Social infrastructure investments
in the Nordics

Responsible real estate investments in Nordic healthcare and social infrastructure

Independent asset management since 2001

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Our new ESG Playbook provides an inside look at our approach to ESG in ACSIF and the extensive work behind building a long-term sustainable portfolio of social infrastructure assets.

Frontrunner in social infrastructure investments and ESG

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How we deliver value

Northern Horizon is a Nordic-based real estate investment manager. We invest institutional capital in new, modern, and sustainable aged care homes and other social infrastructure assets in the Nordic region. We have been pioneers in this segment for 20 years.

Investors

Our investor base includes European and global institutional investors - through direct investments or via multi-managers.

Business partners

We work closely with developers, municipalities and the most established private operators.

Communities

We add new supply and provide modern, sustainable care and living environments to communities with a sustained shortage of care beds.

Impact-driven investments

The Nordic population is ageing rapidly, and more elderly citizens will need specialized housing and care. The need for new care homes requires significant investments. Helping society care for its elders and contributing to alleviate the growing structural undersupply of modern, sustainable care beds in the Nordics are key drivers for our strategy.

Real estate investment with real impact

Hear reflections on the social value created through investments in the segment and get a sense of the living environments and quality of life offered in modern care homes in the Nordics in this on-site video interview, recorded at Altiden Holte in Denmark, an aged care asset owned by one of Northern Horizon's healthcare funds.

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Investment with impact

The demographic challenge of an ageing population

Today, Sweden, Denmark, Norway, and Finland have a combined population of 28 million. By 2050, the region is expected to have 1.9 million more seniors aged 75+. Meeting the growing need for care beds over the next 25 years, requires over EUR 3 billion in annual investment.

This critical societal challenge can only be met through a combination of public and private capital, and through public and private cooperation.

For institutional investors, the asset class represents an investment case where social impact and long-term investment performance go hand in hand.

Latest news

Press release

Northern Horizon completes EUR 130m of acquisitions in essential social infrastructure assets

Northern Horizon, the leading specialized social infrastructure asset manager in the Nordics, announces the completion of EUR 130 million of acquisitions in social infrastructure assets across its three core markets, Sweden, Denmark, and Finland. In six individual off-market deals, six assets have been acquired on behalf of its flagship Aged Care Social Infrastructure Fund (ACSIF). The Fund invests in essential social infrastructure assets in the Nordics with long-term, stable cashflows.

Press release

Northern Horizon announces second fund raise in Q1 2026 and targets continued growth

Northern Horizon, the leading specialized social infrastructure investment manager in the Nordics, closed the first quarter of 2026 with another funding round of approx. EUR 100 million for its flagship evergreen platform, Aged Care Social Infrastructure Fund (ACSIF). The new equity is raised from MN on behalf of PME, a large Dutch pension manager. This combined with the commitment from MN’s other client PMT of EUR 100 million, meant that Northern Horizon closed out EUR 200 million of new equity for ACSIF in the first quarter of 2026 from MN. Further top ups were made also from existing clients.

Press release

Northern Horizon expands its portfolio of modern care assets in Finland through three forward-funding deals

Northern Horizon, the leading specialized social infrastructure asset manager in the Nordics, continues its impact-driven efforts to deliver modern care facilities to the undersupplied Nordic markets. Over the past two months, three separate acquisitions in Finland have been completed, all forward funding deals, representing a total transaction value of approximately EUR 28 million. All three deals have been completed for Aged Care Social Infrastructure Fund (ACSIF), Northern Horizon’s evergreen healthcare fund which is backed by a growing international institutional investor base. Northern Horizon’s Investment Director in Finland expects more acquisitions for ACSIF soon.
Press release

Northern Horizon secures new equity commitments of EUR 140 million and invests in Nordic social infrastructure assets

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.
Press release

Northern Horizon expands its portfolio of care assets in Finland with three acquisitions in key cities

Northern Horizon, the leading specialized social infrastructure asset manager in the Nordics, continues to deploy capital to help meet the growing demand for modern care facilities in the region. Over the past month, three new acquisitions for its latest healthcare fund have been completed in Finland, comprising 132 modern, purpose-built care beds in total. Northern Horizon’s Investment Director in Finland expects a high deal volume in 2026.
Interview

Keynote interview: Investors eye Nordic social infrastructure for growth, impact

In this keynote interview conducted by PERE, Northern Horizon’s Christoffer Abramson and Andrew Smith discuss the evolving social infrastructure real estate landscape in the Nordics. In the interview, they delve into various aspects of the investment case: the rapidly growing elderly population, the strong government support for aged care, and the development and realization of new, modern aged-care facilities in the Nordics, which is typically a complex process involving close collaboration between the municipality, the developer, the operator, and the facility provider.
Case story

A purpose-built, forward-looking social infrastructure asset designed to connect generations

Located in the southern part of Jutland, Kolding Municipality is one of many municipalities in Denmark facing a growing elderly population and an urgent need for new aged care beds. The municipality decided a few years ago to establish an additional 170 care beds over a period of 4–5 years, as a combination of municipal and private care facilities. This paved the way for the design and construction of a new asset in Kolding, that today houses Mariehjemmene Kolding, the first private care home in the municipality, and KLAX kindergarten.<br />

We take responsibility for a greener future

Our approach to sustainability

We invest in real estate on behalf of our investors. We take this responsibility very seriously, also when it comes to sustainability and lasting utility. We prioritize assets that are environmentally responsible, resilient, and modern - designed for long-term value creation for both investors and society.

Our healthcare funds are classified as SFDR Article 8 funds, and we apply strict sustainability criteria to all investment decisions and continue to invest in energy efficiency and emissions reduction to ensure a resilient, low-carbon portfolio.

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25 years of experience in delivering specialized investment strategies in Northern Europe

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