Bouwinvest launches the Dutch Senior Living Impact Fund: “We know what lies ahead”
23 June 2025
Interview with fund manager Maya Savelkoul
After gaining years of experience in healthcare real estate, Bouwinvest is taking the next step: the launch of the Dutch Senior Living Impact Fund. This new fund is open to institutional investors and addresses the growing need for affordable housing for older adults. Fund Manager Maya Savelkoul explains the rationale behind the fund, the process, and why it is particularly relevant today.
What prompted the launch of this new fund?
“We have built up extensive experience through the Bouwinvest Healthcare Fund, which we manage exclusively for the pension fund for construction workers, bpfBOUW. However, we have also seen strong interest in healthcare real estate from other institutional investors. There is a clear demand in the market for suitable housing for older people, and more pension funds and institutional investors want to respond to this. So we decided to launch a new fund that meets the needs of both investors and society.”
Why is senior housing such a pressing issue right now?
“Everyone knows someone who can no longer live independently, yet there simply aren’t enough appropriate homes for everyone who needs one. At the same time, people want to stay in their own homes for as long as possible, which is exactly what we all hope for. That calls for future-proof homes: step-free, with wide doorways and space to provide care. The Dutch population is ageing rapidly: the number of people aged 85 and over will double in the next 15 years. We’ve known this trend was coming for years, but now it’s impacting everyone. Furthermore, senior housing plays a key role in housing mobility. Freeing up larger homes triggers movement in the housing chain, enabling students, young starters and families to move through the chain.”
Is this fund truly an impact fund?
“Yes, creating impact is at the core of what we do: adding affordable, accessible, healthy and sustainable homes for older adults. We also invest in assisted living and private residential care facilities, helping to solve a number of societal challenges. Together with our investors, we have defined specific impact KPIs that we report on.”
How do you define impact in this context?
“We deliver impact by developing properties that are (a) affordable, (b) future-proof, (c) offer a healthy indoor climate, (d) energy-efficient and/or (e) climate-adaptive. Above all, we enable older adults to live independently for longer while receiving the care they need. What makes this fund stand out is that it creates social value without compromising on financial returns. And that combination is exactly what makes the fund attractive to many institutional investors.”
What sets this fund apart from other Bouwinvest investment products?
“This is the first of our funds in which bpfBOUW is not participating. The fund is open to a broader group of institutional investors. We set up this fund in close cooperation with fiduciary adviser Van Lanschot Kempen, it has been a very constructive collaboration.”
You’ve already secured €130 million in commitments. How did you achieve that in today’s market?
“Bouwinvest’s strategy is focused on increasing our assets under management, and launching new investment products is a key part of that growth. We’ve learned a great deal from launching the Impact Partnership for ABP and bpfBOUW. Internally, we now have a better understanding of what is required. Our various departments now work together more smoothly. Externally, it helps that we offer a clear proposition and have a lot of expertise in the living segment. Healthcare real estate resonates: it’s tangible, easy to understand, and delivers solid returns. We also have a large network of care providers and developers, which enables us to move quickly on acquisitions and new propositions. In the past ten years alone, we’ve completed an average of € 400 million in living transactions annually, with a growing share of those transactions in healthcare real estate.”
What kind of returns can investors expect?
“We expect to generate returns in the range of 5.5% to 7%, based on an unleveraged structure. This is in line with the returns generated by our Healthcare Fund. The portfolio will be diversified in terms of asset types and lease structures: from stable, individually let residential units to higher-return, higher-risk master lease agreements for healthcare real estate.”
What are the key risks?
“Looking at the broader picture, we do have concerns about the investment climate for residential real estate in the Netherlands, especially given the unfavourable tax environment and the national government’s increasing tendency to intervene. The same goes for healthcare financing, an area in which regulations change frequently. On the other hand, demand for suitable senior housing is set to increase significantly in the coming years. The Netherlands is ageing rapidly, and people are living independently for longer, often with increasing care needs. This societal trend limits downside risk. Even if some properties are eventually repurposed, the demand for smaller, suitable homes will remain, whether for student housing or alternative residential concepts.”
What are the next steps for the fund?
“We now have four founding investors: three pension funds and a bank. We’re actively seeking new investors and acquisition opportunities. Our target is to expand the fund to € 500 million in assets under management by the end of 2027. We’ll invest in future-proof rental housing and private care residences. Some of these will be existing assets, enabling us to have an immediate impact.”
And what’s the long-term vision?
“We want to continue to grow. We are seeing more and more opportunities to invest closer to care operators or to develop new senior housing concepts ourselves. We’re also building a track record that will be valuable for future products.”
Who should consider investing, and why?
“The Dutch Senior Living Impact Fund is designed for institutional investors looking to diversify their portfolios while also creating social value. This includes pension funds, insurers and banks with dedicated budgets for impact and real estate investments. The fund offers a unique combination of financial return and tangible social impact. It addresses an urgent societal need, follows a proven approach, and helps to create a future-proof housing market for an ageing population.”
Want to learn more?
Visit the Dutch Senior Living Impact Fund landing page or contact Maya Savelkoul.
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