Northern Horizon, the leading specialized social infrastructure investment manager in the Nordics, has completed an additional capital raise of EUR 140 million for its flagship ACSIF fund. With the new equity from MN, on behalf of PMT, and from UBS Asset Management, ACSIF surpasses EUR 1 billion in assets under management. The new equity will be used to finance a large portfolio acquisition in Sweden and to support the execution of an exceptionally robust pipeline in all its core markets.
Northern Horizon is focused on responsible and sustainable real estate investments in healthcare and social infrastructure. Its fifth fund, Aged Care and Social Infrastructure Fund (ACSIF), an open-ended fund and one of the largest vehicles of its kind in Europe, invests in newly purpose-built care properties, backed by European and global institutional investors.
In Q1 of 2026, Northern Horizon successfully raised an additional EUR 140 million for the Fund. The new equity from MN on behalf of PMT, a large Dutch institutional investor, and UBS Asset Management, will fuel its impact-driven strategy to deliver new, fit-for-purpose care facilities to a supply-demand imbalanced Nordic region.
“We accelerated our fundraising efforts for ACSIF in Q2 2025 and, over the over the subsequent three quarters, we have raised EUR 360 million. We value the trust placed in us by a growing investor base that now includes eight prominent global institutional investors. The new capital allows us to focus on the work that matters the most, which is to grow our portfolio of healthcare assets in close cooperation with the leading operators, developers, and municipalities in the region – all of us contributing to solving the societal challenge of providing sufficient high-quality care beds,” commented Christoffer Abramson, Group CEO and Partner, Northern Horizon.
“Securing a first commitment from MN on behalf of PMT is a significant milestone for Northern Horizon, particularly given their disciplined and long-term approach to manager selection plus their extensive Operational and Commercial Due Diligence. Together with our existing institutional investor base, this further reinforces ACSIF’s position as an institutional, long-duration social infrastructure platform focused on the structurally undersupplied Nordic care sector,” added Andrew Smith, Partner and head of capital raising at Northern Horizon.
Northern Horizon has an exceptionally strong pipeline of off-market opportunities in all its core markets and is currently fully focused on capital deployment.
Earlier this week, ACSIF successfully acquired a Swedish portfolio of 6 standing assets in attractive locations (373 beds and properties totaling 27,355 m2) in an all-equity deal, enabling the Fund to reach its long-term leverage goal of 30%. All assets are aged care facilities, leased to some of the most well-established private care operators in the Nordics on long-term lease agreements.
After the recent transaction, ACSIF’s asset portfolio consists of 82 healthcare assets in Sweden, Finland, and Denmark, fully consistent with the ambitious targets set for investments for the GRESB 5-stars rated portfolio:
- High-quality assets, strategically well-located in selected cities with a rising demand and a limited supply
- Aligning with SFDR Article 8 and Net Zero targets, assets are required to achieve BREEAM certification of Very Good or higher (or equivalent local standard)
- Predictable cashflows from long-term, inflation-protected lease agreements with top-tier private operators or public tenants
“Northern Horizon has a 20-year expertise in the social infrastructure sector. We have fostered strong connections with developers, municipalities, and care operators over many years. We are offered many off-market opportunities, which allows us to be highly selective and to invest only in modern assets with long useful lives that will continue to deliver value to investors, society and the elderly residents for decades.
We expect more acquisitions in the near future,” said Jonas Nolin, Investment Director in Sweden and Partner, Northern Horizon.
UBS Investment Bank’s Real Estate Private Funds Group acted as Placement Agent to Northern Horizon in the fundraising.
