Gresham House Annual Review

Delivering financial returns sustainably 

The Group continued to perform well against a challenging backdrop of macroeconomic uncertainty and longer decision-making cycles among some institutional investors, the Group continued to perform well. AUM reached £10.7bn at 31 December 2025 reflecting continued growth in fundraising, positive investment performance and the expansion of our specialist platforms internationally.  

As an active manager specialising in alternative investments with a sustainable positive impact, our focus is on the delivery of financial performance and service excellence for our clients both globally and regionally. 

We target financial returns through specialist investment in long-term global themes that are shaping the world in which we live. Themes that are critical to humanity and where the opportunity for investment innovation to drive financial and non-financial returns for our clients and stakeholders has never been more evident.

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Financial highlights

2025 was a year in which Gresham House once again demonstrated its ability to deliver strong financial returns, for clients through disciplined execution of investment process whilst also continuing to grow Group assets under management. 

Sustainability highlights⁶

At Gresham House, sustainability is integral to how we invest, operate and steward capital over the long term. 

It reflects our responsibility to manage material risks and opportunities in a way that supports our durable financial performance for our clients. 

Leading the way in areas of growing asset allocation

The management team have a vision of making Gresham House the authority in the specialist asset classes in which we operate. Our global market positions will grow organically and through selective, accretive acquisitions, alongside partner LP relationships who are also increasing their allocation to these asset classes. 

Chief Executive, Tony Dalwood said:

“Our focus remains consistent: to deliver clients financial returns with sustainability outcomes.” ⬇️ Download the report

1. Assets Under Management is defined as the fee earning value of assets managed and advised by Gresham House. It also includes SUSI Partners AG whose acquisition was completed in January 2026.
2. EBITDA metric excludes interest and financing costs, depreciation and amortisation, impairment, exceptional items from acquisition costs and restructuring and acquisition-related remuneration. 
3. Net core income includes asset divided by net core income, management income, performance fees and dividend and interest income earned in the year. 
4. ROCE is defined as EBITDA plus neutralised gains and development activity and fair value movements in investments, less fair value movement in contingent consideration, divided by opening net assets, adjusted for any shares issued in the year. 
5. EBITDA margin is defined as EBITDA divided by net core income.
6. Sustainability data is for the period 1 January – 31 December 2025
7. IPE Real Assets, January 2026
8. Indefi, June 2025