Newcore Capital Announces £190 Million Final Close For 5th UK Social Infrastructure Real Estate Fund
MAY 2023
Newcore Capital achieves the investment manager's largest ever capital raise amid a challenging macro-economic environment.
LONDON, UK (May 2023) – Newcore Capital (‘Newcore’) has secured £190 million in equity commitments for Newcore Strategic Situations V (NSS V), which will invest in physical social infrastructure across the UK with a principal focus on Greater London and the South-East of England.
Combined with appropriate leverage, the capital raise gives Newcore close to £350 million of firepower to deploy into the current dislocated market.
Notable investors include the Merseyside and Clwyd Local Government Pension Schemes, two European fund-of-fund managers and a FTSE-100 corporate pension fund. A number of high-net-worth individuals and family offices also participated in the final close.
The fund had a 60 percent re-up rate, with those re-upping increasing their average commitment by 74 percent. Accord Europe Limited and its affiliates were the appointed capital advisor.
Newcore Capital CEO Hugo Llewelyn commented: “To have achieved our largest final close to date against a deeply uncertain economic backdrop is a testament to the track record of our team and the quality of our proposition, which is why so many of our investors have invested with us throughout our value-add fund series.
ABOUT NEWCORE CAPITAL
Newcore Capital (‘Newcore’) is an independent UK (United Kingdom) social infrastructure real estate investment manager, managing capital on behalf of institutional, pension fund and private clients through funds and segregated accounts.
Led by CEO, Hugo Llewelyn, Newcore invests in UK assets that it believes are central to the continuing physical needs of society and are likely to provide attractive risk-adjusted returns over the medium to long term.
ABOUT ACCORD GROUP / ACCORD EUROPE LIMITED
Founded in 2013, Accord Group Holdings LLC (“Accord”) is a global strategic investment and capital advisory firm. With personnel in San Francisco, Chicago, London, Munich, Hong Kong and Seoul, Accord seeks to catalyze GP business plans using a creative, “one-stop shopping” approach that harnesses both strategic capital and global capital advisory expertise to unlock complexity and build long-term enterprise value for sponsors. Accord Group has completed more than $13 billion in transaction activity, with a majority representing cross-border transactions. More information is available at www.accord-group.net.
