Greater Manchester Pension Fund commits £30m to Newcore social infrastructure

Greater Manchester Pension Fund has committed £30 million ($39.75 million) to Newcore Capital's core-plus social infrastructure strategy, IREI reported on 15 October.

The commitment is split evenly between the Newcore Social Infrastructure Income Fund, which invests UK-wide, and a sidecar ring-fenced for the North West of England and the wider Northern LGPS region. The sidecar, the NSIIF North West Co-investment Partnership, targets the same sectors as the main fund but buys only in northwest England and the wider Northern LGPS area, giving GMPF regional exposure alongside the national allocation.

NSIIF is a £375 million ($497 million) semi-open-end core-plus income fund that owns real estate supporting essential services, including healthcare, education, childcare, transport, civic and public sector uses, and waste management. It targets a 9% to 11% annual net return with 4% to 5% annual distributions.

The fund held a first close in April 2025 with cornerstone investors including Local Government Pension Schemes and the Parliamentary Contributory Pension Fund. A second close in February 2026 took total commitments above £100 million ($133 million), with additional capital from an institutional client of Aberdeen Investments. That is roughly a quarter of the fund's £375 million stated size.