Northern Horizon converted its third Nordic healthcare and senior-housing fund into an open-ended vehicle, receiving capital from existing backers alongside new commitments from The Townsend Group’s clients and UBS Asset Management.
The ‘evergreen’ Aged Care Social Infrastructure fund, backed by UBS AM’s Real Estate & Private Markets Multi-Managers business as a cornerstone investor, aims to invest in aged-care homes and other social infrastructure properties in Sweden, Finland, Norway and Denmark.
Northern Horizon said the fund has a seed portfolio of 63 care properties located in Sweden and Finland.
Andrew Smith, partner and head of group business development at Northern Horizon, said: “Our goal will always be to seek solid investment performance for our funds, but with Aged Care Social Infrastructure Fund we are providing our investors the opportunity to create long-term social value in the Nordics as well as the prospect of stable, risk-adjusted returns.”
Justas Zlatkauskas, co-fund manager for Aged Care Social Infrastructure, said: “Following the successful exits of two previous funds in the aged-care and healthcare sectors, we have consistently delivered strong returns to our investors.
“Nordic Aged Care Fund, the third fund of the series, has continued this trend by surpassing its original return metrics and demonstrating the resilience of the asset class.”
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