Turner Impact Capital's New Healthcare Fund Aims To Help Underserved
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Santa Monica's Turner Impact Capital is launching a new investment fund aimed at strengthening healthcare facilities in low- to moderate-income communities.
The Turner Healthcare Facilities Fund is expected to initially invest up to $100M in healthcare facilities that focus on specialties, including primary care and ambulatory care, while also giving its investors market-rate returns.
"The Turner Healthcare Facilities Fund is a sustainable and scalable solution to ensure that communities in need can access top-quality healthcare more conveniently and affordably,” Turner Impact Capital CEO Bobby Turner said.
The first investments will be in facilities for Dedicated Senior Medical Centers, a family-owned primary and specialty care practice operated by Florida's ChenMed. The medical practice offers concierge-style medicine for senior citizens with low and moderate incomes.
The new fund fulfills the social mission of Turner Impact Capital by adding healthcare facilities in underserved areas to the company's existing funds that invest in charter schools and workforce housing.
The three-year-old Turner Impact Capital is on course to surpass $2.5B in investment potential to address challenges in urban neighborhoods while also delivering risk-adjusted investor returns.
The first healthcare center funded by Turner will be in St. Petersburg, Florida. It is an adaptive reuse of a 13K SF former retail space.
While the initial healthcare facilities are opening in Florida, the fund will be expanding to other urban areas nationwide, according to a Turner Impact Capital representative.