Target Fund Managers

What Target Fund Managers does

Target Fund Managers is a UK-based, FCA-authorised fund management business that invests exclusively in modern, purpose-built care home real estate. Founded in 2010 by Kenneth MacKenzie with three co-founders, the firm is privately held and family-owned, which it cites as a differentiator in a sector dominated by institutional managers. The company operates a single integrated investment platform built around two complementary product lines: Target Healthcare REIT PLC, a FTSE 250-listed specialist care home REIT that the firm manages as investment manager, and a series of unlisted funds aimed at institutional and sophisticated investors.

The firm's core activity is acquiring or forward-funding the development of purpose-built care homes across the UK, then letting them to specialist care operators on long-term leases. Since inception it has acquired or developed over 100 care homes with a portfolio valuation exceeding £1 billion, housing approximately 6,000 elderly residents and supporting around 40 operator partners. Revenue is generated through recurring management fees on assets under management and performance-related fund economics; the firm charges fees negotiated on AUM rather than publishing pricing. Distribution is sales-led and relationship-driven: capital is raised via direct institutional sales and investor liaison, while deal flow comes from relationships with developers and operators seeking landlord partners for development, forward-funding, and acquisition transactions.

Target differentiates through an "engaged landlord" model underpinned by a multidisciplinary team that includes former nurses, registered managers, and care home builders alongside chartered accountants and real estate financiers. The firm actively monitors assets through a dedicated healthcare team, structures creative financing (including 100% development funding with capped commitments), and increasingly positions around ESG themes such as operationally carbon zero care homes and a published Stewardship Code. Geography is UK-only, with headquarters in Stirling, Scotland, and the operating entity (Target Fund Managers Limited, company number SC548164) regulated by the Financial Conduct Authority.

Name

Target Fund Managers

Legal name

Target Fund Managers Limited

Website

https://targetfundmanagers.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Target Fund Managers is a UK FCA-authorised, family-owned fund manager investing exclusively in modern, purpose-built care homes. It manages the FTSE 250-listed Target Healthcare REIT and unlisted funds, with £1B+ AUM across 100+ homes and ~40 operator partners.

Ownership category

akta.pro rank

Product category

Healthcare Real Estate Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Care home investment
• Real estate fund management
• Healthcare property investing
• REIT fund management
• Elderly care real estate

Headquarters

HQ city

Stirling

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Fund Management Fees: The firm earns management fees from managing investment funds including Target Healthcare REIT and unlisted funds, charging fees on assets under management.
2. Rental Income from Care Homes: The funds managed by Target acquire and lease care homes to operators. Rental income from tenants contributes to investor returns, with the REIT structure providing income to shareholders.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Target Fund Managers is a family-owned, FCA-authorised UK fund manager that raises and deploys capital into modern, purpose-built care home real estate on behalf of institutional and sophisticated investors. The firm manages the Target Healthcare REIT (a publicly listed vehicle) alongside unlisted care home investment funds, acquiring existing care homes and forward-funding new developments across the United Kingdom. It acts as an engaged landlord, providing ongoing asset management supported by in-house healthcare expertise to support tenant operators and investor returns.

Product overview

Target Fund Managers is a family-owned fund management business that operates as a single unified investment platform focused on UK care home real estate. The core offering consists of Target Healthcare REIT (a listed investment vehicle) and other unlisted funds that acquire or fund the development of modern, purpose-built care homes. The company acts as an engaged landlord, building relationships with care home operators and providing ongoing asset management through a team with direct care home operational experience.

Differentiator

Problem solved

Functional benefit

Products and services

• Target Healthcare REIT A specialist long-term listed investment vehicle that hand-picks modern, purpose-built UK care homes for investment and lets them to operators at sustainable rental levels, providing investors with attractive income. Target Healthcare REIT is the FTSE 250 listed company managed by Target Fund Managers and acts as an engaged landlord with an active role in monitoring assets through its healthcare team.
• Care Home Investment Funds (Unlisted) Unlisted fund vehicles managed by Target Fund Managers that acquire existing modern, purpose-built care homes and provide forward-funding and development funding for new care home projects across the United Kingdom for institutional and sophisticated investors.

Named customers6 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Impact Healthcare REIT: UK-listed REIT focused on portfolios of residential and nursing care homes leased to operators. Directly comparable to Target Healthcare REIT in asset class, tenant model, and investor base.
• Civitas Investment Management: Manager of Civitas Social Housing PLC and other UK social infrastructure funds. Comparable specialist real estate fund manager serving institutional investors with regulated social assets, including supported living and care.
• Primary Health Properties: UK-listed REIT investing in modern primary healthcare facilities (GP surgeries, health centres). Comparable as a specialist healthcare property REIT manager with institutional investors and operator-tenant structure, though focused on primary rather than elderly care.
• Assura plc: UK-listed REIT specialising in primary healthcare property. Comparable specialist UK healthcare REIT manager with long-duration tenant leases and institutional investor base.

Emerging players

• Octopus Healthcare: Specialist healthcare property fund manager within the Octopus Group, investing in care homes, retirement communities, and specialist supported housing. Comparable niche healthcare real estate focus with institutional fund vehicles.
• Alpha Real Capital: UK-based investment manager focused on social infrastructure and healthcare property, including elderly care and supported living. Comparable specialist manager operating dedicated funds in the same sub-sector as Target.

Broad incumbents

• Schroders Real Estate: Major UK and European real estate investment manager with diversified property funds including healthcare exposure. Comparable as a UK-domiciled institutional real estate fund manager, though broadly diversified rather than care-home specialist.
• AEW UK Investment Management: UK real estate investment manager running diversified UK property funds and the AEW UK REIT. Comparable institutional UK property fund manager though with broader sector mandate.
• abrdn Real Estate: Major UK and European real estate investment manager (formerly Aberdeen Standard Real Estate). Comparable large-scale UK institutional property manager with capability to deploy capital into healthcare, though not specialist in care homes.
• LXi REIT: UK-listed REIT focused on essential, defensive real estate including healthcare, leisure, and education. Comparable institutional UK REIT investor with adjacent healthcare exposure and long-lease tenant model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/TargetManagers
• LinkedInuk.linkedin.com/company/target-fund-managers-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Target Fund Managers