A pension fund client of Aberdeen Investments has committed capital to Newcore Capital ‘s UK social infrastructure real estate fund.
The Newcore Social Infrastructure Income Fund (NSIIF), a core-plus fund seeking to raise £375m, secured the additional capital during its second close.
The latest capital raise follows the fund’s first close in April 2025, which secured cornerstone commitments from the Parliamentary Contributory Pension Fund, an unnamed local government pension scheme and an insurance company client of Capricorn Private Investments.
NSIIF targets high-quality, income-producing social infrastructure real estate with a target net return of 9-11% per annum.
Newcore said the fund had so far completed 13 investments across the healthcare, education, transport and other social infrastructure sectors throughout the UK.
NSIIF’s latest additions include a 20,000sqft primary healthcare centre in Bushey and a trunk road service area in Lincolnshire featuring a hybrid-model forecourt. The fund also secured a 100-place children’s nursery in London and a waste management site in Norwich.
Rachel Childs, senior investment manager at Aberdeen Investments, said: “Investing in UK social infrastructure is essential to strengthening communities and improving access to vital services.
“Through our commitment to NSIIF, we can deliver meaningful social impact and enhance the long-term sustainability of the services society depends on, all without compromising investor performance.”
Hugo Llewelyn, chief executive officer at Newcore Capital, said: “Reaching this milestone amidst a highly challenging capital-raising environment underlines the strength of our investment proposition and continued institutional appetite for needs-based real estate such as UK social infrastructure.
“The continued backing from like-minded investors reinforces our belief that a genuinely three-dimensional approach to sustainability – across financial, environmental and social metrics – can deliver positive outcomes for society as well as strong returns for investors.”
Jonathan Scriven, NSIIF fund manager at Newcore Capital, said: “NSIIF has built a strong seed portfolio of 13 assets, providing an excellent base from which to continue to scale the vehicle.
“We are pleased with the quality of the assets we have managed to acquire to date at attractive pricing and remain actively engaged in the market to source further high-quality social infrastructure investments that align with the core-plus, income-focused strategy.”
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