What Makes UK Social Infrastructure a Distinct Asset Class? Hugo Llewelyn, CEO, Newcore Capital

In February 2024, we released an episode titled “Investing in Essential UK Social Infrastructure”, with the Founder & CEO of Newcore Capital, Hugo Llewelyn. In this episode, we wanted to reacquaint investors with the thesis and discuss why the investment opportunity might be so compelling. Hugo explains where capital is scarce, where private assets are blocked and where opportunities exist. He describes the four areas of their focus; healthcare, education, transport and civic, and where cash-strapped local authorities and government arms need to increasingly find solutions by working with the private sector. Hugo details the priorities in execution, their targeted returns, why local authority pension funds and family offices have been important investors and why real estate is a very accessible way of investing in infrastructure. Subscribe to stay up to date with our range of fascinating interviews, featuring some of the biggest names in global finance and business! RECORDING DATE: 7th May 2026 TOPICS: 00:00 - Market Uncertainty & Risk Pricing 07:28 - Defining 'Core' Social Infrastructure 09:28 - How Investment Opportunities Are Sourced 13:11 - Portfolio Balance: Sectors & Priorities 15:40 - AI Proofing & Resilient Assets 17:33 - Capital Scarcity in Private Markets 21:02 - The Real Estate vs Infrastructure Debate 24:50 - Sticky Inflation & Investment Expectations 27:42 - Attracting Capital: Allocator Risk Appetite 33:13 - The Value of Social Infrastructure SPONSORS: J.P. Morgan Asset Management is the home of active ETFs. Powered by deep research, their range of over 40 active UCITS ETFs has been designed to help investors build stronger, more resilient portfolios. Find out more: https://am.jpmorgan.com/gb/en/asset-m... IFM Investors are a global institutional asset manager whose purpose is to invest, protect and grow the long term retirement savings of working people. They manage investments across infrastructure, debt, listed equities and private equity assets. Find out more: https://ifminvestors.com/en-gb/ The World Gold Council is membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Their team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. Find out more: https://www.gold.org/ LSEG is a leading global financial infrastructure and data provider, which plays a vital social and economic role in the world's financial system. Backed by three centuries of experience, they help 40,000+ customers in 170 countries fund innovation, manage risk & create jobs. Learn more: https://www.lseg.com/en STAY UP TO DATE ✅ Newsletter: https://www.moneymazepodcast.com/subs... ✅ LinkedIn:   / the-money-maze-podcast   ✅ X/Twitter:   / podcast_maze   LISTEN: 🎧 Apple Podcasts: https://podcasts.apple.com/gb/podcast... 🎧 Spotify: https://open.spotify.com/show/0uT0iw8... DISCLAIMER All content on the Money Maze Podcast is for your general information and use only and is not intended to address your particular requirements. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions. Guests and presenters may have positions in any of the investments discussed. The Money Maze Podcast is funded by third party advertising, with all episodes editorial - and not commercial - in relation to all interview content discussed. Please note, Money Maze Curated Podcasts do not contain third party advertising, and are instead funded by the featured interviewee and/or their business (these episodes are commercial, as opposed to editorial features). During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.