Newcore Capital Management has raised £150m (€168m) for its fourth UK social infrastructure, storage and accommodation fund at final close.

The alternative real estate investment manager said the value-add Newcore Strategic Situations IV fund secured equity commitments from institutional investors as well as its existing family office client base.

As previously reported, two UK local authority pension funds, including Merseyside Pension Fund, as well as the manager’s existing family office client base committed to the fund.

Newcore Strategic Situations IV continues the value-add strategy which Newcore has successfully executed since 2012 and follows the completion of the £40m investment programme for its Newcore Strategic Situations III fund.

Newcore said the fund, which has so far invested £30m, will aim to deliver an annual 14-16% net internal rate of return to investors.

Hugo Llewelyn, Managing Director of Newcore, said: “We are grateful for the level of institutional investor interest and support in our fourth fund.

”We are already building on that momentum with an active investment pipeline.”