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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 June 2026, the Company was exposed to a diversified, partially inflation protected, portfolio of 47 investments, with an unaudited valuation of £810.4 million. The portfolio had a principal value of £876.6 million with a weighted average annualised yield of 8.0% and an average life of 11 years.
NAV movements
At 30 June 2026, the unaudited net asset value per ordinary share of the Company was 98.60 pence (31 March 2026: 100.26 pence), a decrease of 1.66 pence per ordinary share (“pps ”).
The Company's independent valuation agent applied a sector-wide increase of 25 bps to the discount rates applicable to the Company's PFI/PPP portfolio and across some specific sub-sectors in the renewables portfolio to reflect their view of market conditions, resulting in a negative movement of 0.64 pps.
Updates to forecast electricity prices, driven by lower short-term futures prices and medium-term forecasts, resulted in a net decrease of 0.63 pps. 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 0.96 pps.
Capital Allocation
At 30 June 2026, the Company had £24.0 million (31 March 2026: £27.0 million) outstanding under its RCF, representing a net debt position of c. £11.0 million (31 March 2026: c. £17.0 million). At the time of writing, the Company has no amounts drawn under its RCF. The Company bought back 19,086,178 ordinary shares in the quarter, contributing a 0.57 pps increase to NAV.
On 30 June 2026, the Company announced the completion of the introduction of third-party debt financing to a portfolio of ground-mounted solar photovoltaic projects in which the Company is invested (the "Transaction"). The Transaction generated total cash proceeds of c. £40.0 million for the Company.
On 8 July 2026, the Company announced the completion of the sale of an AD project in Northern Ireland for proceeds of c. £3.0 million, by one of the Company's borrowers.
On 20 July 2026, the Company announced the completion of the sale of two operational onshore wind projects, Winscales Moor and Burton Wold (the "Projects"). The disposal occurred at a c. 13% premium to the valuation of the Projects previously included in the Company's NAV. Day one cash proceeds of c. £10.3 million have been generated, with a further c. £0.8 million of tax-related proceeds expected imminently, and c. £0.6 million of deferred proceeds.
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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