Government-backed leases on Norway's essential social infrastructure.
A CPI-linked real estate platform for long-term public-use assets.

An open-ended Core+ fund delivering long-duration, CPI-indexed cash flows from Norwegian municipalities and state health authorities — anchored in one of the world's only AAA-rated sovereigns.

Norway · Sovereign Rating AAA × 3 S&P · Moody's · Fitch · ROBEK backstop
Tenants · Counterparty 100% Gov-Backed Municipal & state HF tenants
Leases · Duration & Indexation 10–15 yrs CPI Indexed lease length
Fund · Return Target ~7% Net Yield Portfolio-level target
Fund · Live Portfolio NOK 1.7B GAV ≈ €150M · 15 assets
Market · Structural Driver 40k+ Bed Gap Care shortfall by 2040
Executive Summary

The opportunity at a glance.

NSIF is a Luxembourg-domiciled, open-ended Core+ real estate fund — live and accepting quarterly NAV-based subscriptions. The Fund acquires and develops Norwegian care homes and healthcare buildings, leased on 10–15-year, 100% CPI-indexed contracts to municipalities and state health authorities. Targeted ~7% portfolio net yield, ~3% CPI-driven NAV growth — translating to ~8–9% total return to LP, net of fund-level costs (full bridge in Terms).

The strategy is positioned for the post-WW2 demographic wave now reaching elder care: Norway's 65+ population grows 50% by 2050, requiring 40,000+ new care beds by 2040 — a gap the public sector cannot close alone. Managed by North Capital Partners, with CBRE as strategic real estate partner; Lux service stack GEN2 · PwC · Baker McKenzie · Thommessen.

Why Norway

One of the world's strongest sovereign-backed counterparty universes.

The investment case rests on Norway's sovereign credit, fiscal headroom and statutory care obligations — the structural backdrop that makes 25-year lease horizons underwriteable. The metrics below frame the host jurisdiction; the comparison with Sweden / Denmark and the structural difference vs. UK/EU REIT models follow in the sections beneath.

€1.7T
Sovereign Wealth Fund
World's largest — Norway's fiscal backstop and inter-generational savings vehicle. [NBIM]
€65k /capita
GDP Per Capita
Among the highest globally — strong purchasing power and resilience. [World Bank]
#1
EIU Democracy Index
Norway has ranked #1 globally for 15+ consecutive years — political durability matters for 25-year lease horizons. [EIU]
<40%
Public Debt / GDP
Vs. G7 average ~110%. Combined with structural budget surpluses funded by the SWF — meaningful fiscal headroom for municipal transfers. [IMF]
357
Norwegian Municipalities
All legally bound to provide elder care · zero historical default on supplier obligations. [SSB]
5th
Corruption Perceptions Index
Transparency International CPI 2024 — among the world's least corrupt jurisdictions. [source]

Why core+ evergreen? A perpetual, open-ended structure aligns capital with the duration of the underlying leases (10–15 years) and removes the artificial vintage cycle. LPs gain ongoing access to a maturing portfolio while NSIF can compound returns and scale without forced exits or liquidity mismatches.

Norwegian sourcing, institutional governance. NSIF combines on-the-ground Norwegian deal-flow capability — through CBRE Norway and direct municipal relationships — with Luxembourg-domiciled fund governance, AIFMD compliance, and London-based capital markets reach.

Source: Statistics Norway (SSB), World Bank, Norges Bank Investment Management.

Why Norway · Among the Nordics

The standout Nordic market for institutional healthcare real estate.

The Nordic countries share strong sovereign credit and statutory care obligations — but Norway stands apart on three vectors that matter most for institutional capital: AAA-by-three from all major agencies, the world's largest sovereign wealth fund as fiscal backstop, and the steepest 65+ demographic curve. (The structural difference vs. UK and EU REIT counterparty models is covered separately in the Counterparty Structure section that follows.)

Norway Sweden Denmark
Sovereign rating AAA × 3S&P · Moody's · Fitch AAA · stable AAA · stable
Sovereign wealth fund €1.7 trillionWorld's largest Limited reserves Limited reserves
Municipal care obligation StatutoryHelse- og omsorgstjenesteloven Statutory Statutory
65+ population growth by 2050 +50% +45% +46%
Mid-city net yields 6–8% Tighter · more competition Tighter · urban focus
PropCo separation EntrenchedMunicipalities operate, NSIF owns Mixed · mature private operators Already-mature private market
Bottom line: Norway is the only Nordic market that combines an unmatched sovereign backstop with a structurally undersupplied, statutorily-mandated care home sector at attractive mid-cycle yields. Sweden and Denmark are good — Norway is the standout. NSIF concentrates capital where the imbalance is largest.
Why NSIF

Government-backed cash flow.
Anchored in AAA Norway.

Every euro of NSIF rental income is paid by a Norwegian municipality, a Norwegian regional health authority, or a state-backed counterparty. Norway is one of the world's only AAA-rated sovereigns — with a €1.7 trillion sovereign wealth fund standing behind public-sector spending.

AAA
Norwegian sovereign credit
Among the strongest fiscal positions globally. Public finances backed by a €1.7T sovereign wealth fund.
100%
Tenants are municipalities or the state
All NSIF leases are signed with Norwegian municipalities or regional health authorities — not private operators. Statutory care delivery is the legal obligation of the municipality, not the landlord.
CPI
Inflation-protected by law
All leases are 100% CPI-indexed. Cash flows rise with inflation, anchored to long-duration government commitments of 10–15 years.
§
Statutory demand
Norwegian municipalities are legally required to deliver elder care. Demand isn't market-driven — it's mandated by law.
Why Norway · vs. UK & EU REIT Counterparty Models

Why this is structurally different from UK and EU healthcare REITs.

Most European care home REITs lease real estate to private operators — exposing investors to operator solvency, not just real estate fundamentals. NSIF leases directly to Norwegian municipalities and state health authorities, removing the operator layer entirely. The track record of operator defaults in major care home markets makes the distinction concrete.

United Kingdom
Private operator-led market
~80% of UK care beds operated by private commercial groups. REITs lease real estate to operators, who collect resident fees and pay rent.
CounterpartyPrivate operator
Income sourceResident fees · LA top-ups
Operator solvencyLP-borne risk
Lease backstopNone — re-tenanting risk
Selected operator failures Southern Cross Healthcare (2011) [ref] — UK's largest operator collapsed, displacing 31,000 residents. Four Seasons Health Care (2019) [ref] — administration after years of distress. HC-One (2023) [ref] — financial restructuring under fee pressure. Each event imposed re-tenanting cost and rent disruption on landlord REITs.
Germany
Private operator + regulated tariffs
Care fees set within statutory tariffs (Pflegekassen). Operators absorb the spread between rising costs and regulated reimbursement rates.
CounterpartyPrivate operator
Income sourceStatutory care insurance
Operator solvencyLP-borne risk
Lease backstopLimited — tariff capped
Recent operator stress Convivo (2023) [ref] — insolvency affecting thousands of residents across multiple facilities. DOREA (2023–24) [ref] — closures driven by wage inflation against capped reimbursement. Risk pattern: cost inflation outpaces regulated tariffs, squeezing operator margins until lease coverage breaks.
Norway
Municipality is tenant and operator
Norwegian municipalities are legally obligated to provide elder care and lease the underlying buildings directly. No private operator stands between landlord and end-payer.
CounterpartyMunicipality / state HF
Income sourceStatutory tax revenue
Operator solvencyNot applicable
Lease backstopAAA sovereign + ROBEK
Default history Norwegian municipalities cannot legally enter bankruptcy under the Local Government Act (Kommuneloven) [Lovdata]. Municipalities in financial distress are placed on the ROBEK register [Statsforvalteren] and supervised directly by the central government — supplier and lease obligations continue to be honoured. Historical default rate on supplier obligations across all 357 municipalities: zero.
Investment Strategy

Healthcare and care real estate at the core. Selective social infrastructure as supplement.

NSIF concentrates capital where the structural opportunity is largest — Norwegian healthcare and care real estate, leased on long-term, CPI-indexed contracts to municipalities and state health authorities. A smaller supplementary allocation captures complementary social infrastructure in adjacent, government-supported sectors.

Primary Allocation · ~80% target

Healthcare & Care Real Estate

Purpose-built care homes, hospital-adjacent facilities and specialised healthcare real estate, leased to Norwegian municipalities and regional health authorities under 10- to 15-year contracts. Operated as a property/landlord strategy through NSIF's North Care platform — the actual care services are delivered by the public-sector tenants, isolating investors from operational risk while capturing inflation-linked, government-supported rental income.

100%
CPI-indexed leases
All municipal leases fully indexed to Norwegian CPI — protecting real income growth across the fund's holding period.
10–15 yrs
Lease length
Long-duration municipal leases, 100% CPI-indexed.
100%
Statutory care obligation
Norwegian municipalities are legally mandated to provide elder care — non-discretionary demand floor.
6–8%
Net yields, mid-sized cities
Yield premium over major-city core assets.
Sub-segments: Elderly care homes · Hospital-adjacent facilities · Specialised health treatment centres · Senior assisted living · Rehabilitation & restitution facilities
Supplementary Allocation · ~20% target

Adjacent Social Infrastructure

Selective, opportunistic exposure to other government-supported social infrastructure — pursued only where it offers comparable lease quality, sovereign-linked tenant credit, and CPI-indexed cash flows.

Student Housing

Modern student accommodation in undersupplied Norwegian university cities. Lånekassen-backed student funding, 97%+ occupancy.

Emergency Services

Fire stations, ambulance stations and other essential municipal-emergency real estate with long-term public-sector leases.

Other Public Real Estate

Kindergartens, public administration buildings and other purpose-built municipal facilities meeting NSIF's lease and counterparty criteria.

All supplementary investments must satisfy NSIF's underwriting minimums: government-backed or municipality-backed tenant, minimum 10-year lease, CPI indexation, and BREEAM Very Good or better on developments.

Why Now · Demographic Wave & Supply Gap

The post-WW2 generation is reaching elder care — and Norway cannot build fast enough.

The cohort born between 1945 and 1965 — the largest, longest-living, and most affluent generation in human history — is now entering the years when institutional care becomes essential. The wave hits hardest between 2025 and 2045. Norway's institutional care home capacity is projected to fall ~40,000 beds short of demand — a gap public-sector development cannot close. NSIF is acquiring and developing care infrastructure precisely as the wave breaks.

A once-in-a-generation supply gap.

Norwegian municipalities are legally required to provide elder care under the Helse- og omsorgstjenesteloven [Lovdata]. They cannot opt out. But they cannot self-finance the construction of 40,000+ new beds alongside rising pension obligations, healthcare spending, and infrastructure renewal — all driven by the same demographic cohort.

The result: a structural reliance on private real estate capital under long-duration municipal leases. NSIF's PropCo strategy isolates investors from operational risk while capturing inflation-linked, government-supported rental income through the wave.

Why this is non-cyclical: demographic momentum cannot reverse. Once the wave is past 2050, demand normalises — but the assets NSIF builds today will still be on long-term municipal leases generating CPI-indexed cash flow for 25+ years.

NSIF INVESTMENT WINDOW 2025 – 2045 POPULATION 80+ (000s) 200 300 400 500 600 700 2020 2025 2030 2035 2040 2045 2050 ~240k ~540k peak demand period ~655k Population aged 80+ in Norway, illustrative projection · Source: SSB
+170%
Norwegian 80+ population growth, 2020-2050
2025-2045
Peak demand window for institutional care
+40,000
care beds
Supply shortfall by 2040
Norway's institutional care home capacity is projected to fall ~40,000 beds short of demand — a gap public-sector development cannot close. Private capital is required.
Supply gap
+170%
80+ population growth · 2020–2050
The cohort most likely to need institutional care nearly triples in size — the demographic driver that no policy or innovation can offset.
Demographic engine
100%
Statutory care obligation
Norwegian municipalities are legally mandated under the Health and Care Services Act to provide elder care — making demand for care facilities non-discretionary, regardless of political cycles.
Legal demand floor
+27%
Care spending growth · 2018–2022
Municipal care budgets are accelerating, increasing reliance on private real estate partners with long-duration capital.
Financial pressure
Norwegian Care Home Market · Supply vs. Demand

The structural supply gap, visualised.

Norway's institutional care home capacity is projected to fall well short of demand by 2040. Public-sector development cannot close the gap — private capital is required to build the missing infrastructure.

100k 80k 60k 40k 20k 0 84k DEMAND 42k SUPPLY SUPPLY GAP BY 2040 +40,000 institutional care beds short of demand 2024 2030 2035 2040 Demand: institutional care beds required to maintain current 65+ coverage ratio · CAGR +4.4% Supply: status-quo public-sector build trajectory · CAGR +0.5% Source: SSB · Helsedirektoratet · NSIF projections

Sources: Norwegian Directorate of Health (Helsedirektoratet) · Statistics Norway (SSB) — Population projections · FHI Public Health Report · Norwegian Ministry of Health and Care Services · National Health and Hospital Plan 2020–2023 · KS — Norwegian Association of Local and Regional Authorities (Care Places Report 2024).

Chart values are NSIF illustrative projections derived from public statistics and aggregated demographic forecasts. "Demand" reflects beds required to maintain current service levels given the 65+ and 80+ population trajectory. "Supply" assumes status-quo public-sector build-out with no incremental private capital.

Sources: Statistics Norway (SSB) — Population projections · Norwegian Directorate of Health · Helse- og omsorgstjenesteloven (Norwegian Health and Care Services Act) [Lovdata] · Ministry of Health and Care Services.

Portfolio

Institutional-grade Norwegian portfolio — anchored by a flagship social-infrastructure asset.

NSIF's portfolio combines stabilised operational care homes, a flagship multi-use social-infrastructure hub, and selected brownfield redevelopment and greenfield development assets — diversified across municipalities and tenant types throughout Norway.

Redacted · Asset-level details available under NDA
Scale
NOK 1.7B Portfolio GAV · ≈ €150M
15 assets Across Norwegian municipalities · 10 individually disclosed below; balance available under NDA
Income
NOK 118.3M Annual gross rent · ≈ €10.3M
12.4 yrs WAULT · NOI-weighted
Quality
6.5% Wtd-avg net yield
100% CPI Indexed · government-backed

EUR equivalents are indicative at EUR/NOK ≈ 11.50 (illustrative spot rate). Reported NAV in EUR will reflect the Fund's rolling 12-month FX-forward hedging policy — see Currency Hedging for full mechanics.

★ Flagship Asset · Identity withheld
Cornerstone of the portfolio · NOK 819M GAV · ≈ €71M

Flagship Multi-use Social Infrastructure Asset

Inland Norway region · Multi-use social infrastructure hub · Identity disclosed under NDA in data room

The largest single asset in NSIF's portfolio — a 20,700 sqm multi-use social infrastructure facility integrating education, healthcare, sports, culture, and the Norwegian Armed Forces. Anchored by a 15-year triple-net lease with the host municipality, 100% CPI-indexed. Diversified public-sector tenant base, essential community services, growing regional demographic demand.

NOK 819MGAV
20,700 sqmTotal Area
15 yrsWAULT
NOK 57.5MGross Rent
NOK 55.9MNOI
6.8%Net Yield
EducationHealthcareSports & CultureArmed Forces100% CPITriple Net
Operational

Nostret Bo og Omsorgssenter

Hole Municipality · Established 1961
Tenant: Hole Municipality

Established care centre with 60+ years of continuous institutional use — integrated residential, therapeutic, and service infrastructure. Highest-yielding asset in the portfolio at 8.2% net yield, reflecting structural pricing inefficiency in mid-sized Norwegian municipalities.

3,230 sqmContract Area
9 yrsWAULT
NOK 4.5MNOI 2026E
8.2%Net Yield · highest in portfolio
NOK 55MGross Value
FreeholdTenure
Tenant Credit
Hole Municipality · government-backed
Lease Type
Triple net · 100% CPI-indexed
Use
Integrated residential, therapeutic and service infrastructure
Heritage
Established 1961 · 60+ years continuous institutional use
LTV (Asset)
~55% · Norwegian commercial bank facility
Gross Rent
NOK 5.0M
Operational

Helsebygg

Søndre Land Municipality · Two healthcare properties
Tenant: Unicare

Two healthcare properties offering rehabilitation services, leased to Unicare on ~15-year triple-net leases. Unicare is one of Norway's leading private healthcare operators with a national footprint. Higher-yield, longer-lease positioning at attractive ticket size.

13,311 sqmContract Area
13 yrsWAULT
NOK 12.5MNOI 2026E
7.1%Net Yield
NOK 175MGross Value
FreeholdTenure
Tenant Credit
Unicare · leading Norwegian healthcare operator
Lease Type
Triple net · 100% CPI-indexed
Site Area
83,000 sqm (combined two assets)
LTV (Asset)
~55% · Norwegian commercial bank facility
Debt Tenor
5–7 yrs typical · interest rate cap structure
Gross Rent
NOK 14.5M
Operational

Eskelundstunet

Moss Municipality · Modern dementia-care facility
Tenant: Moss Municipality

25 modern dementia-care apartments serving the growing demand for specialist elder-care services. Municipal care partnership with Moss ensures stable government-backed cash flows. Strategic location adjacent to NSIF's North Care Moss greenfield development — operating leverage between assets.

1,397 sqmContract Area
25 unitsApartments
4 yrsWAULT
6.7%Net Yield
NOK 37MGross Value
FreeholdTenure
Tenant Credit
Moss Municipality · government-backed
Lease Type
Triple net · 100% CPI-indexed
Use
Specialist dementia-care · 25 apartments
Synergy
Adjacent to North Care Moss greenfield · operating leverage
NOI
NOK 2.5M
Gross Rent
NOK 2.7M
Operational

Haugane

Haugane 6–8, Askøy / Bergen · Built 1977 / 2011 / 2017
Tenant: Helse Bergen HF

Modern health facility in Askøy, 20 minutes from Bergen. Specialised in addiction treatment and recently extended in 2017. Long-term, stable income from the government-backed regional health authority through 2037.

3,181 sqmContract Area
14 yrsWAULT
NOK 10.7MNOI 2026E
6.4%Net Yield
NOK 166MGross Value
FreeholdTenure
Tenant Credit
Helse Bergen HF · state-backed regional health authority
Lease Type
Triple net · 100% CPI-indexed · expiry 2037
Site Area
7,791 sqm
LTV (Asset)
~55% · Norwegian commercial bank facility
Debt Tenor
5–7 yrs typical · interest rate cap structure
Refi Window
2030–2032 (next refi cycle)
Use
Health & restitution · addiction treatment specialty
BREEAM
In-Use assessment underway
Operational

Midtåsen 30

Nordstrand, Oslo · Built 2004
Tenant: Oslo Municipality

Modern elderly care home located 15 minutes from Oslo city centre. Long-term, stable income from a government-backed tenant in a high-demand residential neighbourhood. Built-to-suit. Lower yield reflects Oslo prime location and tightest cap rates in the portfolio.

7,165 sqmContract Area
9 yrsWAULT
NOK 13.6MNOI 2026E
5.8%Net Yield · prime Oslo
NOK 231MGross Value
FreeholdTenure
Tenant Credit
Oslo Municipality · ~700k population · AAA-equivalent
Lease Type
Triple net · 100% CPI-indexed · no cap, no floor
Site Area
7,283 sqm
LTV (Asset)
~55% · Norwegian commercial bank facility
Debt Tenor
5–7 yrs typical · interest rate cap structure
Refi Window
2030–2032 (next refi cycle)
5-yr Capex
~1.5% of GAV p.a. · routine maintenance reserve
BREEAM
In-Use assessment underway
Operational

Drammen Omsorgseiendom

Ingvald Ludvigsens gate 17 · Built 2001
Tenant: Drammen Municipality

Nursing home with capacity for 65 residents plus a day centre, located along Drammenselva. Estimated additional development potential of 1,500–2,000 sqm. Adjacent to a 122,000 sqm new hospital project — significant value-add potential offsets the entry yield.

6,364 sqmContract Area
7 yrsWAULT
NOK 11.8MNOI 2026E
5.3%Net Yield · value-add
NOK 219MGross Value
FreeholdTenure
Tenant Credit
Drammen Municipality · ~104k population · government-backed
Lease Type
Triple net · 100% CPI-indexed
Site Area
6,253 sqm · Development potential 1,500–2,000 sqm
LTV (Asset)
~55% · Norwegian commercial bank facility
Debt Tenor
5–7 yrs typical · interest rate cap structure
Refi Window
2030–2032 (next refi cycle)
Value-Add
Adjacent 122,000 sqm hospital development driving area uplift
BREEAM
In-Use assessment underway
Brownfield

Borgundvegen 199 · Ryggeveien

5 min from Ålesund city centre · Built 1960 / 2003
Target Tenant: Ålesund Municipality

Strategic location in a high-demand area, ideal for healthcare or senior living development. Ålesund municipality seeks private partners to meet rising care needs — Ålesund needs ~239 new nursing home places by 2050.

7,500 sqmContract Area
15 yrsTarget WAULT
NOK 23.7MTarget NOI 2028E
8.7%Target Yield
NOK 285MTarget Gross Value
FreeholdTenure
Target Tenant
Ålesund Municipality · ~67k population
Status
Brownfield · regulatory engagement underway
Site Area
12,661 sqm
Lease Target
15+ years · triple net · 100% CPI-indexed
Demographic
2.5% pop. growth to 2030 · +1,300 people aged 80+
Construction Cost
TBC · NSIF in-house dev. team via Stein Godø
Delivery
2028E · TBC subject to permitting
BREEAM
Target: Very Good or Excellent
Greenfield

North Care Ålesund

Strategically located next to hospital · Ålesund
100 Care Apartments · Integrated Care

Greenfield development of 100 care apartments with direct proximity to healthcare infrastructure. Targeted at elderly residents requiring assisted care services — anchored by a long-term municipal lease.

7,000 sqmTotal Area
100 unitsApartments
Care HomeProperty Type
Hospital-Adj.Location
Target Tenant
Ålesund Municipality · 15+ year lease, triple net, 100% CPI
Concept
Integrated care offering with direct hospital proximity
Target Group
Elderly requiring assisted care services
Target Yield
~7% on cost · TBC pending final lease
Total Cost
TBC · in-house build via NSIF dev. team
Delivery
TBC · target 2028E
BREEAM
Target: Excellent
Funding
Eligible for Norwegian state-earmarked NOK 2,323M care home budget
Greenfield

North Care Moss

Adjacent to existing care properties · Moss
90 Safety Apartments · Senior Living

Modern senior safety housing offering independent living with supportive services. Adjacent to existing care properties — supplementary facilities and infrastructure that enhance neighbouring care offerings.

7,000 sqmTotal Area
90 unitsApartments
Senior SafetyProperty Type
Care-Adj.Location
Target Tenant
Moss Municipality · ~50k population
Concept
Senior safety housing with supplementary facilities
Target Group
Seniors seeking independent living with supportive services
Target Yield
~7% on cost · TBC
Total Cost
TBC · in-house build via NSIF dev. team
Delivery
TBC · target 2028E
Synergy
Adjacent to existing care assets · operating leverage
BREEAM
Target: Very Good or Excellent
Peer Comparison

How NSIF compares to listed European and US healthcare REITs.

For investors familiar with listed healthcare real estate, the table below positions NSIF against four leading peers. NSIF's defining differentiator is 100% government-backed tenants — versus private operators in most peer portfolios — at materially higher target yields, with no listed-market volatility.

Vehicle
Yield / Target
Lease Length
LTV
Geography
Tenant Type
NSIF Open-ended · Lux AIF
~7% NIY
10–15 yrs
60% target
Norway
Government-backed
Aedifica Listed · Euronext BR
~5% NIY
~20 yrs
~40%
9 European countries
Mostly private operators
Cofinimmo Listed · Euronext BR
~6% NIY
~14 yrs
~45%
8 European countries
Mostly private operators
Target Healthcare REIT Listed · LSE
~6% yield
~26 yrs
~30%
UK
Private operators (UK)
Welltower Listed · NYSE
~3% dividend
Mixed
~30%
US, UK, Canada
Mix · RIDEA + private
Where NSIF stands apart: while listed European care home REITs deliver 5–6% net initial yields against private-operator counterparties, NSIF targets ~7% net yield backed exclusively by Norwegian municipalities and state health authorities — with development-sleeve assets reaching 8–9% YoC. This combines yield premium with stronger counterparty credit — a structural advantage of operating in Norway's mid-sized cities at the bottom of the demographic wave. Unlisted, evergreen structure also removes the listed-market discount/premium volatility that affects all peers in the table.

Important: Peer yield, LTV and lease-tenor figures are indicative, drawn from each peer's most recent annual / interim disclosure (FY2024 basis where available). Listed REIT metrics fluctuate quarterly with share price and NAV — figures should be verified against each peer's latest publication before reliance for diligence purposes. Comparability is approximate: different vehicles report yield on different bases (NIY vs. dividend yield vs. yield on cost). NSIF figures are indicative targets, not historical realised returns. Sources: Aedifica, Cofinimmo, Target Healthcare REIT, Welltower · INREV peer benchmarking.

Risk Factors & Mitigants

How NSIF identifies, monitors and mitigates institutional risk.

NSIF maintains a structured risk framework covering macro, financial, operational, regulatory and ESG exposures. Risks are reviewed by the Investment Committee, monitored by the AIFM, and reported quarterly to investors. The summary below is illustrative; the full risk register and stress-testing pack is available in the Fund's data room under NDA.

7
Low-rated risks
5
Medium-rated risks
0
High-rated risks
100%
Mitigated to LP-acceptable
Quarterly
IC risk review cadence
AMacro Risks
Tenant credit risk
Macro
Low

Risk of tenant default or non-payment. NSIF's leases are with Norwegian municipalities, regional health authorities (HF), or other state-backed counterparties — exposing investors to the Norwegian sovereign credit chain.

Mitigation
100% government-backed counterparties · AAA-rated sovereign · €1.7T sovereign wealth fund as ultimate fiscal backstop. Norwegian municipalities cannot legally enter bankruptcy under the Local Government Act (Kommuneloven) [Lovdata] — a municipality unable to balance its budget enters the ROBEK register and is placed under direct state financial supervision until obligations are met. Historical default rate on supplier obligations: zero. Combined with statutory care delivery obligations under the Health and Care Services Act, this makes counterparty default both legally constrained and politically unviable.
Demographic / cyclical risk
Macro
Low

Risk of demand softening or normalising. Care home demand is driven by the post-WW2 demographic wave reaching elder care between 2025–2045; theoretical risk that demand declines after the peak.

Mitigation
10–15-year leases extend cash flow visibility well beyond peak demand · CPI indexation captures real income growth · structural undersupply means even normalisation leaves unmet demand · NSIF's PropCo strategy decouples real estate value from short-term occupancy.
BFinancial Risks
Currency risk · EUR / NOK
Financial
Medium

Risk that NOK depreciation erodes EUR-denominated returns. Underlying rental income is in NOK while the Fund reports and distributes in EUR.

Mitigation
80–100% of rental income hedged via rolling 12-month FX forwards executed through the fund depositary · ~30–50 bps p.a. cost borne at fund level · optional class-level USD/GBP hedged share classes for non-EUR LPs.
Interest rate & refinancing risk
Financial
Medium

Risk that rising rates reduce returns or that debt cannot be refinanced on attractive terms at maturity. NSIF targets 60% portfolio LTV to fund acquisitions.

Mitigation
Laddered debt maturities to spread refinancing windows · target mix of fixed-rate / floating with cap structures · 60% LTV maximum at portfolio level provides headroom · CPI indexation grows NOI to support coverage ratios.
Concentration risk
Financial
Low

Risk that single asset, tenant or geographic exposure dominates portfolio outcomes. Initial portfolio includes a flagship multi-use social infrastructure asset plus diversified care home and healthcare exposures across multiple Norwegian municipalities.

Mitigation
Concentration limits: max 25% of NAV in any single asset, max 35% in any single tenant, max 40% in any single Norwegian region · diversification across multiple Norwegian municipalities and HF tenants at first close · ongoing acquisitions add further geographic and counterparty diversification.
COperational Risks
Liquidity risk · evergreen structure
Operational
Medium

Risk that LP redemptions in stress periods exceed the Fund's ability to meet them with available liquidity. Inherent to all open-ended real estate vehicles.

Mitigation
3-year initial lock-up · 90-day redemption notice · soft gate at 5% NAV / quarter, hard gate at 10% NAV / quarter · ~7-10% liquidity sleeve in cash and listed REITs / short-dated bonds · suspension provisions in extreme stress with LPAC oversight.
Construction & development risk
Operational
Medium

Risk of cost overruns, delays or quality issues on greenfield and brownfield development assets. Three projects in initial pipeline (Borgundvegen, North Care Ålesund, North Care Moss).

Mitigation
In-house development expertise via Stein Godø (17 yrs construction) · fixed-price contracts where possible · pre-let to municipality before construction commences · 10% contingency reserve · BREEAM Very Good+ certification programme.
Key person risk
Operational
Medium

Risk of departure or incapacity of senior team members critical to NSIF's strategy execution — particularly Gustav Detter (CEO) and Leif Martin Klakken (Managing Partner & Head of Acquisitions).

Mitigation
Key person provisions in fund documentation: triggers redemption window if specified individuals depart · IC depth strengthened by 2 incoming independent members · operational continuity supported by Ronny Stokke, Birger Hjelseth and Stein Godø · institutional governance via Board of Directors.
Valuation uncertainty
Operational
Low

Risk that NAV reflects stale or biased valuations, creating unfairness between subscribing and redeeming LPs. Acute concern for evergreen vehicles.

Mitigation
Independent quarterly valuation by CBRE (RICS-registered) · methodology disclosed (DCF + yield capitalisation per IFRS 13) · ad-hoc revaluation triggers for material events · Valuation Committee with AIFM, valuer and administrator sign-off · annual PwC NAV review.
DRegulatory Risks
Regulatory / policy risk
Regulatory
Low

Risk that changes in Norwegian healthcare policy, municipal financing, or tax/regulatory environment impair the strategy. The statutory care obligation could in theory be re-allocated or restructured.

Mitigation
Existing 10–15 year leases provide regulatory grandfathering · Ronny Stokke's political network gives early visibility on policy direction · Norwegian municipal care obligation has bipartisan political backing · NCP regulatory dialogue maintained at central and municipal level.
AIFM / fund regulatory risk
Regulatory
Low

Risk of adverse regulatory development affecting Lux AIFs, AIFMD passporting, or cross-border marketing. AIFMD II is being phased in across the EU.

Mitigation
AIFM (top-tier Lux-authorised, selection in progress) will be CSSF-authorised and AIFMD II compliant · Baker McKenzie monitors regulatory developments · Maurice Hannon on Board provides Lux fund governance expertise · structure designed to be future-proof for AIFMD II liquidity management requirements.
EESG Risks
ESG / SFDR re-classification risk
ESG
Low

Risk that SFDR Article 8 status is challenged or that "promotes E/S characteristics" criteria are tightened, requiring re-classification or re-marketing.

Mitigation
Aligned with SFDR Article 8 from inception · sustainable investment % committed in pre-contractual disclosure · BREEAM Very Good+ on developments · social infrastructure inherently SDG-aligned (3 · 10 · 11) · quarterly PAI tracking from launch.
Fund Terms

Summary terms — Core+ evergreen structure.

NSIF is a Luxembourg-domiciled, AIFMD-compliant alternative investment fund available exclusively to professional investors. The terms below are indicative and provided for discussion purposes; final terms are set out in the Fund's Private Placement Memorandum and subscription documents.

Legal Entity
Nordic Social Infrastructure Fund (NSIF)
Jurisdiction
Luxembourg · AIFMD-compliant · professional investors only
Strategy
Core+ Nordic social infrastructure
Structure
Open-ended / evergreen with periodic NAV-based subscriptions
Target Fund Size
€500M — scalable platform
Target Net Yield (portfolio)
~7% per annum (NOI-weighted blended), with development-sleeve assets targeting 8–9% YoC
Target NOI Growth
~8% (CPI-indexed leases)
Target LTV
60% maximum at portfolio level
Management Fee
1.10% per annum of NAV · accrued daily, paid quarterly
Performance Fee
10% of total returns above a CPI + 5% benchmark · annual measurement on rolling 3-year basis · subject to high-water mark
Distribution Policy
Quarterly cash distributions of net rental income · realised capital gains and development uplift retained and reinvested at the GP's discretion · accumulating share class available on request
Reporting
Quarterly (unaudited) · annual audited financials
Minimum Subscription
€10M · professional investors only
Subscription Windows
Quarterly NAV-based · 60-day cut-off prior to dealing day · subject to capacity
Redemption
Quarterly post initial 3-year lockup · 90-day notice · soft gate 5% NAV / quarter · hard gate 10% NAV / quarter
Liquidity Sleeve
~7–10% of NAV held in cash and listed real estate / short-dated bonds
Anti-Dilution Levy
Up to 0.50% applied to subscriptions/redemptions to protect existing LPs from transaction-cost dilution
Sustainability
SFDR Article 8 · BREEAM Very Good or higher on developments
Independent Valuer
CBRE — quarterly portfolio valuations (RICS / IFRS 13)
Strategic Sourcing Partner
CBRE Norway · proprietary care home and healthcare deal flow
AIFM
Selection in progress · Luxembourg-authorised AIFM
Depositary
Selection in progress · top-tier Luxembourg depositary
Fund Administrator
GEN2 (Luxembourg)
Auditor
PwC
Tax Advisor
Baker McKenzie
Legal Counsel · Luxembourg / Int'l
Baker McKenzie
Legal Counsel · Norway
Thommessen
EUR↔ NOK
Currency Hedging Policy · for non-NOK investors

EUR-denominated returns, NOK-underlying assets — fully hedged.

NSIF's underlying real estate is NOK-denominated; the Fund itself reports and distributes in EUR. To insulate LP returns from EUR/NOK volatility, NSIF applies a fully hedged policy on rental income through rolling 12-month FX forward contracts entered into at fund level. Capital values (NAV translation) are managed under a structured collar approach.

80–100% Rental income hedged on rolling 12-month basis
~30–50bps Annual hedging cost · borne at fund level (in fee load)
FX forwards Primary instrument · executed via fund depositary
Optional Class-level USD / GBP hedge classes available on request
What investors receive · gross asset yield to LP net return

From ~7% portfolio yield to ~8–9% total return to investors.

The portfolio's NOI-weighted blended net initial yield is ~7% — but what reaches the LP is what matters. The bridge below walks gross asset yield through fund expenses, leverage, and CPI-driven NAV growth. Indicative figures for illustrative purposes; definitive economics are set out in the Fund's PPM and subscription agreements.

~7.0%
Portfolio NOI yield (NOI-weighted, on GAV)
−0.6%
Less: fund opex, AIFM, depositary, audit, legal, FX hedge cost (~30–50bps)
−1.1%
Less: management fee (1.10% NAV)
~5.3–5.8%
= NAV-level cash distribution yield to LP (unleveraged)
+0.5–1.0%
Modest leverage uplift at 60% portfolio LTV (debt cost ~3.5–4.5%)
+~3.0%
CPI-driven NAV growth (100% indexed leases · ~3% Norwegian CPI)
~8–9%
Target total return to LP, net of all fund-level costs
Distribution split. Of the total return, ~5.5–6.5% is paid quarterly in cash from rental income; the balance is captured as NAV growth (re-invested or realised on redemption).
Performance fee. 10% above CPI + 5% benchmark (rolling 3yr, with high-water mark) — only applies above the hurdle. Total return figures above are quoted before any performance-fee impact, which would only materialise in outperformance scenarios.
Tax. NSIF is a Lux AIF; standard treaty mechanics apply at LP level. No Luxembourg withholding tax on distributions to non-resident professional investors under most DTTs. Norwegian-source rental income is taxed at the property-SPV level (22% corporate tax) before distribution to the Fund — already reflected in the NOI yield. LPs receive distributions free of further Lux withholding; LP-level taxation depends on home jurisdiction.
Indicative terms only. Definitive economic and structural terms — including subscription/redemption mechanics, gate sizing, lockup, currency hedging policy, AIFM and Big 4 service-provider appointments, and tax treatment by jurisdiction — are detailed in the Fund's PPM and subscription agreements, which are available to qualified prospective investors under NDA. Contact the Fund team to begin diligence.
Sustainability & Impact

Built into the strategy — not bolted on.

NSIF integrates sustainability, social impact, and institutional compliance into every investment decision. The Fund aligns with EU Taxonomy and SFDR Article 8 standards, with all new developments certified at BREEAM "Very Good" or higher. Social infrastructure — by definition — addresses essential societal needs and contributes to multiple UN Sustainable Development Goals. Concrete commitments below.

~50%
Sustainable investment target (SFDR)
2050
Net Zero target year (incl. scope 1, 2, 3)
14 / 14
Mandatory PAI indicators tracked
2030
Interim portfolio decarbonisation milestone

Compliance & Reporting Standards

8
SFDR
ARTICLE 8
SFDR Article 8
Promotes environmental and social characteristics under EU sustainable finance regulation.
EU
Taxonomy
ALIGNED
EU Taxonomy Aligned
Investments classified under the EU sustainable activity taxonomy framework.
BREEAM VERY GOOD+
BREEAM
VERY GOOD+
BREEAM Very Good+
All new developments independently certified — energy, water, materials, well-being.
IFRS SUSTAINABILITY
IFRS
DISCLOSURES
IFRS Sustainability
Climate-related and sustainability disclosures aligned with IFRS S1/S2 standards.

UN Sustainable Development Goals

GOAL3
Good Health
& Well-Being

Quality care facilities for elderly residents and improved healthcare access across Norwegian municipalities.

GOAL9
Industry, Innovation
& Infrastructure

Building resilient, modern social infrastructure that supports municipal capacity to deliver essential public services.

GOAL10
Reduced
Inequalities

Affordable, accessible care infrastructure — closing the gap between major cities and underserved mid-sized markets.

GOAL11
Sustainable
Cities

Resilient social infrastructure supporting growing urban and mid-sized Norwegian communities.

Sustainability Initiatives

Environmental
−20–30%

Operational carbon reduction

Phased retrofit programme on existing assets — heat-pump conversion, LED lighting, building-envelope upgrades and on-site solar PV where viable. Annual energy and Scope 1+2 emissions tracking against asset-level baseline at acquisition.

Environmental
BREEAMVery Good+

Independently certified developments

All new-build and major refurbishment projects certified at BREEAM Very Good or higher — independently verified across energy, water, materials, indoor environment and waste management. Targets EU Taxonomy alignment for green-building screening criteria.

Environmental
2050Net Zero

Portfolio decarbonisation pathway

Net Zero across Scopes 1, 2 and 3 by 2050 with a 2030 interim portfolio milestone. Low-carbon materials, energy-efficient design, on-site renewable integration and all-electric mechanical systems specified in NSIF's development standard for greenfield projects.

Social
100% addressing statutory need

Essential public-service infrastructure

Every NSIF asset is a building Norwegian municipalities are legally required to provide — elder care, healthcare and supplementary social infrastructure. Capital deployment directly closes the public-sector supply gap, expanding access to high-quality care across mid-sized cities.

Leadership

150+ years of combined experience in real estate, capital markets, and public policy.

NSIF brings together a senior leadership team at North Capital Partners with deep expertise across Nordic institutional real estate, fund governance, sustainable infrastructure, and large-scale development — supported by an independent board with international experience in real estate, finance, and public policy.

Committees: NSIF Board Investment Committee NSIF Management
NSIF Board · Chair

James Thornton

Chairman of the Board
Founder & Former CEO, Mayfair Capital · Schroders CAIF Advisory

40+ years across UK institutional property, fund management and investment governance. Co-founded Mayfair Capital Investment Management in 2002, leading it through to its 2016 sale to Swiss Life Asset Managers. Currently Non-Executive Chairman of Swiss Life Asset Managers UK and member of Schroders' CAIF Advisory Committee.

NSIF Board Investment Committee Management

Leif Martin Klakken

Managing Partner
North Capital Partners · Norway

Co-Founder of NCP. Heads NSIF's deal sourcing, underwriting and execution across Norwegian municipalities and healthcare counterparties. Serial entrepreneur — including founding and exiting a leading Nordic student housing platform to Heitmann in Q1 2023. Brings privileged municipal access and proprietary deal flow.

NSIF Board Investment Committee Management

Gustav Detter

CEO, NSIF
North Capital Partners · Norway

CEO of the Nordic Social Infrastructure Fund. 15+ years in real estate private equity across London and New York. Most recently with the largest Nordic real estate private equity manager, driving expansion through platform M&A and portfolio acquisitions. Leads day-to-day fund operations, investor relations, and IC execution.

NSIF Board

John Gantt

Director
Co-Founder, North Capital Partners · CEO, ICCF

Independent investor with deep expertise in sustainable economic development and environmental policy. CEO of U.S.-based ICCF — a global conservation and development organisation operating across five continents — bringing rigorous ESG and impact discipline to the NSIF board. Co-Founder of North Capital Partners.

NSIF Board

Rick A. Lazio

Director
Chair, Enterprise Community Partners · Former U.S. Congressman

30+ years across real estate, finance, and public policy. Chair of Enterprise Community Partners — a U.S. platform that has invested $60B+ in affordable and social housing. Former 4-term U.S. Congressman (House Banking Committee) and Managing Director at JPMorgan Chase. Deep expertise in housing finance, capital formation, and public-private partnerships.

NSIF Board

Maurice Hannon

Director · NSIF Board
Of Counsel, Lex Thielen & Associés · Luxembourg

Nearly 30 years in financial services specialising in investment funds, governance, and regulatory compliance. Has served on numerous Luxembourg fund boards across alternative investment strategies, providing seasoned governance and regulatory oversight. Advises family offices on legal structuring and due diligence.

NSIF Board

Enda Fahy

Director · NSIF Board
Non-Executive Director · Former FundRock

Senior consultant and non-executive director with broad experience across investment management, real estate, and alternative investments. Senior roles at FundRock (formerly the largest independent Lux ManCo), ONE group solutions, and Cosgrave Group — bringing institutional-scale fund governance and asset management oversight to the board.

Investment Committee

To be appointed

Independent IC Member
Placeholder · TBC
Investment Committee

To be appointed

Independent IC Member
Placeholder · TBC
Management

Ronny Stokke

COO & Public Affairs
North Capital Partners · Norway

Chief Operating Officer of NSIF. Extensive experience in leadership, management, and Norwegian public policy. Politically connected with a deep network across municipal and central government levels — providing privileged access to public-sector counterparties and early visibility on regulatory shifts. Owns operations and stakeholder relations.

NSIF Board Management

Richard Templer

CFO & Director
North Capital Partners · London

Chief Financial Officer of North Capital Partners. Oversees finance, operations, and compliance — a member of the valuation committee and the NSIF Board. Previously held senior finance roles at AMP Capital, Hermes GPE, Deutsche Bank, and Mayfair Capital — bringing a direct operational connection to James Thornton's Mayfair platform and deep institutional fund-operations experience.

Management

Birger Johan Hjelseth

Senior Analyst
North Capital Partners · Norway

Investment analysis and asset evaluation across NSIF's real estate portfolio. Financial modelling, market research, valuation review, and transaction support — with a strong focus on social infrastructure and residential. Owns the underwriting model framework and quarterly NAV pack production.

Management

Stein Godø

Head of Development
North Capital Partners · Norway

17 years in construction with a Civil Engineering background. Has led project execution and asset delivery across multiple large-scale Norwegian real estate developments — working with a long-standing in-house construction team. Brings rare in-house development capability, ensuring greenfield projects deliver on budget and schedule with full BREEAM compliance.

Management

Henrikke Røder

Head of ESG & BREEAM
North Capital Partners · Norway

Master's degree in International Business — brings a strong commercial and strategic perspective to her work. Owns NSIF's ESG framework end-to-end: SFDR Article 8 compliance, EU Taxonomy alignment, BREEAM certification across operational and development assets, and ESG due diligence on every acquisition. Drives the Net-Zero pathway to 2050 and the 2030 portfolio decarbonisation milestone, and leads PAI reporting and Sustainability Initiatives delivery.