Stirling: A specialist care home investor with the longest continuous track record in its sector has just signalled where it wants patient capital to find it next. Target Fund Managers, an investment manager of FTSE 250 purpose-built care home investor, Target Healthcare REIT, has appointed Calum Bruce as Head of Investor Relations, while James MacKenzie steps into the newly created role of Managing Director, together reshaping the leadership team behind more than €1.17bn in assets under management.
Bruce is a Chartered Surveyor with over 25 years of experience across real estate investment, fund management, investor relations and capital markets. He joins from Ediston, the UK property investment, development and asset management company, where he was involved in the IPO, growth and sale of Ediston Property Investment Company, a main market listed REIT. In his new role, Bruce will lead TFML's investor relations function with a particular focus on growing and broadening its capital partner base, including on behalf of Target Healthcare REIT, while working closely with the executive team to expand the business across existing and new strategies.
"As markets stabilise, there is a sizeable opportunity to connect patient capital with a part of the market offering predictable, long-term income streams and capital appreciation, alongside a very powerful social impact. The TFML track record speaks for itself, and I am excited by the opportunity to play an integral role in the next stage of its growth," said Bruce.
MacKenzie, who joined TFML in January 2025, brings over 20 years of corporate advisory, relationship management and corporate governance experience, having previously served as General Counsel and Company Secretary at Aegon UK, where he sat on the UK Executive team and played a key role in major business change programmes including M&A. He now takes responsibility for TFML's operations, reporting to Kenneth MacKenzie, Chief Executive.
What deserves attention from investors is the timing of this dual appointment rather than either hire alone. Bringing in dedicated capital markets expertise through Bruce, fresh from taking a REIT through IPO and eventual sale, while simultaneously creating an operations-focused Managing Director role, suggests TFML is deliberately building the institutional infrastructure needed to scale beyond its current c100 properties let to c40 tenants. For a specialist sector like purpose-built care homes, where investor familiarity remains lower than in mainstream real estate asset classes, having a dedicated investor relations lead with public markets experience could prove decisive in unlocking the kind of long-term, income-focused capital healthcare real estate increasingly competes for.
"Calum is highly qualified and well-respected in the market. He brings a valuable combination of real estate and listed market experience to the business which will complement the Executive team's diverse skill set. James has brought a wealth of corporate experience to the leadership of the business. These appointments reflect a significant further investment in the strength of the existing Executive team as we look to scale our portfolio of best-in-class healthcare real estate," said Kenneth MacKenzie.
People mentioned
- Calum Bruce, Head of Investor Relations, Target Fund Managers
- James MacKenzie, Managing Director, Target Fund Managers
- Kenneth MacKenzie, Chief Executive, Target Fund Managers
Companies mentioned
- Target Fund Managers, specialist UK healthcare real estate investment manager behind the appointments
- Target Healthcare REIT, FTSE 250 purpose-built care home investor managed by TFML
- Ediston, UK property investment firm and Bruce's previous employer
- Aegon UK, insurance and financial services firm and MacKenzie's previous employer
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