Key Takeaways
- • Newcore Social Infrastructure Income Fund (NSIIF) achieved its second close with total commitments exceeding £100 million ($137 million), bolstering progress toward its £375 million ($513 million) target.
- • Since inception in March 2025, the fund has completed 13 investments across healthcare, education, transport, and other social infrastructure sectors, with all assets secured on long-dated leases to strong covenants.
- • The fund targets net returns of 9–11% per annum through high-quality, income-producing social infrastructure real estate acquired during market dislocation at attractive pricing levels.
- • Recent acquisitions include a 20,000 sq ft primary healthcare centre in Bushey and a 100-place children's nursery in London, demonstrating diversification across core social infrastructure subsectors.
- • Aberdeen Investments pension scheme client participation signals sustained institutional backing for UK social infrastructure, with cornerstone investors including the Parliamentary Contributory Pension Fund and Local Government Pension Schemes.
Summary
Newcore Capital has secured a second close for its Newcore Social Infrastructure Income Fund, attracting additional capital from an institutional pension scheme client of Aberdeen Investments. The closing brings total commitments to over £100 million, representing substantial progress against the fund's £375 million target. The second close occurs at a pivotal stage of the fund's investment period, following its first close in April 2025, which attracted cornerstone investors including the Parliamentary Contributory Pension Fund, a Local Government Pension Scheme, and an insurance company client of Capricorn Private Investments.
Since its inception in March 2025, NSIIF has deployed capital across 13 investments spanning healthcare, education, transport, and other social infrastructure sectors throughout the United Kingdom. All portfolio assets are secured on long-dated leases backed by strong covenants, providing downside protection and income stability. The fund's initial portfolio was assembled during a period of market dislocation, allowing Newcore to acquire assets at attractive pricing levels. Recent acquisitions illustrate the fund's sectoral breadth, including a 20,000 sq ft primary healthcare centre in Bushey and a 100-place children's nursery in London.
NSIIF targets net returns of 9–11% per annum through a core-plus income strategy focused on high-quality social infrastructure real estate. The fund's investment thesis emphasizes improving local supply and essential services across the UK while maintaining a balanced, diversified portfolio across core social infrastructure sectors. According to Rachel Childs, senior investment manager at Aberdeen Investments, "Investing in UK social infrastructure is essential to strengthening communities and improving access to vital services." Newcore continues to source additional opportunities, having developed a strong investment pipeline that supports the fund's objective of sustained capital deployment during the medium-term investment period.
Since its inception in March 2025, NSIIF has deployed capital across 13 investments spanning healthcare, education, transport, and other social infrastructure sectors throughout the United Kingdom. All portfolio assets are secured on long-dated leases backed by strong covenants, providing downside protection and income stability. The fund's initial portfolio was assembled during a period of market dislocation, allowing Newcore to acquire assets at attractive pricing levels. Recent acquisitions illustrate the fund's sectoral breadth, including a 20,000 sq ft primary healthcare centre in Bushey and a 100-place children's nursery in London.
NSIIF targets net returns of 9–11% per annum through a core-plus income strategy focused on high-quality social infrastructure real estate. The fund's investment thesis emphasizes improving local supply and essential services across the UK while maintaining a balanced, diversified portfolio across core social infrastructure sectors. According to Rachel Childs, senior investment manager at Aberdeen Investments, "Investing in UK social infrastructure is essential to strengthening communities and improving access to vital services." Newcore continues to source additional opportunities, having developed a strong investment pipeline that supports the fund's objective of sustained capital deployment during the medium-term investment period.
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