Gresham House Annual Review (for the year ended 31 December 2025)
Delivering financial returns sustainably
Gresham House continued to perform well in 2025 against a backdrop of macroeconomic uncertainty and longer institutional investor decision-making cycles. Assets under management across the Group reached £10.7bn, reflecting continued growth and the international expansion of our specialist platforms.
We also broadened our international client base, welcoming our first Japanese institutional investor and our first Australian superannuation fund investor. The final close of our first biodiversity creation strategy marked a further milestone in the development of our natural capital platform.
Our investments continued to deliver measurable sustainability outcomes alongside financial objectives. During 2025, our forests sequestered 2.4 million tonnes of CO₂ equivalent, our renewable energy assets generated 601 GWh of electricity, and our biodiversity platform created 3,403 acres of habitat banks.
Chief Executive, Tony Dalwood said:
“Our focus remains consistent: to deliver clients financial returns with sustainability outcomes.”
Financial
In 2025, Gresham House once again demonstrated its ability to deliver strong financial returns for clients through disciplined application of our investment process, while continuing to grow Group AUM.
£10.7bn AUM1
+25% CAGR1 2018-2025
£40.0mn EBITDA
+45% CAGR2 2018-2025
£90.3mn total net core income
+30% CAGR3 2018-2025
25.9% Return on capital employed (ROCE)4
44.4% EBITDA margin5
High-quality long-term revenue streams
13-year weighted average life of LP funds
Sustainability
Sustainability is integral to how we invest, operate and steward capital over the long term. Incorporating sustainability factors helps us manage material risks and identify opportunities to create long-term value for our clients.
2.4mn tCO2e
sequestered by our forests
601 GWh
of renewable energy generated
269,000 tCO2e
prevented by our renewable assets
3,403 acres
of biodiversity habitat banks created6
£50,000
corporate charitable giving
191
net new jobs created across our BSIF portfolio
Market position
Our management team’s ambition is to establish Gresham House as the authority in the specialist asset classes in which we operate. We aim to strengthen our global market positions through organic growth and selective, accretive acquisitions, while deepening relationships with LPs seeking to increase their allocations to these asset classes.
No. 1
Commercial forestry asset manager in the UK by value6
Top 10
Energy transition asset manager in europe7
Top 10
Global natural capital manager6
3rd largest
Global Forestry Manager
- 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.
- EBITDA metric excludes interest and financing costs, depreciation and amortisation, impairment, exceptional items from acquisition costs and restructuring and acquisition-related remuneration.
- Net core income includes asset divided by net core income, management income, performance fees and dividend and interest income earned in the year.
- 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.
- EBITDA margin is defined as EBITDA divided by net core income.
- IPE Real Assets 2026
- Indefi, June 2025
Strategies
Our investment solutions
Natural Capital
Investments in sustainable forests, land and natural systems that generate long-term financial and environmental value.
Infrastructure
Investments in essential infrastructure assets that support the transition to a more sustainable and resilient economy while seeking attractive long-term returns.
Connect with our team
Whether you would like to explore our investment strategies, discuss your objectives or learn more about Gresham House, our team is here to help.