Gresham House PLC First Close of British Strategic Investment Fund (3315I)
June 16 2017 - 06:00AM
UK Regulatory
TIDMGHE
RNS Number : 3315I
Gresham House PLC
16 June 2017
16 June 2017
Gresham House plc ("Gresham House" or the "Company")
(AIM: GHE)
Gresham House announces the first close of the British Strategic
Investment Fund ("BSIF" or "the Fund") with GBP150 million of
capital committed from Local Government Pension Scheme ("LGPS")
investors
Gresham House, the specialist asset manager, announces the first
close of BSIF, the first fund on its newly formed Long Term
Investment Solutions Platform. BSIF will focus on generating
sustainable and attractive returns in a cost-effective manner from
relatively illiquid investments in UK housing and
infrastructure-related assets. The fund is designed for
institutional investors including pension funds, endowments and
family offices.
BSIF held a first close with GBP150 million commitments raised
from its Limited Partners which include cornerstone investor The
Royal County of Berkshire Pension Fund ("Berkshire") and a second
LGPS.
-- The Fund will target sub-GBP50 million investment
opportunities in the UK housing and infrastructure-related sectors
that could have low correlation to traditional asset classes and a
positive link to inflation.
-- Investments will typically benefit from significant asset
backing and/or longer-term contractual revenues.
-- BSIF will target an annualised net total return of 8 - 10%
per annum including an income yield of 3 - 5% per annum.
-- In addition to delivering a financial return, the Fund will
aim to deliver wider non-financial returns by assessing the social
impact of investments.
-- The Fund will be structured to offer its Limited Partners the
potential to increase their exposure to preferred local/regional
investments through co-investment opportunities; they will also
have the ability to influence the introduction of projects to
Gresham House's experienced investment team.
-- The initial investments will be sourced from Gresham House's
existing pipeline, which consist of a combination of housing and
infrastructure-related assets.
-- Asset allocation will be governed by an Investment Committee
with over 120 years' experience whose members include Peter Moon
(former CIO of the Universities Superannuation Scheme) and Gary
Steinberg (former CIO of the International Monetary Fund (IMF) and
the Wellcome Trust).
-- The Fund is a closed-ended Guernsey Limited Partnership with
a 12-year life. A final close is planned for H2 2018.
Gresham House's Long Term Investment Solutions Platform has been
established to deploy long-term or patient capital. As the
platform's first fund, BSIF will bridge the gap between the Limited
Partners' investment goals and the need for longer-term investment
into key UK sectors, whilst aiming to deliver a positive social
impact. Investors will benefit from enhanced due diligence,
transparency and corporate governance in line with best practice.
Importantly, the Fund will focus on the extensive universe of
potential investments below a GBP50 million threshold size and will
involve development finance alongside established 'brownfield'
investments.
Tony Dalwood, CEO of Gresham House, said: "We are encouraged by
the significant level of interest from the test marketing with
investors in the first fund on our new platform and aim to support
the UK economy's need for patient capital to invest into
economically attractive and socially beneficial sectors whilst
targeting both financial and non-financial returns for those
investors. We have chosen to initially target the UK housing and
infrastructure sectors, which are viewed as strategically important
for regional economies. Many opportunities benefit from substantial
asset-backing and/or long-term contractual revenues, which adds
attractive income-generating characteristics.
"The Gresham House specialist asset management group continues
to successfully grow organically with assets under management
rising through GBP500 million. This is another step towards
profitability and the shareholder return objectives previously
outlined."
ENDS
Notes to editors:
For further information, please contact:
Montfort Communications:
Gay Collins +44 (0)7798 626282
Rory King +44 (0)203 770 7906
GreshamHouse@montfort.london
Gresham House plc:
Anthony (Tony) Dalwood +44 (0) 20 3837 6270
Liberum Capital Ltd:
Neil Elliot/Jill Li +44 (0) 20 3100 2000
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service ("RIS"), this
inside information is now considered to be in the public domain. If
you have any queries on this, then please contact John-Paul
Preston, Chief Operating Officer of the Company (responsible for
arranging release of this announcement) on +44 (0) 20 3837
6270.
About Gresham House
Incorporated in 1857, Gresham House plc is an AIM quoted
specialist asset management group focused on alternative and
illiquid assets classes, aiming to generate superior returns for
clients and shareholders over the longer term.
Shareholder value creation will be driven by long-term growth in
earnings as a result of increasing AUM and returns from invested
capital.
Gresham House currently manages investments and co-investments
through its investment management platform on behalf of
institutions, family offices, high-net-worth individuals, charities
and endowments and private individuals.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCKQLBFDQFEBBD
(END) Dow Jones Newswires
June 16, 2017 06:00 ET (10:00 GMT)
Gresham House (LSE:GHE)
Historical Stock Chart
From Feb 2024 to Mar 2024
Gresham House (LSE:GHE)
Historical Stock Chart
From Mar 2023 to Mar 2024