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.
Launched in 2020, Aged Care Fund IV (ACIV) is the fourth healthcare-focused fund managed by Northern Horizon. The fund'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.
ACIV is targeted exclusively at institutional and professional investors.
ACIV reached final close in 2022 and 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.
About the fund
648 m €
Investment capacity
131,705
total portfolio m2
46
assets in operation
1
committed asset
Fund facts
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Fund name
Aged Care IV
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Fund structure
Non-public closed-ended
Luxembourg SCSp SICAV-RAIF -
Investment profile
Aged care properties in the Nordics
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Fund status
Closed for new subscriptions
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GRESB assessment 2025
Four stars
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Vintage year
2020
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Classification
Core/Core-Plus
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Country allocation
Sweden, Finland, Norway, Denmark
Max. 75% in each country -
Term
8 years from final close (2022)
plus 2 x 1-year extensions
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.
Portfolio split
Investments by country
51%
Denmark
24%
Sweden
25%
Finland
ESG: An integral part of ACIV's investment profile
Sustainability
Aged Care Fund IV is aligned with Article 8 in the 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").
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 objectives of the fund.
Aged Care Fund IV's investment criteria include high requirements for ESG performance. In the investment period, ACIV has built a large portfolio of modern aged care facilities and similar residential assets. A significant share of the fund’s buildings is certified under BREEAM, DGNB, or equivalent sustainability standards.
Investment cases
The facility offers 24-hour living and supported living services for 34 residents
ACIV investment case:
Autism Foundation Kuopio
Autism Foundation Kuopio is a care home designed specifically to meet the unique needs of young people and adults on the autism spectrum.
Operated by Autism Foundation Finland, a non-for-profit foundation founded by relatives of people on the autism spectrum aiming to support individuals living with ASD.
Every aspect of the care home has been thoughtfully designed with the residents' lives and well-being in mind. From the placement of the buildings on the site to the selection of materials, room layouts, colors, lighting, and acoustics, each element has been carefully chosen to create a safe and supportive living environment.
A modern care home designed to feel like home
ACIV investment case:
Altiden Holte
Altiden Holte is an attractively located modern care home with 72 care units for elderly residents, in the Copenhagen suburb Holte in Denmark. Altiden Holte helps to meet a growing demand for care beds in the municipality of Rudersdal.
Altiden Holte ticks all the boxes in the investment strategy for Aged Care Fund IV.
Attendo Hørsholm
Medivida Jyväskylä
Autism Foundation Kuopio
Lappeenranta Wellbeing service county
Attendo Seinäjoki
Medivida Oulu
Mariehjemmene Helsinge
Helsinge Senior housing
Attendo Helsinki
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.
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Kasper Wehner
Partner, Co-Fund Manager, Investment Director, Head of Denmark
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Jonas Nolin
Partner, Co-Fund Manager, Investment Director, Head of Sweden
