Aged Care
Social Infrastructure Fund
Aged Care Social Infrastructure Fund (ACSIF) is Northern Horizon's fifth and most recent healthcare real estate fund. ACSIF is the result of a conversion of its third healthcare fund, Nordic Aged Care Fund.
Like its predecessor funds, Aged Care Social Infrastructure Fund builds on the structural shortage of aged care facilities and other essential social infrastructure assets in Sweden, Finland, Norway, and Denmark. ACSIF invests in newly purpose-built properties with long useful lives as well as forward purchase and forward-funding projects. The properties are leased to top-tier private or public tenants under long-term agreements.
Aged Care Social Infrastructure Fund is an open-ended fund and one of the largest vehicles of its kind in Europe. The fund is directed at institutional investors and other professional investors only.
The portfolio currently comprises 92 care properties and senior living concepts located in areas with a current and projected shortage of modern, fit-for-purpose care assets and senior living environments.
The asset portfolio will continuously grow with capital from current and new investors.
Fund facts
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Fund name
Northern Horizon Aged Care Social Infrastructure Fund
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Fund structure
Non-public open-ended
Luxembourg SCSp SICAV-RAIF -
GRESB assessment 2025
5 stars
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Investment profile
Aged care homes and other social infrastructure properties in the Nordics
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Vintage year
2024
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GRESB Benchmark 2025
Global Sector Leader,
non-listed healthcare
The Nordic region is facing a real demographic crisis and the need for new investments in modern care homes is pressing. Calculations show that until 2050, we will need over 185,000 net new care beds. Addressing this need is a major catalyst for our flagship Aged Care Social Infrastructure Fund.
Portfolio highlights
As of July 2026
1.2 bn €
AUM
269,447
total portfolio m2
79
assets in operation
13
committed assets
Portfolio split
Investments by country
58%
Sweden
26%
Finland
16%
Denmark
ESG: An integral part of ACSIF's investment profile
Sustainability
Aged Care Social Infrastructure Fund 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").
ESG performance is a key part of our investment selection and asset management processes. Our ambition is for all assets to achieve, as a minimum, BREEAM certification at the 'Very Good' level or an equivalent local standard, and we continuously work to improve their environmental performance. We enhance the energy efficiency of our portfolio and reduce operational carbon emissions. Our approach is aligned with the goals of the Paris Agreement, with the ambition to reach net zero operational emissions by 2030.
We are also reviewing our climate targets with the intention to align with the Science Based Targets initiative framework.
The asset has a preliminary EPC of B and is projected to achieve Miljöbyggnad Silver certification
ACSIF investment case:
Municipality Bollnäs
In late 2024, Northern Horizon, together with the Swedish developer KIAB, won the tender for the development of a new care home in in Bollnäs, an attractive and well-connected city located in central Sweden. Construction began in 2025, and the facility is expected to be ready in Q2 2027. When completed, the asset will be leased to the Municipality under a long-term lease agreement of 20 years.
Humana Falkenberg
Attendo Ängelholm
Humana Norrtälje
Attendo Huddinge
Ambea Kävlinge
Humana Strängnäs
Vallensbæk senior housing
Diakonissestiftelsen Vallensbæk
Municipality Bollnäs
Fund management
Aged Care Social Infrastructure Fund is managed by a team
with extensive experience in Nordic healthcare real estate investment.
The investment team is based across Stockholm, Helsinki, and Copenhagen.
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Jussi Rouhento
Partner, Fund Manager, Managing Director in Finland
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Justas Zlatkauskas
Partner, Co-Fund Manager, Portfolio Management
