Newcore Capital, a specialist U.K. real estate investment manager focused on social infrastructure, has achieved a first close for its £375 million ($485 million) Newcore Social Infrastructure Income Fund (NSIIF).
The core-plus fund 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 £100 million ($129 million) of investment capacity to deploy into the current dislocated real estate market.
The fund seeks to deliver sustainable long-term income and capital returns from a functional portfolio of U.K. real assets enabling essential social infrastructure uses, including education, childcare, clinical healthcare, transport and waste management. Newcore has identified a £300 million ($388 million) pipeline of potential acquisitions across the United K
