Healthcare I was launched in 2007 with the intent to invest into care homes in Finland. The fund was backed by six leading Finnish institutional investors.
The total equity of Healthcare I was EUR 60 million with an investment capacity of EUR 120 million post 50% leverage. The portfolio of 27 modern care homes was built and completed between 2006 and 2012. Assets were let on long-term net leases to a diversified base of private operators and municipal tenants.
Once fully invested in 2012, the fund consistently paid out 8-10% dividends p.a. to its investors. The full portfolio was sold in February 2016 for EUR 155 million to Finnish-based eQ. At the time of exit, the Fund had generated a net IRR of 10.5% and a 1.9x equity multiple to its investors, exceeding the initial targets set in 2007 by a comfortable margin.
Healthcare I was a pioneer fund in its asset class in the Nordics.
The fund was fully invested in 2012 and was exited in 2016.
EPI Healthcare I Ky
Finnish limited partnership
Properties used by the healthcare sector in Finland
EUR 60 million
Number of properties
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