-acre asset in Harefield, which Newcore has sold for £12m after having initially acquired the site in February 2021 as an existing IOS facility. Newcore subsequently pursued a leasing strategy to drive rental income at upcoming rent reviews and a planning strategy to formalise the site’s planning position.  The firm successfully secured a 31% rental uplift, and was granted planning permission for over 10 years of IOS use in August 2024, culminating in the sale of the asset to another owner-occupier.

NSS IV, forming part of Newcore’s value-add fund series, is fully committed having reached a final close in 2019 at £100m. To date, NSS IV has realised £45.5m of assets (net sales receipts) with a total gross levered IRR of 21.9% (1.83x gross levered equity multiple). 

Hugo Llewelyn, CEO, Newcore Capital, said:

“These disposals adhere to our value-add strategy of investing in assets that can be repurposed to enable societally critical services that require the use of physical space and are thus resilient to the deflationary effects of technological change. We are now in the process of returning capital and profits to our Fund IV investors and remain well-on-track to deliver a strong risk-adjusted result, notwithstanding the seismic changes in the capital markets midway through the life of the fund.”

Harry Savory, CIO, Newcore Capital, said:

“Industrial open storage’s appeal lies in an under-supply of available sites, supporting rental growth, as suitable land is often reallocated to residential and other uses, which limits new development prospects and enhances the attractiveness of existing assets. This is especially true of the Greater London area, which is of strategic importance to businesses related to the manufacturing and construction sectors servicing clients with activities in the capital.” 

Newcore is currently investing on behalf of its fifth value-add fund, NSS V, which reached a final close at £190m in 2023, with a re-up rate of 60%.  

The manager recently launched core-plus vehicle, The Newcore Social Infrastructure Fund (NSIIF), which reached a first close this Spring with £100m of investment capacity. NSIIF is targeting £375m in equity commitments. 

Newcore currently manages approximately £700m across both its value-add and core-plus strategies. 

Newcore Capital X IPE Real Assets – Mansion House Accord brings hope to UK’s institutional real estate industry

Newcore Capital X IPE Real Assets – Mansion House Accord brings hope to UK’s institutional real estate industry


Newcore’s CEO, Hugo Llewelyn recently spoke to Christopher Walker regarding the recent Mansion House Accord. The goal is to enhance returns for pension savers while stimulating the UK economy, building on the 2023 Mansion House Compact. The signatories manage over £252bn in assets, covering about 90% of UK DC pension funds, making the move particularly significant for the UK real estate sector, which stands to benefit from increased long-term capital. Industry leaders have expressed strong support and whilst the Accord is voluntary Walker’s article shows the government has hinted at compulsion if industry progress stalls.

The timing of the Accord is seen as favourable. Hugo commented; “We think, in practice, there are great opportunities for the sorts of assets under consideration in the UK, starting with 2025 prices, so this should lead to a positive outcome all round.”

This aligns with views from other fund managers who see the move as a way to:
– Reverse capital outflows from closed or maturing DB schemes
– Enhance liquidity and pricing transparency in the UK real estate market
– Encourage overseas investment and unlock regional opportunities outside London
– Boost domestic investment focus and improve long-term market strength

Read the full article here.

Newcore Capital X i3 – Investing with integrity: Why private players in infrastructure investment should have a social licence to operate

Newcore Capital X i3 – Investing with integrity: Why private players in infrastructure investment should have a social licence to operate


Hugo’s recent column for i3 highlights the growing role of private capital in addressing the infrastructure funding gap, emphasising the need for long-term, sustainable investment practices. It stresses that infrastructure investments should avoid excessive leverage and high management fees to ensure stability and societal benefit. Examples like Thames Water show the risks of over-leveraging and underinvestment, which can lead to financial instability and social costs. The article advocates for a “social licence to operate” for infrastructure managers, ensuring ethical practices and long-term success. Proper management reduces risks and improves long-term returns for investors.


Read the full article here.

Newcore Social Infrastructure Income Fund achieves first close

Newcore Social Infrastructure Income Fund achieves first close

Newcore has achieved first close for its £375m core-plus fund, the Newcore Social Infrastructure Income Fund (‘NSIIF’ or ‘the Fund’).

The Fund has secured three notable institutions as cornerstone investors: The Parliamentary Contributory Pension Fund, a Local Government Pension Scheme and an insurance company client of Capricorn Private Investments, an outsourced investment office.

The first close provides NSIIF with £100m of investment capacity to deploy into the current dislocated real estate market.

The objective of the Fund is to deliver sustainable long-term income and capital returns from a functional portfolio of UK real assets enabling essential social infrastructure uses, such as education, childcare, clinical healthcare, transport, and waste management. A circa £300 million pipeline of potential acquisitions has been identified across the UK.

NSIIF seeks to generate positive social and environmental outcomes by: 

  • Reducing under-utilised vacant spaces to meet the demands of social infrastructure, deploying a refurbish first approach and recognising embodied carbon.
  • Creating new, fit for purpose social infrastructure provision on a de-risked financial basis, aligned with net zero ambitions.
  • Maintaining and upgrading the fabric of social infrastructure buildings, where there could otherwise be negative impact from the restricted use or loss of that space.
  • Acquiring existing functional buildings where there is an opportunity to work with the operator to increase the provision of social infrastructure space during the lease or at expiry.

NSIIF will target returns of 9%-11% per annum IRR, with a 4-5% annual dividend. The fund will be semi-open-ended with structured liquidity flows for primary redemption and new capital raising.

Hugo Llewelyn, Newcore Capital CEO, commented: “We are pleased to have achieved first close for NSIIF, securing three note-worthy institutions as cornerstone investors. This milestone has been achieved against the backdrop of a particularly difficult capital-raising market and demonstrates that a clear three-dimensional focus on sustainability – financial, environmental, and social – can deliver positive results for fund managers, by securing commitments from high quality investors with similar aspirations for their capital.”

Newcore has delivered strong returns since inception, achieving 9.4% p.a. IRR on all assets since inception in 2011 to December 2024, using only modest financial leverage. It currently manages £600 million in assets across both its core-plus and value-add strategies, on behalf of institutional and family office clients.

These returns have been delivered while maintaining a strong emphasis on environmental and social sustainability, reflected in its status as the highest-ranking B Corp certified real assets fund manager globally.