Industry: Senior living
Assisted living investors
Sponsors and operators of assisted living, memory care and independent living raise from REITs, private equity and lenders. We prepare what those investors read first, from the investor deck to the financial model.
- Occupancy, supply and capital data for senior housing
- Decks and models built around the operator, occupancy and debt
- Waveup prepares investor materials for senior housing sponsors, operators, developers and funds: $3B+ raised for 600+ startups since 2014
In short
What are assisted living investors?
Assisted living investors are the REITs, private equity firms and lenders that fund senior housing, from independent living to memory care. Sponsors and operators raise from them to build, buy or refinance communities. Demand is strong: NIC MAP put assisted living occupancy at 89.1% in Q3 2026.
- Who it's for
- Senior housing sponsors, operators, developers and funds: independent living, assisted living and memory care
- What we build
- Investor deck, financial model, valuation, investor list, data room
- Prices
- Deck from $6,000, model from $3,000. Flat fees
- Track record
- $3B+ raised for 600+ startups since 2014
Market data checked on 8 November 2026. Sources are under each section.
Why is capital moving into senior housing in 2026?
Occupancy is close to its record, and very little new supply is on the way. The first baby boomers turn 80 in 2026, NIC MAP notes.
The opportunity
The number of older Americans keeps rising, and few new communities are being built.
- About 32,000 more units a year have filled up, on a four-year average
- REITs such as Ventas and Welltower put billions into communities in 2026
- Fannie Mae and HUD loans can refinance a community once it is stabilized
The problem
Senior housing construction starts have fallen about 67% since 2021, NIC MAP reports. Few lenders will fund a community before it fills up, so new projects need more equity.
Market size
How fast is demand for senior housing growing?
NIC MAP counted 644,428 occupied senior housing units in the 31 largest US markets in Q3 2026. Four forces shape the deals investors see:
- Older residents: Americans aged 85 and over are projected to reach 8.6 million by 2030
- Little new supply: the stock of senior housing grew just 0.4% in the year to Q3 2026
- A building gap: keeping occupancy near today's level needs over 100,000 new units in most years, NIC estimates
- Rising values: cap rates for top assisted living in core markets fell to 6.5% in CBRE's H1 2026 survey
Capital and debt
How do senior housing deals get financed in 2026?
REITs and private equity are active buyers, and senior housing deals passed $15 billion in 2025, NIC MAP reports. HUD's Section 232 now insures mostly purchases and refinancing, not new building.
invested in senior housing by Ventas in 2026, to October
of senior housing properties bought or funded by Welltower in Q3 2026
average size of a Fannie Mae seniors housing loan
Who invests in assisted living and senior housing?
Healthcare REITs, private equity, banks and agency lenders, plus HUD's mortgage insurance and a European care-home buyer. One or two names per type, each checked on its own website.
Investor database
Proptech investors in our database
The funds with the most proptech investments. Pick a stage, or open a fund for its cheque sizes.
Top 5 by proptech investments
Investments by industry
- Real Estate & Proptech35%
- Software & Apps27%
- Fintech & Financial services8%
- Rounds
- Pre-seedSeedSeries A
- Average cheque
- Not listed
- Based in
- Miami, United States
- Invests in
- USA
28 investments in total, 17 tagged Real Estate & Proptech.Open the full fund profile
Investments by industry
- Real Estate & Proptech26%
- Social media18%
- Transportation & Mobility18%
- Rounds
- SeedSeries ASeries BSeries C+
- Average cheque
- Not listed
- Based in
- Chicago, United States
- Invests in
- USA
168 investments in total, 17 tagged Real Estate & Proptech.Open the full fund profile
Investments by industry
- Real Estate & Proptech28%
- Software & Apps25%
- Fintech & Financial services11%
- Rounds
- Pre-seedSeedSeries ASeries B
- Average cheque
- Not listed
- Based in
- Belgium
- Invests in
- Europe
14 investments in total, 16 tagged Real Estate & Proptech.Open the full fund profile
Investments by industry
- Real Estate & Proptech40%
- Software & Apps20%
- Fintech & Financial services14%
- Rounds
- SeedSeries A
- Average cheque
- Not listed
- Based in
- São Paulo, Sao Paulo, Brazil
18 investments in total, 14 tagged Real Estate & Proptech.Open the full fund profile
Investments by industry
- Software & Apps19%
- Real Estate & Proptech17%
- Energy & Utilities16%
- Rounds
- Pre-seedSeedSeries ASeries B
- Average cheque
- $500K–$1M$1M–$3M$3M–$10M
- Based in
- Denmark
- Invests in
- Israel, Europe, USA
27 investments in total, 13 tagged Real Estate & Proptech.Open the full fund profile
From our investor database.
Where do senior living deals stall with investors?
Our Fundraising 2025 study asked 56 VCs why they turn deals down. Revenue growth, unit economics, burn and missed milestones led, then defensibility and crowded categories. Senior housing investors ask the same things about occupancy, rates and the operator.
Construction money is scarce
HUD insured no new-construction loans under Section 232 in fiscal 2026, by our count of its data. Fannie Mae lends only on existing, stabilized communities.
What investors ask
- How will you pay for the build and the lease-up before long-term debt is possible?
What your deck shows
- A construction-to-bridge-to-HUD plan with dates
- Lease-up months, and the reserve that covers them
Ageing buildings
More than 40% of senior housing communities are over 25 years old, NIC MAP reports. Older buildings compete with new ones on rooms, layouts and shared spaces.
What investors ask
- What will it cost to keep this community competitive for the next decade?
What your deck shows
- Capital spending per unit, year by year
- Rates and occupancy against newer communities nearby
The operator behind the numbers
Ventas relies on about 50 operators to run its senior housing. Fannie Mae aims its seniors loans at sponsors and operators with sector experience and strong finances.
What investors ask
- Who runs the community, and how have their other buildings performed?
What your deck shows
- The operator's occupancy and margins across its portfolio
- Management fees, and how the owner can replace the operator
Rates residents can pay
Welltower's revenue per occupied room rose 5.3% in the year to Q3 2026. Most assisted living residents and their families pay from their own money.
What investors ask
- Can residents keep paying the rate rises in your model?
What your deck shows
- Rate growth set against local incomes and home values
- Occupancy and margins if rate growth slows
How we help you raise
Flat fees agreed before we start. No success fee on advisory work.
Demand, the operator and the plan, told for REITs, LPs and lenders.
Occupancy ramp, rates, staffing costs and debt, month by month.
A value for a community, a portfolio or an operating company.
REITs, equity partners, lenders and family offices that fit your deal.
Occupancy reports, licences, leases and loan papers, ready for review.
For selling a community, a portfolio or an operator.
Three real estate raises close to senior living: a multifamily fund, a $149M development and an office purchase. Our senior living projects include work for a US senior-housing sponsor, a senior-apartments development, a care-home model and a healthcare REIT.
Who we are
Waveup is a London-based fundraising and growth advisory, working in 60+ countries and 90+ industries. Since 2014 we have built the decks, models, CIMs and valuations behind $3B+ raised for 600+ startups. 30% of our clients are funds; fund raises from $10M to $300M+.
About usAssisted living investors FAQ
How do assisted living operators and sponsors get funding?
What is a HUD 232 loan?
How do sponsors finance a new senior housing community?
What do investors check before backing a senior living deal?
Can a senior housing sponsor raise money from individual investors?
How much does help with a senior living raise cost?
Industries we work with
All industriesRaising for a senior living community or fund?
Tell us about the community, its operator and the money you need. We'll show you what equity partners and lenders ask first.
