Aged Care Fund IV
In the Nordic countries, the elderly population is growing rapidly. The need for new investments in aged care facilities is already substantial and is expected to increase further in the coming decades.
Aged Care Fund IV (ACIV) is the fourth healthcare-focused fund managed by Northern Horizon. ACIV’s investment strategy addresses the structural undersupply of care infrastructure by providing modern care homes and similar residential care assets across Sweden, Finland, Norway, and Denmark. The fund is targeted exclusively at institutional and professional investors.
ACIV was launched in 2020 and reached final close in 2022.
ACIV successfully completed its investment phase in 2025.
Today, the fund's portfolio comprises 47 modern assets in attractive locations in Finland, Sweden, and Denmark. The majority of the properties are care homes for the elderly or individuals with mental disabilities, representing more than 1,900 care beds in total. The portfolio also includes two senior housing projects and three kindergartens.
ACIV is classified under SFDR Article 8, and its investment criteria include high requirements for ESG performance. A significant share of the fund’s buildings is certified under BREEAM, DGNB, or equivalent sustainability standards.
Highlights
2020
Vintage year
324m EUR
Committed equity
648m EUR
Investment capacity
47
Assets
Fund facts
-
Fund name
Aged Care IV
-
Fund structure
Non-public closed-ended
Luxembourg SCSp SICAV-RAIF -
Fund status
Closed for new subscriptions
-
Investment profile
Aged Care properties in the Nordics
-
Classification
Core/Core-Plus
-
Vintage year
2020/2022 (final closing)
-
Term
8 years from final close
plus 2 x 1-year extensions -
Investment period
3 years from final close
-
Country allocation
Sweden, Finland, Norway, Denmark
Max. 75% in each country -
Sector allocation
Min. 70% care assets
Asset portfolio
Committed investments by country
51%
Denmark
24%
Sweden
25%
Finland
Attendo Hørsholm
Medivida Jyväskylä
Autism Foundation Kuopio
Lappeenranta Wellbeing service county
Attendo Seinäjoki
Medivida Oulu
Mariehjemmene Helsinge
Helsinge Senior housing
Attendo Helsinki
Sustainability aspects
The value proposition of Aged Care Fund IV is a potential for long-term capital growth and a commitment to help solve a societal challenge by providing good quality living conditions for the seniors. As such, ESG is embedded in the investment objectives of the fund.
Environmental responsibility and ESG measures are also a key part of the investment selection process. In the investment period. Aged Care Fund IV is expected to build a large portfolio of modern aged care facilities that will be in a good position to meet ever increasing sustainability requirements of the future.
For more information about the fund's sustainability performance, please contact the fund management.
We face an urgent societal challenge in the Nordics that requires significant investments today and for many years to come. ACIV contributes to solving the challenge by delivering new, fit-for-purpose care facilities and living environments with sustained utility over time to the region.
Altiden Holte
Investment case
Located in the Copenhagen suburb Holte, Altiden Holte helps to meet the demand for modern care homes in the municipality of Rudersdal. Altiden Holte is located very close to the city center and with the recent completion date, the property’s sustainability features, and a long lease agreement with a specialized operator, Altiden Holte ticks all the boxes in the investment strategy for Aged Care Fund IV.
Attendo Frederikssund
Investment case
Attendo Frederikssund is an elderly care home in Frederikssund, Denmark, offering residential care for 72 persons. The care home was acquired by Aged Care Fund IV in 2020. The care home is DGNB Gold certified.
Reporting and
assessment
Aged Care Fund IV
SFDR disclosure
Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector ("SFDR").
Fund management
Aged Care Fund IV is managed by a team with extensive experience from Nordic healthcare real
estate investments. The investment team is based in Stockholm, Helsinki, and Copenhagen.
-
Kasper Wehner
Partner, Co-Fund Manager, Investment Director, Head of Denmark
-
Jonas Nolin
Partner, Co-Fund Manager, Investment Director, Head of Sweden
