Newcore annouces final close of £150m value-add fund

Newcore Capital Management has announced the final close of its £150m value-add fund, Newcore Strategic Situations IV LP. The firm has secured equity commitments of £84m from institutional investors as well as its existing family office client base. To date, the fund, which is aiming to deliver an annual 14-16% net internal rate of return to investors, has invested £30m in its target sectors of social infrastructure, storage and accommodation. Hugo Llewelyn, managing director of Newcore, said: “We are grateful for the level of institutional investor interest and support in our fourth fund. We are already building on that momentum with an active investment pipeline”. Newcore was advised by CBRE Capital Advisors and Osborne Clarke. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette