Greater Manchester Pension Fund (GMPF) and BlackRock have established a joint venture to invest up to £1bn in UK primary healthcare facilities by 2030.
The partnership launches with a seed portfolio of 65 purpose-built primary care assets across England, Scotland and Wales, collectively serving more than 700,000 patients.
The assets will form the foundation of a wider strategy to acquire, upgrade and develop healthcare centres delivering frontline NHS and GP services.
There are no specific GP surgeries, health centres, or CDCs listed among the 65 assets.
The partnership plans to attract additional institutional investors to expand the pool of capital available for UK primary healthcare investment beyond its initial £1bn seed portfolio.
“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,” said John Benham, head of UK Open-Ended Funds at BlackRock.
GMPF has committed a cornerstone investment of £150m, with BlackRock managing the platform and broader capital-raising strategy.
According to the partners, the joint venture is designed to address growing pressure on the UK’s primary care estate, much of which is ageing and no longer aligned with modern models of healthcare delivery.
The focus will be on delivering fit-for-purpose buildings that support improved patient experience, greater efficiency and long-term resilience in community-based care.
The joint venture is expected to scale steadily over the coming years as additional assets are acquired and developed, with a target portfolio size of £1bn by the end of 2030.