Pension funds and endowments have the responsibility of shepherding for safety, growth, and income their assets into a multitude of investments.  I’ve learned that most of those types of investors invest in bonds and private debt for income and stocks for short-term growth.  Some will invest up to 5% of the assets into new ventures hoping to make a better than average return on those funds while realizing that there is risk involved also.

But I’ve also learned that pension funds and endowments invest a very large percentage of their assets into what I would call “slow-growth” infrastructure that is not real liquid.  Much of this type of investment is in commercial real estate, agricultural land, cell phone towers, storage facilities, and energy production infrastructure.

While stocks and bonds of funeral service companies have been bought and sold as investments for pension and endowment funds, I’m not sure if any pension fund or endowment fund has invested in what one might call “an infrastructure investment” in Death Care.  If so, I’m trying to think of what that infrastructure would have been  — maybe a cemetery?

I think that is what makes the recent acquisition by British pension fund manager Railpin of Horizon Ceremonies Limited unusual and an interesting play on the long-term cremation and ceremony outlook.  According to this article, Railpin recently purchased Horizon, which is described as a United Kingdom-based operator and developer of crematoria from private equity company Maven Capital Partners.

Horizon operates three crematoria in Great Britain with what is described as “a strong pipeline of greenfield development sites in underserved areas across the UK, aligning with its mission to improve the experience and accessibility of cremation services nationwide”.

According to the linked article, “The business operates a B2B model, providing cremation services to funeral directors and direct cremation specialists, ensuring flexibility and choice for communities during the most sensitive times.” 

The United Kingdom historical cremation model —  What is different with cremation in the United Kingdom as compared to the United States is that crematories have traditionally been owned and operated by municipalities and not funeral directors in the UK.  Consumers would arrange their loved one’s funeral through the funeral director but then go to the municipal crematory for a service and cremation.

In essence, the crematories are owned and operated by the municipality and consumers are charged for the crematory services by funeral directors much like “cash advances” are charged for items in the United States.

Railpin is counting on the ability to build new crematoriums through private enterprise to compete with many of the aging cremation infrastructure of municipalities.   They are also counting on the increased use of Direct Cremation to build the numbers of cremation higher and higher.

Here’s what Tim Grimstone, Investment Manager at Railpin said about the Horizon investment:

“Our investment in Horizon is directly aligned with Railpen’s purpose of securing the future for our members by delivering strong, diversified investment returns while having a positive impact on the communities in which we invest. The UK is facing a clear demographic need for new, high-quality crematoria, and Horizon’s award-winning track record and commitment to sensitive, well-designed facilities positions them to meet that demand. By backing Horizon’s growth, we are investing in critical social infrastructure that will provide sustainable income streams to support our members’ pensions.” 

Related — For an idea of a British Crematorium here is a 1-minute video tour of Pure Cremation’s original facility

Tom Anderson
Funeral Director Daily

Funeral Director Daily take:  I find this development extremely interesting to our profession.  To me, I see a private company investing in “Death Care” to build-out and take-over municipal infrastructure in Great Britain.  Quite frankly, it looks like a long-term goal of Horizon, under Railpin’s ownership, is to move ceremony and cremations in Great Britain from a municipal facility to a facility that is owned by private concerns.

And, I would also add that in most instances a private company will be able to operate a more efficient and consumer friendly business than a municipality can. If they succeed in replacing municipal crematories, Horizon will bring great value to this infrastructure and Railpin pensioners.

Quite frankly, it is very much like Pure Cremation did when building their own crematory and ceremony facility to serve the London area. . . .and, if selling for $400 million dollars 10 years later is considered successful, then Pure Cremation was very successful.

What about this happening in the United States:  The crematory system is fundamentally different in the United States than it is in Great Britain which would make this type of investment questionable in the U.S.  The U.S. already has independently owned business crematories so there is no municipality crematories to replace and operate in a more efficient manner.

However, what I think is interesting is thinking about “Death Care” not in an operational business vernacular but in an “infrastructure” vernacular.  We will always have deaths and we will always need infrastructure to care for deaths.

Thinking of parts of the business as “infrastructure” rather than “business operations” may allow much more well-heeled financing into the Death Care business.  For instance, would a real estate investment trust consider building the infrastructure out for a group of “Celebration Centers” across a region or the country to be managed by an operating company?  The “Celebration Centers” could be chosen by families for celebrations, services, lunches, visitations, and the like.

Or, would that same type of real estate investment trust be interested in building out new and modern facilities for an existing funeral home operator on a lease-back type of arrangement?  I think that is possible too.

Pension funds and endowment funds would not be so focused on the annual return as they would the long-term real estate appreciation in value over time.  And, in my book, that brings a lot more potential investors to the plate in Death Care who would look for their returns in a patient fashion.

Learning about Pensions and Endowments:  When I served on the University of Minnesota Board I learned much about pension and endowment investing.  Most people don’t even realize it, but at the U of M and many other colleges, we had an Office of Investment and Banking  (OIB) — you can get a description of the U of Minnesota’s office here. 

The OIB was tasked with operating everything from our own insurance company to the endowment fund to retirement plans.  I chaired the Debt Management portion for four years and learned much about the world of big finance.  One of the things I loved to do in that position was talk, in general terms, of the investment world with our Chief Investment Officer.  Sometimes it was just fascinating to see where our money was invested. . . . . Oh, and it was public money so from time to time we had to have the discussions about fossil fuels and ESG investing (Environmental, Social, and Governmental) options.. . . .All in all, it was a great learning experience for this small-town funeral home operator.

More news from the world of Death Care:

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“A servant’s attitude guided by Christ leads to a significant life”

Starmark Appoints Dan Cook as Vice President of Business Development

Recognition Reflects Cook’s Leadership and Commitment to the Funeral Profession

RICHMOND, IN, June 19, 2025 – Starmark, the cremation solutions leader, has announced the appointment of Dan Cook as its Vice President of Business Development. Cook joined Starmark in 2023 as a leader from day one. His appointment as Vice President of Business Development can be compared to graduating from “Funeral Care University.” Cook gets the funeral business. 

Cook shared: “I love working with the Starmark team, who shares the common goal of helping families navigate loss and honoring their loved ones through funeral service. What I have found most rewarding is developing strong relationships with funeral professionals and helping them do better.” 

“Cook’s appointment as Vice President of Business Development marks another step forward for Starmark’s organization. His strategic insight, passion for the funeral profession, and commitment to excellence epitomize what makes Starmark special to funeral professionals.” – Justin Davis, President.

Cook holds a Bachelor of Business Administration and Psychology (B.B.A.) but credits his most significant learning to hands-on experience. “I’m honored to serve funeral professionals through Starmark. Having a background in sales, accounting, and finance, I see so many ways that Starmark can improve funeral service. What a pleasure it is to build upon existing and develop new Starmark friendships.”

About Starmark: Starmark creates Sensible Solutions® for funeral professionals to help families more easily honor life’s most meaningful moments with grace and respect. It is all about celebrating the lives of loved ones with dignity and care. This belief inspires everything we at Starmark do, allowing funeral service professionals and families to focus on love, legacy, and healing.  For more information, visit: www.starmarkcp.com 

Selected Educational Trust Receives Grant from Global Atlantic Financial Group to Expand  Workforce Development Programs 

LINCOLNSHIRE, IL — March 27, 2025 — The Selected Educational Trust is pleased to announce  that it has received a grant from Global Atlantic Financial Group to enhance and expand its  Workforce Development offerings. With staffing recruitment, training, and retention being among  the most pressing challenges for independent funeral home owners, this funding will provide  critical support and resources to strengthen the profession. 

Through this grant, Global Atlantic Financial Group’s financial support will allow the Trust to grow  its four key Workforce Development initiatives: the Employment Center, Career Center, Mortuary  Science Student Center, and Job Fairs. These programs serve as essential resources for  independent funeral homes seeking to attract, train, and retain top-tier talent within the profession. “We are thrilled to receive this generous grant from Global Atlantic Financial Group to elevate our  Workforce Development programs,” said Stefanie Favia, Executive Director of the Selected  Educational Trust. “This partnership enables us to provide independent funeral home owners with  the solutions they need to address the ongoing workforce challenges. By expanding our initiatives,  we continue our mission of supporting and advancing the independent funeral service profession  through education and career development.” 

The Trust’s Workforce Development programs provide a comprehensive approach to staffing  challenges. The Employment Center allows Selected members to post job openings with broad  visibility, including direct outreach to every accredited Mortuary Science School in the country. The  Career Center connects funeral professionals with potential employers while maintaining their  privacy. The Mortuary Science Student Center serves as a dedicated database of aspiring funeral  service professionals, helping member firms discover emerging talent. Finally, the Job Fairs facilitate direct connections between funeral home owners and Mortuary Science students, with  proven success in employment placements. 

As part of this initiative, the Trust will leverage its pre-existing relationships with mortuary science  schools to directly reach mortuary science students and early-career professionals seeking job  opportunities. New resources will be created and curated specifically for this demographic to  support their professional growth.

“At Global Atlantic Financial Group, we recognize the crucial role that funeral professionals play in  their communities,” said Tim Bridgers, Managing Director of Preneed at Global Atlantic Financial  Group. “By providing this grant to the Trust’s Workforce Development programs, we are investing in  the future of the funeral service profession, ensuring that dedicated professionals continue to  provide compassionate and high-quality care to families when they need it most.” 

This grant underscores the commitment of both organizations to strengthen the independent  funeral service profession through meaningful career opportunities and education. For more  information about the Selected Educational Trust and its Workforce Development initiatives, visit  www.selectedtrust.org or contact Stefanie Favia at stefanie@selectedtrust.org.  

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About the Selected Educational Trust 

The mission of the Selected Educational Trust (www.selectedtrust.org) is to provide the best educational  opportunities for the advancement and support of all who work within the independent funeral service  profession. To fulfill this mission, the Trust provides programs which offer scholarships to mortuary science  students and funeral service professionals, online education through its Institute for Exceptional Funeral  Service powered by National Guardian Life Insurance Company (www.funeral-institute.org) and networking  and employment opportunities through its Workforce Development Centers, now powered by Global Atlantic  Financial Group. 

About Global Atlantic 

Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance  needs of individuals and institutions. With a strong financial foundation and risk and investment  management expertise, the company delivers tailored solutions to create more secure financial futures.  The company’s performance has been driven by its culture and core values focused on integrity, teamwork,  and the importance of building long-term client relationships. Global Atlantic is a wholly owned subsidiary  of KKR, a leading global investment firm. Through its relationship, the company leverages KKR’s investment  capabilities, scale and access to capital markets to enhance the value it offers clients. KKR’s parent  company is KKR & Co. Inc. (NYSE: KKR). 

Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial  Group LLC and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity  Company. Each subsidiary is responsible for its own financial and contractual obligations. These  subsidiaries are not authorized to do business in New York.