The joint venture will seek to mobilise third-party capital to invest in acquiring, upgrading, expanding, and developing primary healthcare centres providing frontline GP and NHS services in local communities. Launching with a seed portfolio of 65 modern, purpose-built primary care assets serving over 700,000 patients across England, Scotland, and Wales, the venture is initially targeting a £1bn portfolio of high-quality healthcare facilities by the end of 2030.
Councillor Eleanor Wills, chair of Greater Manchester Pension Fund, said: “Primary care is a vital part of our communities, yet much of the estate is ageing and no longer fit for the needs of modern healthcare delivery. This partnership allows us to back high-quality, purpose-built facilities that directly align with the NHS Long Term Plan, improve patient experience, and provide stable, inflation-linked returns over decades with strong potential for growth. We are proud to invest in assets that strengthen public services while safeguarding the financial future of our members.”
John Benham, head of UK Open-Ended Funds at BlackRock, commented: “Together with GMPF, we are bringing our deep knowledge of unique public-private sector dynamics to unlock one of the largest private markets opportunities for capital to invest in the social infrastructure underpinning UK primary care.”
Minister for Investment Lord Stockwood said: “The UK is a thriving business hub. With this new joint venture, Greater Manchester Pension Fund’s £150m cornerstone investment into our country’s healthcare real estate will help boost provision and accessibility for hundreds of thousands of patients in local communities. With financial services identified as a key sector in our modern Industrial Strategy, we’re encouraging greater investment from UK pension schemes into critical infrastructure projects at the heart of our communities.”