TIDMGHE
Gresham House PLC
12 April 2022
REACH
12 April 2022
Gresham House plc
("Gresham House", the "Company" or the "Group")
Business update highlights continued positive growth
Gresham House, the specialist alternative asset manager, is
pleased to announce continued positive fundraising momentum into Q1
2022 with a strong pipeline for the remainder of the year.
Fundraises:
The Group has held successful fundraises for its underlying
funds totalling over GBP300mn across institutional, wholesale, and
private client distribution channels so far this year.
Strategic Equity generated net inflows of c.GBP140mn with
GBP70mn raised across the VCT business as both Baronsmead and
Mobeus VCT fundraises reached their maximum fundraising targets in
the first quarter and our open-ended equity funds had net inflows
of c.GBP70mn.
Real Assets held a number of fundraising closes in the quarter,
increasing commitments to funds of over GBP160mn. Notable
fundraises include Gresham House Forestry Fund VI LP, which held a
first close with commitments of GBP75mn from institutional clients,
and GBP80mn raised in our affordable housing funds comprising
commitments to Gresham House Residential Secure Income LP and an
equity capital raise by Residential Secure Income plc.
Other notable updates:
Gresham House Energy Storage Fund plc (LSE: GRID), the UK's
largest utility-scale battery energy storage fund, announced its
third set of annual results since its IPO in November 2018. The
results showed another year of growth focused on value creation
with highlights including:
-- Net Asset Value (NAV) up 42.6% to GBP511.7mn (FY20: GBP358.9mn)
-- NAV per share up 13.5% to 116.86p (FY20: 102.96p) and NAV total return of 20.3%
-- Share price total return of 23.0% versus FTSE All-Share Index
total return of 18.3% over the 12 month period
-- Dividends of 7.0p per share paid for the year, with Operational Dividend Cover(1) at 1.32x
GRID announced it has secured a 180MW pipeline in the Republic
of Ireland, which is expected to commission in 2024, and hopes to
continue to invest internationally.
LF Gresham House UK Multi Cap Income Fund has demonstrated
substantial growth, against a challenging backdrop for equity
markets more recently, and now stands at more than GBP260mn, a
notable increase over the past 12 months from the GBP87.6mn
recorded at 31 March 2021.
Tony Dalwood, Chief Executive of Gresham House, said:
"I am pleased to see the continuing progress being made across
the Group's divisions which have cumulatively raised over GBP300mn
in Q1 2022. This is testament to the strength of alternative assets
which have not been subject to the same volatility seen by other
asset classes in what has been a turbulent start to 2022 for
capital markets.
"The strong 2021 annual results for Gresham House plc highlight
the quality of our people and our investments. Alongside the recent
progress in our UK market-leading battery energy storage fund,
GRID, we believe there is substantial growth potential within the
Group. Our performance so far in 2022 is further evidence of our
focus on the upgraded GH25 strategic objectives and our commitment
to delivering value to all our stakeholders."
1. Operational Dividend Cover is the ratio between net earnings
of the underlying investment portfolio in the year less costs in
GRID and "MidCo" and dividends paid in respect of the same period.
("MidCo" is Gresham House Energy Storage Holdings plc and is wholly
owned by GRID.)
- Ends -
For more information contact:
Gresham House plc
Tony Dalwood, Chief Executive Officer +44 (0)20 3837
Kevin Acton, Chief Financial Officer 6270
Houston - Media and analysts
Kay Larsen gh@houston.co.uk
Joseph Burgess +44 (0)204 529
0549
Canaccord Genuity Limited - Nominated Adviser
and Joint Broker
Bobbie Hilliam +44 (0)20 7523
Georgina McCooke 8000
Jefferies International Limited - Joint Broker
Paul Nicholls +44 (0)20 7029
Max Jones 8000
About Gresham House
Gresham House is a specialist alternative asset management
group, dedicated to sustainable investments across a range of
strategies, with expertise across forestry, housing, sustainable
infrastructure, renewable energy and battery storage, public and
private equity.
Our origins stretch back to 1857, while our focus is on the
future and the long term. Quoted on the London Stock Exchange
(GHE:LN) we actively manage c.GBP6.5 billion (31 December 2021) of
assets on behalf of institutions, family offices, charities and
endowments, private individuals, and their advisers. We act
responsibly within a culture of empowerment that encourages
individual flair and entrepreneurial thinking.
As a signatory to the UN-supported Principles for Responsible
Investment, we are committed to operating responsibly and
sustainably. We believe taking the long view in delivering
sustainable investment solutions will continue to be a growing
factor in the strength of our market positioning.
www.greshamhouse.com
This announcement contains forward-looking statements that
involve substantial risks and uncertainties, and actual results and
developments may differ materially from those expressed or implied
by these statements. These forward-looking statements are
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operations, financial condition, prospects, growth, strategies, and
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statements involve risks and uncertainties because they relate to
events and depend on circumstances that may or may not occur in the
future. These forward-looking statements speak only as of the date
of this announcement and Gresham House plc does not undertake any
obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this announcement.
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