German public pension fund KZVK Dortmund and commercial bank Helaba have backed Northern Horizon’s latest aged-care social infrastructure fund.
Nordic infrastructure fund manager Northern Horizon said it raised an additional €220m for the Aged Care Social Infrastructure Fund (ACSIF), mainly from the two German institutions. ACSIF also attracted capital in the form of top-ups from current investors in the UK and Switzerland.
The latest fundraising lifts ACSIF’s equity to over €600m, with assets under management of approximately €900m, the manager said.
Northern Horizon said ACSIF recently acquired €120m worth of care homes and development projects, expanding the fund’s portfolio to 70 fully leased healthcare assets in Sweden, Finland and Denmark.
Launched in 2024, ACSIF invests in new, fit-for-purpose care facilities as well as forward-purchase and forward-funding projects.
Christoffer Abramson, group CEO, Northern Horizon, said: “Additional investments are urgently needed to keep up with increasing demand for modern care assets in our region, and the new equity will enable us to grow our platform further in close cooperation with the leading operators, developers and municipalities in the Nordics.
“We are very grateful for the trust the current and incoming investors are placing in us. Encouragingly, we are seeing the momentum in our fundraising continuing, so we are very optimistic about the next growth phase of our journey.”
Andrew Smith, partner and head of group business development at Northern Horizon, said: “It has been challenging times in the capital raising area for many managers, so we are honoured by the continued support from existing limited partners (LPs) and the new LPs we are onboarding.
“To see that the firm is bringing in the largest tickets in its history is a credit to the robust market fundamentals here in the Nordics with high growth potential, solid yields and a very attractive risk profile, and they also value the social impact.
“We see increased global interest from international institutional investors and this reconfirms our plans to remain dedicated to this segment and be the market leader in the social infrastructure space here in the Nordics.”
Jussi Rouhento, fund manager for aged-care and social infrastructure fund at Northern Horizon, said: “Having been with the firm since the inception of Fund 1 in this space and with now 17 years of segment specific expertise combined with strong networks in each country have helped us build a best-in-class portfolio of modern, energy efficient assets, confirmed by the GRESB 5-stars rating.
“We now have significant capital to deploy, we have a strong off-market pipeline, and we will continue to be very selective in the best interests of our investors.”
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