HCF is a low-risk product focusing on financing residential, office, and logistics properties in Denmark; the emphasis will be on senior/whole loans of at least DKK 100 million while also encompassing a smaller allocation for construction financing. PenSam, a central institutional investor in the Danish market, has confirmed its status as the anchor investor in the fund with commitments of up to DKK 3.5 billion. Meanwhile, Heimdal Nordic is in ongoing discussions with other pension funds for additional investment commitments.
The primary driver behind the establishment of HCF is the increasing demand for alternative financing solutions in the real estate sector, combined with direct lending secured by real assets remaining appealing to investors due to its attractive risk-adjusted returns.
Heimdal Nordic has paved the way for this investment product by actively facilitating and managing direct real estate loans over the years. Building on Heimdal Nordic's experience, a robust investment case is created by combining the best from the banking world's credit and governance driven view with pension funds' Prudent Person Principle approach to investment—facilitated by the local manager's market knowledge and experience within a well-defined investment universe.
"On behalf of PenSam, we are pleased to continue our collaboration with Heimdal Nordic through participation as an investor in Heimdal Credit Fund. This initiative reflects our ongoing focus on ensuring good, stable, and attractive returns for our members. Through this partnership, we are well-positioned to be part of well-founded, innovative financial solutions while strengthening our position in the real estate market. We look forward to participating in HCF's further growth and contributing to the sustainable development of Danish real estate financing," says Jeppe Starup, Head of Private Capital & Real Assets, PenSam.
"Heimdal Nordic is proud to launch the first credit fund solely focused on flexible and tailored property financing solutions for the professional segment of the Danish real estate market. We see this as a crucial step towards meeting the increasing demand for robust alternatives to bank and mortgage financing in Denmark. HCF not only represents an attractive investment opportunity for investors but also a move towards diversifying the financing options available to the Danish real estate sector—an evolution we have witnessed internationally over the past 10-15 years. With this fund, we have a clear goal of expanding our position as a market leader in alternative financing solutions in the real estate market in Denmark— solutions that create value for both professional real estate investors and the fund's investors. In other words, the business model of the fund is simply to create solutions where the business models of both property investors and credit investors always go hand in hand. At the same time, we are thrilled and honored to affirm our robust collaboration with PenSam, extending a warm welcome to them as investors in the Heimdal Credit Fund," expresses Peter Lilja, CEO of Heimdal Nordic.
About Heimdal Nordic
The team behind Heimdal Nordic has been active in all aspects of property financing across the Nordic region for the past 15 years, including new loans, administration of both individual loans and portfolios, as well as handling and settling distressed loans after the financial crisis. In 2022, Heimdal Nordic became part of Fokus Nordic, where Fokus Fund Management A/S acts as the FAIF-regulated entity for HCF. For more information, visit heimdalnordic.com.
PenSam is a pension company that provides occupational pensions, insurance, and banking products to FOA's professional groups, covering 480,000 predominantly public employees in core welfare tasks such as elderly care, educational work, cleaning, and technical service. PenSam has investments of approximately DKK 175 billion and a strong focus on responsible investments, including the green transition.