Over the past 10 years our Fund has helped develop and refurbish 86 schools.
GCP Infrastructure Investments
The Company
A FTSE 250, closed-ended investment company listed on the Main Market of the LSE, investing in UK infrastructure projects with long-term, public sector backed revenues. Designed to provide regular, sustained, long-term dividends.
Quarterly commentary
Portfolio update
At 30 September 2025, the Company was exposed to a diversified, partially inflation protected, portfolio of 47 investments. with an unaudited valuation of £858.9 million. The portfolio had a principal value of £912.2 million with a weighted average annualised yield of 8.0% and an average life of 11 years.
NAV movements
At 30 September 2025, the unaudited net asset value per ordinary share of the Company was 101.40 pence (30 June 2025: 102.14 pence). a decrease of 0.74 pence per ordinary share.
Forvis Mazars. the Company's independent valuation agent, applied a sector-wide increase of 25 bps to the discount rates applicable to the Company's renewables portfolio to reflect their view of market conditions for this asset class. including as a result of the expectation of delays to interest rate reductions and persistently high yields for benchmark long duration UK fixed income exposures. This has resulted in a negative movement of 0.38 pence per ordinary share.
Updates to forecast electricity prices, driven by higher futures forecast in the short-term. led to an increase of 0.08 pence per ordinary share, net of hedging. Actual generation across the renewable energy portfolio, net of the valuation effect of unwinding discount rates and project specific updates across the whole portfolio led to a net decrease of 0.31 pence per ordinary share.
During the period the Company has, following independent advice, updated its assessment of the level of curtailment and constraint for two onshore wind projects in Northern Ireland that participate in the Irish Single Electricity Market. This has resulted in a negative movement of 0.41 pence per ordinary share.
Capital allocation
The Board reconfirms its commitment to the Company's capital allocation policy set out in the 2024 Annual Report and Accounts. continuing to prioritise repayment of leverage, as well as reducing equity-like exposures and exposures in certain sectors. whilst also facilitating the return of £50.0 million of capital to shareholders. At 30 September 2025, the Company had £20.0 million (30 June 2025: £43.0 million) outstanding under its revolving credit arrangements. representing a net debt position of £8.0 million (30 June 2025: £36.2 million).
Further supporting the capital allocation policy, the Company bought back 8,937,270 ordinary shares in the quarter, contributing a 0.28 pence per ordinary share increase to NAV.
Annual general meeting
On 13 February 2025, the Company held its annual general meeting and all resolutions proposed by the Company were duly passed by shareholders.
Annual results
On 12 December 2024, the Company published its audited annual results for the year ended 30 September 2024. The full annual report and financial statements can be accessed here.
The strategy
The Company's objective is to:
- provide shareholders with regular, sustained, long-term dividends,
- and to preserve the capital value of its investment assets over the long term.
Investment impact
Investment adviser
The Investment Adviser to GCP Infrastructure Investments is Gravis Capital Management Limited. The Gravis team has worked together over many years to build both investment philosophy and a practical track record of performance.
The lead investment adviser from Gravis is Phil Kent. He is assisted by Robyn MacHugh.
The board
Administrator & service providers
Administrator & Secretary
Apex Financial Services (Alternative Funds) Limited
IFC5
St Helier
Jersey
JE1 1ST
IFC5
St Helier
Jersey
JE1 1ST
Advisers on English Law
Stephenson Harwood LLP
1 Finsbury Circus
London
EC2M 7SH
1 Finsbury Circus
London
EC2M 7SH
Advisers on Jersey Law
Carey Olsen Jersey LLP
47 Esplanade
St. Helier Jersey
JE1 0BD
47 Esplanade
St. Helier Jersey
JE1 0BD
AIFM & Investment adviser
Gravis Capital Management Limited
24 Savile Row
London
W1S 2ES
24 Savile Row
London
W1S 2ES
Auditor of the Company
KPMG Audit Limited
37 Esplanade
St. Helier Jersey
JE4 8WQ
37 Esplanade
St. Helier Jersey
JE4 8WQ
Joint Corporate Broker
Stifel Nicolaus Europe Limited
150 Cheapside
London
EC2V 6ET
150 Cheapside
London
EC2V 6ET
Joint Corporate Broker
RBC Capital Markets
100 Bishopsgate
London
EC2N 4AA
100 Bishopsgate
London
EC2N 4AA
Registrar
MUFG Corporate Markets (Jersey) Limited
IFC 5
St Helier
Jersey
JE1 1ST
IFC 5
St Helier
Jersey
JE1 1ST
Valuation Agent
Forvis Mazars LLP
Tower Bridge House
St Katharine’s Way
London E1W 1DD
Tower Bridge House
St Katharine’s Way
London E1W 1DD
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Contact us
General enquiries
GCP Infrastructure Investments Limited
IFC 5
St Helier
Jersey
JE1 1STTelephone: +44 (0) 1534 722 787
Email: jerseyinfracosec@apexgroup.com
Notifications of the acquisition or disposal of major shareholdings in GCP Infrastructure Investments Limited under the FCA Disclosure Guidance and Transparency Rules using form TR1 should be emailed to jerseyinfracosec@apexgroup.com
Investment adviser
Philip Kent
Newsletter
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