Gresham House
Specialist asset management
Public Equity
We take a private equity approach to investing in listed equities, providing access to UK smaller companies and utilising thorough due diligence.
We take a private equity approach to investing in listed equities, providing access to UK smaller companies and utilising thorough due diligence.
Public Equity investing
We take a hands-on approach to engaging with our investee stakeholders – including management, shareholders, customers and suppliers – in order to capitalise on market inefficiencies and support a clear equity value creation plan, targeting above market returns over the long-term.
The experienced, multi-disciplined Gresham House investment team has a successful track record of public equity investing and seeks to add value through constructive engagement.
Our Public Equity funds
LF Gresham House UK Multi Cap Income Fund
A multi-cap income fund with a bias towards investment in small and mid-cap companies.
LF Gresham House UK Micro Cap Fund
A fund invested in micro-cap stocks listed on the main market and AIM, with a market cap below £250m.
LF Gresham House UK Smaller Companies Fund
A genuine smaller companies fund with a focus on good risk-adjusted returns over the long term.
Strategic Equity Capital plc
A LSE-listed investment trust, investing in small caps, which seeks to create shareholder value through constructive corporate engagement with publicly quoted companies.
Baronsmead Venture Trust plc
The Baronsmead funds invest in the future of British business – supporting innovative smaller companies that we believe are the driving force of the UK economy.
Baronsmead Second Venture Trust plc
The Baronsmead funds invest in the future of British business – supporting innovative smaller companies that we believe are the driving force of the UK economy.
Investment team
Ken is Managing Director, Public Equity, and leads the investment team managing public equity investments. He is lead manager for LF Gresham House UK Micro Cap Fund, LF Gresham House UK Multi Cap Income Fund, Strategic Equity Capital plc and manages AIM listed portfolios on behalf of the Baronsmead VCTs. Ken graduated from Brasenose College, Oxford, before qualifying as a Chartered Accountant with KPMG. He was an equity research analyst with Commerzbank and then Evolution Securities prior to spending the past 12 years as a Fund Manager at Livingbridge and now Gresham House specialising in smaller companies.
Caitlin joined Gresham House in May 2022. Caitlin previously worked at Agilia Infrastructure Partners, an independent specialist consultancy firm, as an Analyst and spent a year at St. James’s Place Wealth Management in Edinburgh.
Caitlin graduated from Durham University in 2020 with a Bachelor of Arts, first-class Honours degree in International Relations.
Investment Committee Chairman, Strategic Equity Capital plc
Tony has been Chief Executive Officer (CEO) of Gresham House plc since December 2014. He chairs the Investment Committees of Gresham House plc and Strategic Equity Capital plc. He led the management buy-in and established a new management team that transformed the firm from an investment trust into the listed specialist asset manager it is today with over £4bn AUM.
Tony has a long track record of investing and advising numerous public and private equity businesses. From 2002 to 2011, he established and grew SVG Investment Managers before being asked to lead SVG Advisors (formerly Schroder Ventures, London) as CEO. He started his career at Phillips & Drew Fund Management (later UBS Global Asset Management), one of the UK’s most prominent value investment firms with £60bn in assets under management at its peak and where he was a member of the Investment Committee. He was also previously Chair of the LPFA Investment Panel and Non-executive Board member.
Tony has over 25 years of investment experience and holds an MA in Management Studies from the University of Cambridge (where he was also a junior rugby international and Blue).
Bevan joined Gresham House in November 2018, having been at Livingbridge since 2006. Bevan has overall responsibility for all portfolio management activities for the Baronsmead VCTs. He also directly manages portfolio investments and has been an active board member of several Baronsmead investee companies including MLS, Eque2, Key Travel and Pho. He qualified as a Chartered Accountant at KPMG in New Zealand, where he provided consultancy services to fast growing small businesses.
Brendan joined Gresham House in November 2018 having previously been at Livingbridge.
Brendan co-manages the LF Gresham House UK Micro Cap Fund and the LF Gresham House UK Multi Cap Income Fund and leads Gresham House’s Healthcare sector investment strategy.
Prior to Livingbridge Brendan spent four and a half years in technology investment banking at Canaccord Genuity having studied commerce with a focus on finance at Melbourne University.
Tania joined Gresham House in November 2018 having been at Livingbridge for 13 years. She has worked on the Baronsmead VCTs since she joined, progressing from administration assistant to Finance Manager in 2011 and qualifying as a Chartered Management Accountant in 2012 while at Livingbridge.
Tania previously worked at a Chartered Accountancy practice in New Zealand for eight years where she began her accounting training. She holds a BBS in Accounting from the Open Polytechnic of New Zealand.
Cassie joined Gresham House in July 2021 and is based in the London office working as an Investment Manager in the Public Equity team.
Prior to joining the firm, Cassie was part of the Corporate Broking team at Citi, having previously spent two and a half years at Investec.
Cassie graduated from the University of Cambridge in 2015, before completing an MSc at the London School of Economics and Political Science.
Laurence is a Fund Manager in the Public Equity team. Joining Gresham House in 2015, Laurence is an integral part of the team managing Strategic Public Equity LP and the LF Gresham House UK Smaller Companies Fund and previously managing Gresham House Strategic plc.
Laurence holds a bachelor’s degree in Politics from the University of Warwick. During his studies, he interned at Rothschild & Co, working on the Mergers and Acquisitions Team in the industrial sector, and at Barclays Capital on the equities trading floor. In 2021 he was nominated for the Investment Week Rising star of investment companies award.
Amber joined as Investment Manager in July 2021.
Amber was previously at EY LLP UK FS in the Strategy and Transactions team between September 2013 and July 2021. She was also a Manager in the transactions diligence team specialising in banking capital markets, wealth and asset management, and insurance sectors.
She has seven years of experience across the transaction lifecycle, engaged on over 30 transactions (private and public) for a range of private equity and corporate clients and qualified as a Chartered Accountant in 2016.
Disclaimer
Important Information
This website is not intended to constitute, and should not be construed as, investment advice, an investment recommendation or investment research. All information contained on this website has been provided to you for information purposes only, may not be relied on for any purpose and should not be assumed to be complete, accurate, up to date or fit for a particular purpose.
Certain information contained on this website may from time to time include information that relates to specified investments or regulated activity (Regulated Information). Where appropriate, such Regulated Information will be approved as a financial promotion by Gresham House Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority with financial services register reference number 682776. Access to, and reliance on, such Regulated Information is subject to the terms and statements regarding risk contained therein. Unless explicitly stated to the contrary, no information on this website is intended as, or should be taken to be, an offer or solicitation with respect to the purchase or sale of any security or interest or other in any jurisdiction. Any decision to purchase securities or interests must be based solely on the information contained in the documents relating thereto, which must be received and reviewed in full, prior to making any investment decision. Prospective investors are reminded that the actual performance realised will depend on numerous factors and circumstances some of which will be specific to the investor.
In addition to any other risk factors contained within Regulated Information available on this web site, investors should note that investments referred to on this website place investors’ capital at risk and could result in a total loss of capital.
Past performance is not indicative of future events.
Prospective investors should seek their own independent financial, tax, legal and other professional advice before making a decision to invest.
Some Regulated Information may relate to Alternative Investment Funds within the meaning of the Alternative Investment Fund Managers Directive and the availability of such information will be subject to the registration of the Alternative Investment Fund in relevant jurisdictions as described in the documents relating thereto. Any dissemination or unauthorised use of information or documents obtained from this website by any person or entity is strictly prohibited.
To the greatest extent permitted by law, Gresham House Asset Management Limited and the members of the Gresham House Group and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information or documents contained on this website or for any decision based on it.
The nature of investment in VCTs
VCTs are a particular type of investment company. They were established by the UK Government with the intention of encouraging investment in smaller, or ‘venture’, UK companies. Investment in VCTs is high-risk and for the long-term. Prospective investors should refer to the detailed risk warnings in the relevant prospectus, but key risks are set out below.
Past performance and risk of loss of capital
The past performance of the VCTs is not a guide to their future performance. The value of a VCT depends on the performance of the underlying assets. The value of the investment and dividend stream from the Gresham House Renewable VCTs can rise and fall. Shareholders may get back less than originally invested, even taking the tax reliefs into account. There can be no guarantee that investment objectives of any of the VCTs will be achieved.
Risks inherent in investing in small companies
Investment in smaller companies which are unquoted, or traded on AIM or ISDX Markets, by its nature, involves a higher degree of risk than investment in larger companies, including those traded on the main market. In particular, smaller companies often have limited product lines, markets or financial resources and may be dependent for their management on a smaller number of key individuals. In addition, the market for shares in smaller companies is often less liquid than that for shares in larger companies, bringing with it potential difficulties in acquiring, valuing and disposing of such shares.
Investments held by the VCTs may be difficult to realise. The fact that a share is traded on AIM or PLUS-Markets does not guarantee its liquidity. The spread between the buying and selling price of such shares may be wide and thus the price used for valuation may not be achievable. Any change of governmental, economic, fiscal, monetary or political policy could materially affect, directly or indirectly, the operation of the VCTs and/or their ability to achieve or maintain VCT status.
Long-term investment and liquidity risks
An investment in a VCT is for the long term. VCT shares are not likely to be easy to sell at full value. Trading in VCT shares is not particularly active, so shares tend to be valued at a discount to their net asset value. In other words, if you seek to sell, you may be offered a price which is less than the full value of the underlying assets. Mechanisms for the buy-back of shares are explained in the annual reports for the VCTs, but you should have no expectation that there will be any buy-back or other opportunity to redeem your interest.
Tax risks
The information on this web site is based on existing legislation, including taxation legislation. The tax reliefs described are those currently available. The tax rules or their interpretation in relation to an investment in the VCTs and/or rates of tax may change during the life of the VCTs and any such changes can be retrospective. Changes in legislation concerning VCTs in general, and qualifying holdings and qualifying trades in particular, may limit the number of new qualifying investment opportunities and/or reduce the level of returns that would otherwise have been achievable. The value of tax reliefs depends on the personal circumstances of the holders of the share in the VCTs, who should consult their own tax advisers before making any investment.
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Company Information
Gresham House is registered in England and Wales under company number 09447087 and has its registered office at 5 New Street Square, London, United Kingdom, EC4A 3TW. Gresham House’s main trading address is at 80 Cheapside, London EC2V 6EE.
Important Information
You are attempting to access a section of the website that is not suitable for everyone. This section of our website is intended for Professional Investors only as defined in section 3.5 of the FCA handbook. By clicking ‘Agree’ below you are agreeing that you are a professional investor and eligible to receive information intended only for professional investors.
This website is not intended to constitute, and should not be construed as, investment advice, an investment recommendation or investment research. All information contained on this website has been provided to you for information purposes only, may not be relied on for any purpose and should not be assumed to be complete, accurate, up to date or fit for a particular purpose.
Certain information contained on this website may from time to time include information that relates to specified investments or regulated activity (“Regulated Information”). Where appropriate, such Regulated Information will be approved as a financial promotion by Gresham House Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority with financial services register reference number 682776. Access to, and reliance on, such Regulated Information is subject to the terms and statements regarding risk contained therein. Unless explicitly stated to the contrary, no information on this website is intended as, or should be taken to be, an offer or solicitation with respect to the purchase or sale of any security or interest or other in any jurisdiction. Any decision to purchase securities or interests must be based solely on the information contained in the documents relating thereto, which must be received and reviewed in full, prior to making any investment decision. Prospective investors are reminded that the actual performance realised will depend on numerous factors and circumstances some of which will be specific to the investor.
In addition to any other risk factors contained within Regulated Information available on this web site, investors should note that investments referred to on this website place investors’ capital at risk and could result in a total loss of capital.
Past performance is not indicative of future events
Prospective investors should seek their own independent financial, tax, legal and other professional advice before making a decision to invest.
Some Regulated Information may relate to Alternative Investment Funds within the meaning of the Alternative Investment Fund Managers Directive and the availability of such information will be subject to the registration of the Alternative Investment Fund in relevant jurisdictions as described in the documents relating thereto. Any dissemination or unauthorised use of information or documents obtained from this website by any person or entity is strictly prohibited.
To the greatest extent permitted by law, Gresham House Asset Management Limited and the members of the Gresham House Group and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information or documents contained on this website or for any decision based on it.
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Gresham House is registered in England and Wales under company number 09447087 and has its registered office at 5 New Street Square, London, United Kingdom, EC4A 3TW. Gresham House’s main trading address is at Octagon Point, 80 Cheapside, London EC2V 6EE.
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