Thesis
Two sub-strategies under one cell: adaptive reuse of listed heritage stock (commercial conversion, mixed-use, hospitality), and purpose-built senior care with contracted occupancy. Both reward operators with patience and balance sheets that prefer stability over upside. The demographic tailwind on senior care is the strongest in any real-asset segment.
Market
- Target hold
- 8–15 years
- Geographic focus
- United Kingdom · France · Channel Islands
- Cheque size per asset
- US$20–80m equity
- Tenancy model
- Long-lease, indexed, operator-aligned
Cell architecture
Heritage and senior-living assets are acquired into a single cell but tracked as separate asset pools with shared governance. Senior debt is at the asset level; mezzanine, where used, is at the asset level as well. Reporting is split by sub-strategy so investors see the demographic vs the heritage exposure independently.
Sponsor profile
- Heritage operators with documented track record on listed-building consents and conservation works.
- Senior-care operators with regulated UK or French operating licences and CQC / equivalent ratings.
- Capability to handle decade-plus capex programmes without re-financing pressure.
- Willingness to publish operating KPIs on the same cadence as the cell's financial reports.
Investor terms · indicative
- Target net IRR
- 10–14%
- Cash yield (steady state)
- 4–6% p.a.
- Subscription minimum
- US$250,000
- Liquidity
- Locked through development; secondary venue from 2028
Milestones
- 2026 — Heritage pipeline assembled; first senior-living asset under exclusivity.
- 2027 — First close; sub-strategy reporting framework live.
- 2028 — Two heritage adaptive-reuse projects in execution.
- 2029 — Stabilised distributions on first senior-living asset.