Gresham House PLC (AIM:GHE) has hailed progress by its two Baronsmead venture capital trusts (VCTs), as well as by portfolio investments in Cornwall-based broadband provider Wildanet and the Gresham House Residential Secure Income limited partnership (ReSI LP).
In a progress update, chief executive Tony Dalwood said that these fundraisings and deployments “continue to show the opportunity from the Gresham House platforms, enabling social and commercial benefits to the UK population over time”.
The specialist alternative asset manager also highlighted the £17.3mln raised by the Baronsmead VCTs to date this year, representing 43% of the total of their £40mln target.
New funds will, as ever, allow the VCTs to target new investment opportunities and make further back-up investments to support the growth of existing portfolio businesses.
Gresham House noted that Wildanet has won two contracts as part of the government's £5bn Project Gigabit (F20) programme, meaning it will connect 19,250 hard-to-reach homes and businesses.
Following £50mln of backing from Gresham House's Sustainable Infrastructure strategy in 2020, the Liskeard-based outfit is already investing in its high-speed broadband network across Cornwall and Devon.
Gresham House pointed out that this is creating 150 skilled jobs, while the two new contracts will add another 200 in its home county and that a recent study found that for every £1 invested in ‘digital inclusion’, £15 is generated in economic, social, and environmental benefits for the Cornish region.
Elsewhere, ReSI LP, which invests in shared ownership property, earlier this month signed a £40mln deal with Countryside Partnerships that will provide forward funding for 167 new affordable houses and apartments at the brownfield site of Langley Park in Chippenham, Wiltshire.
Gresham House has now invested in more than 2,150 shared ownership homes across ReSI LP and its separate listed investment trust counterpart Residential Secure Income PLC (LSE:RESI).