Eye-catching interim results from Gresham House (GHE:555p), a fund manager that specialises in renewable energy generation, solar power, wind, forestry, infrastructure funds and public and private equity investment strategies, highlight just why I remain keen on the company’s investment prospects.
Having bedded down last year’s two major acquisitions – Oxford-based FIM Services, an alternative fund manager specialising in forestry and renewable energy; and the earnings-enhancing purchase of the fund and the investment management business that runs Baronsmead VCT and two open-ended vehicles, LF Livingbridge UK Micro Cap Fund and LF Livingbridge UK Multi-Cap Income Fund – Gresham House has increased assets under management (AuM) by 8 per cent to £2.45bn since the start of 2019, all of which is organic growth.
The increase in AuM was driven by a £50m follow on fundraise for Gresham House Energy Storage Fund (GRID:104.5p), a specialist investment company that invests in UK energy storage systems (ESS); £94m of new fundraises for Gresham House’s forestry funds; and £25m for Baronsmead’s VCTs. Since, the half-year end, Gresham House Energy Storage Fund has raised a further £15m. Expect fund inflows to continue, too.