Newcore Capital secures £30m Greater Manchester Pension Fund commitment

Newcore Capital has secured a £30m commitment from the Greater Manchester Pension Fund (GMPF) for its core-plus strategy.

The investment is split evenly between the Newcore Social Infrastructure Income Fund (NSIIF) and a regional sidecar, the NSIIF North West Co-investment Partnership (NNCP).

The two vehicles provide GMPF with UK-wide exposure alongside a dedicated allocation ring-fenced for the North West of England and the wider Northern LGPS region.

Hugo Llewelyn (pictured), CEO of Newcore Capital, said: “Securing GMPF, the largest local government pension scheme, as a client is a huge vote of confidence in Newcore and we are deeply grateful for their trust and partnership. They join other like-minded LGPS investors in our main income fund, while seeding the NNCP, a dedicated side-car exclusively for the North West. Our aim is to work with LGPS and other investors who are interested in deploying capital nationally and into their own regions to deliver both attractive returns and positive impact from the responsible management of social infrastructure.

“The United Kingdom’s physical social infrastructure has faced years of underinvestment, leaving it poorly suited to providing modern services where they are needed most. With public finances under pressure, there is a clear role for conscientious private capital to play in modernising existing assets, helping keep pace with societal and environmental goals while delivering consistent financial returns.”

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