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 31 March 2026, the Company was exposed to a diversified, partially inflation protected, portfolio of 47 investments, with an unaudited valuation of £850.6 million. The portfolio had a principal value of £903.4 million with a weighted average annualised yield of 8.0% and an average life of 11 years.
NAV movements
At 31 March 2026, the unaudited net asset value per ordinary share of the Company was 100.26 pence (31 December 2025: 100.27 pence), a decrease of 0.01 pence per ordinary share.
Inflation forecasts have been updated for the Office for Budget Responsibility's (OBR) latest projections, released with the government's Spring Budget. These saw lower levels of forecast inflation compared to the previous forecast, but do not incorporate the expected impacts on inflation of the Iran–US/Israel conflict. This has resulted in a reduction in valuation of 0.23 pence per ordinary share.
Updates to forecast electricity prices, driven by higher futures prices in the short-term, offset by lower medium and long-term forecasts from the Company's third-party power price consultant, resulted in a net increase of 0.57 pence per ordinary share, including the impact of hedging arrangements. 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 0.61 pence per ordinary share. No discount rate changes were proposed by Forvis Mazars, the Company’s independent valuation agent, in the period.
Capital allocation
At 31 March 2026, the Company had £27.0 million (31 December 2025: £24.0 million) outstanding under its revolving credit arrangements, representing a net debt position of c. £17.0 million (31 December 2025: c. £14.0 million). The Company bought back 8,479,700 ordinary shares in the quarter, contributing a 0.26 pence per ordinary share increase to NAV.
The Company previously announced that certain borrowers to whom the Company has extended loans have exchanged contracts for the disposal of properties that are leased to registered providers for the provision of supported social housing, with the proceeds of such disposals set to repay c. £43.0 million of loans, and completion expected in the coming weeks. A refinance of c. £40 million of loans extended to a portfolio of operational solar projects is also targeting completion in the coming weeks
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
Canaccord Genuity Limited
88 Wood Street
London
EC2V 7QR
88 Wood Street
London
EC2V 7QR
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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