The GCP Asset Backed Income Fund is lending £11.1 million ($14.4 million; €12.2 million) loan against a UK-based care home.
The London-listed fund’s investment will support a 70-bed care facility funded through a 16-year senior loan. It has also funded two advances to the tune of £5 million and £0.5 million into property and co-living assets, also in the UK.
The deals are the latest made by the fund following an £18.5 million commitment to an Irish student accommodation facility and a £15 million investment in a group of property assets, both occurring in June.
The new loans bring the fund’s exposure to 24 assets. As of the end of June, 38 percent of its portfolio was invested in the property sector and a further 37 percent in social infrastructure. Energy and other infrastructure assets accounted for 14 percent of its portfolio.
The vehicle, listed since October 2015 and managed by Gravis Capital Partners, had a net asset value at the half-year of £165 million and it has a long-term targeted IRR of between 8 and 9 percent.
David Conlon, partner at GCP, recently told sister publication PDI that it is looking to back loans in water-focused infrastructure as it looks to more emerging asset-backed sectors.