Newcore Capital has closed its fifth U.K. social infrastructure fund, Newcore Strategic Situations V (NSS V), at £190 million ($236 million), representing the investment manager’s largest capital raise to date.
Merseyside and Clwyd Local Government Pension Schemes emerged as limited partners in NSS V, alongside fund-of-fund, insurance and corporate pension schemes, family offices and high-net-worth individuals. Newcore said the fund had a 60 percent re-up rate, with those re-upping increasing their average commitment by 74 percent.
NSS V, a closed-end, value-add vehicle, will invest in physical social infrastructure assets, including education, healthcare, storage, life sciences, waste management and transport, across the United Kingdom, with a principal focus on Greater London and the Southeast of England.
Combined with appropriate leverage, the capital raise gives Newcore nearly £350 million ($435 million) of firepower to deploy into the current dislocated
