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The Newcore Strategic Situations fund has secured £55m of equity commitments at its first close from two UK local authority pension funds, including Merseyside Pension Fund and its existing family office client base.
A final close for the fund, which will aim to deliver a 14-16% net internal rate of return to investors, is expected in the first quarter of 2019.
Newcore said the fund would focus on assets that are resilient to market disruption from the internet and are useful to society such as properties relating to education, healthcare or waste management.
Investments fitting this criteria have been an area of focus for Newcore since 2011.
Hugo Llewelyn, managing director of Newcore, said: “We are delighted by the level of institutional investor interest and support in our fourth fund, which reflects our specialist, value-add strategy and the success of our first three funds. The fund has got off to a good start with a strong pipeline of attractive opportunities”.
The real estate investment manager is being advised by CBRE Capital Advisors in the fundraising.