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Gresham House plc

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (C) Implementation: Integration of ESG factors [LEI 08 - 10] Outputs and outcomes [LEI 12 - 13]
Direct - Listed Equity Active Ownership
Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]
Direct – Private Equity
Overview [PE 01 - 02] Fundraising of private equity funds [PE 03 - 04] Pre-investment (selection) [PE 05 - 08] Post-investment (monitoring) [PE 09 - 13] Outputs and outcomes [PE 14 - 15] Communication [PE 16]
Direct - Infrastructure
Overview [INF 01 - 02] Fundraising of infrastructure funds [INF 03 - 04] Pre-Investment (Selection) [INF 05 - 09] Selection, appointment and monitoring of third-party infrastructure operators [INF 10] Post-investment (monitoring and active ownership) [INF 11 - 16] Overview [INF 11] Infrastructure Monitoring and Operations [INF 12 - 14] Infrastructure Maintenance [INF 15] Stakeholder engagement [INF 16] Outputs and outcomes [INF 17 - 18] Communication [INF 19]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products
Other
Total 100%

Further options (may be selected in addition to the above)

01.2. Additional information. [Optional]

Gresham House Overview and Background:

Gresham House plc (GHE.LN) is a London Stock Exchange-quoted specialist asset manager providing funds, direct investments and tailored investment solutions, including co-investment, across a range of differentiated alternative investment strategies. We focus on five areas of alternative investments - Forestry, New Energy, Housing and Infrastructure, Public and Private Equity - across two divisions, Real Assets and Strategic Equity.

As of 31 December 2019, the firm manages £2.8bn in assets under management on behalf of institutions, family offices, high-net-worth individuals, charities, endowments and private individuals with the objective of helping them achieve their financial goals. The Group’s aim is to build a leading specialist alternative asset management firm that delivers long-term value to shareholders and clients through superior and attractive returns underpinned by long-term alignment.

Gresham House is committed to operating responsibly and sustainably and believes taking the long view in delivering sustainable investment solutions will continue to be a growing factor in the strength of our market positioning. Investments and co-investments are managed through our FCA-regulated investment management platform, Gresham House Asset Management Limited.

Timeline of Key Events:

Below is a timeline of key events that have taken place in the history of the Group since December 2014 following the management buyout: 

- December 2014: Gresham House adopts a new investing policy, ceasing to be a property Investment Trust and lists on the Alternative Investment Market (AIM) of the London Stock Exchange. Gresham House plc; 

- August 2015: Established the Strategic Equity division by winning the mandate to manage Spark Ventures plc, which was subsequently rebranded as Gresham House Strategic plc (AUM: £39m); 

- November 2015: Gresham House Asset Management Limited (wholly owned subsidiary of Gresham House plc) is authorised by the FCA; 

- November 2015: Established the Real Assets division through the acquisition of Aitchesse Limited, one of the two leading asset managers of UK Commercial Forestry (AUM: £193m); 

- June 2017: First Close of the British Strategic Investment Fund (BSIF) LP focusing on housing and infrastructure assets securing commitments of £150m; 

- October 2017: Acquisition of Hazel Capital, a leading UK asset manager of new energy infrastructure. Formation of new division: Gresham House New Energy (AUM: £100m); 

- December 2017: Gresham House plc total AUM reaches £649m and turns profitable;  

- December 2017: Interim close of BSIF LP taking the total commitments to £165m; 

- May 2018: Completed acquisition of FIM Services Ltd, the UK’s largest commercial forestry manager, making Gresham House a market leader in this asset class and doubling AUM to over £1.5bn; 

- November 2018: Launch of Gresham House Energy Storage Fund (ESF) plc, following a successful IPO raising £100m; 

- November 2018: Agreed acquisition of the fund and investment management businesses of Livingbridge VC LLP, part of the broader Livingbridge LLP private equity group. Total Gresham House AUM reaches £2.1 billion; 

- January 2019: Successful £25m top-up fundraising for Baronsmead VCTs 

- February 2019: 2018 Gresham House plc results released and announcement of maiden dividend; 

- March 2019: Announcement of Joint Venture between Aberdeen Standard Investment (ASI) and the Gresham House Strategic Public Equity strategy; 

- May 2019: Appointment by AXA Investment Managers to execute and manage the largest Irish Forestry deal in the market to date; 

- May & July 2019: Two further placements of new equity in ESF plc totalling £64m; 

- September 2019: Reorganisation of the British Strategic Investment Fund LP into two sub-funds, namely Gresham House BSI Housing LP (“Sub Fund H”), and Gresham House BSI Infrastructure LP (“Sub-Fund I”) which together comprise the BSIF Strategy; 

- September 2019: Interim Close for BSIF Strategy total commitments increased to £200m; 

- September 2019: BSIF Team appointed by an LGPS LP to manage a £20m local co-investment portfolio; 

- October 2019: Additional placement of £42m into ESF plc taking the Energy Storage Fund total AUM to c.£200m 

- November 2019: Additional closings of Timberland LP of £35.4m and Gresham House Wind Energy Fund of £19.4m 

- March 2020: Acquisition of TradeRisks Limited, a social housing fund management and corporate finance and advisory business 

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United Kingdom

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

123 FTE

02.4. Additional information. [Optional]

Gresham House is proud to have highly experienced and talented professionals in the organisation with successful proven track records. Our professionals have an exceptional breadth of industry knowledge, extensive networks and are driven to deliver superior performance returns to our investors alongside respected client service. In line with our creative and entrepreneurial culture, they are self-motivated, empowered individuals with a ‘can-do attitude’ willing to contribute to the success of the firm. 

We believe that responsible investment must be integrated into everything that Gresham House does, and therefore we strive to ensure that each member of our organisation has ESG procedures embedded in their tasks which cumulatively drive towards our sustainability ambitions and these form part of all employee end of year appraisal process

Please find Staff Joiners and Leavers Information below:

Staff Turnover 2019:

  • Joiners: 59
  • Leavers: 15
  • Total Staff: 123

Staff Turnover: 2018

  • Joiners: 49
  • Leavers: 2
  • Total Staff: 81

Staff Turnover: 2017

  • Joiners: 12
  • Leavers: 0
  • Total Staff: 30

Staff Turnover: 2016

  • Joiners: 6
  • Leavers: 0
  • Total Staff: 18

Staff Turnover 2015:

  • Joiners: 10
  • Leavers: 0
  • Total Staff: 18

Staff Turnover: 2014

  • Joiners: 10
  • Leavers: 0
  • Total Staff: 18

 

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]

Gresham House has no underling subsidiaries. We are aware that the PRI requires that the highest level of a signatory organisation signs up on behalf of the entire organisation, including its subsidiaries. Should the firm's position change in this regard, we will report AUM on a consolidated basis as noted in the guidance. 

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the assets which are subject to an execution and/or advisory approach. Provide this figure based on the end of your reporting year

04.5. Additional information. [Optional]

A further breakout of AUM at a Fund level is available upon request. 

OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 10-50% 12 0 0
Fixed income 0 0 0 0
Private equity 10-50% 13 0 0
Property <10% 3 0 0
Infrastructure <10% 5 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 10-50% 48 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 0 0 0 0
Money market instruments 0 0 0 0
Other (1), specify 10-50% 19 0 0
Other (2), specify 0 0 0 0

`Other (1)` specified 

          Gresham House's New Energy Division is comprised of energy battery storage and traditional renewables (Wind & Solar) assets = £535,291,771 (19%).

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

Gresham House's New Energy Division as outlined above is comprised of energy battery storage assets and traditional renewables (Wind & Solar).

The division includes the following funds and AUM (as at 31 December 2019):

Fund Name (£AUM)

- Energy Battery Storage Plc (£183,548,445 - 
- FIM Solar Distibution LLP  (£61,108,778)
- GH Wind Energy 1 plc (£72,919,894)
- Managed Accounts:(£157,502,654)
- GH Renewable Energy VCT 1 (£29,922,000)
- GH Renewable Energy VCT 2  (£30,290,000)
- Total New Energy  (£535,291,771)

OO 07. Fixed income AUM breakdown (Not Applicable)

OO 08. Segregated mandates or pooled funds (Not Applicable)

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

100 Developed Markets
0 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]

Gresham House focus is currently solely on opportunities within the United Kingdom. Therefore, based on the MSCI classification our focus is 100% in developed markets. However, there are ambitions to expand the Forestry proposition on an International basis in 2020 and we would expect this breakdown to have evolved by the time of our next UN PRI Reporting submission in 2021.
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