The Lancashire County Pension Fund has committed 拢25m (鈧�26.5m) to a healthcare fund managed by Kames Capital.
The pension fund backed the Target Healthcare Property fund, a unit trust aimed at institutional investors.
The pension fund鈥檚 senior investment manager, Richard Tomlinson, said the investment was a continuation of its long-term strategy of increasing exposure to infrastructure and real estate assets.
鈥淪pecialist healthcare property offers an attractive and stable income yield with the potential for capital growth,鈥� Tomlinson said.
鈥淲e were attracted to the strong team behind the fund and their best-in-class approach to accessing specialist healthcare assets.鈥�
The unit trust is focusing on specialist care home facilities, Kames Capital said.
The trust, which initially had a five-year fixed life, has been extended by a further five years to June 2020.
Kames Capital head of institutional sales for property, Shaun McWilliam, said the fund has paid a distributed yield to investors of 7.5% over the last three years.
鈥淲e believe its premium income yield will continue to prove attractive,鈥� he said.
鈥淟ancashire County Pension Fund鈥檚 investment clearly demonstrates its confidence in the management team and the continuing investment case for healthcare assets.鈥�
