Gresham House

What Gresham House does

Gresham House is a specialist alternative asset manager focused on sustainable investments, headquartered in London with offices across the UK, Ireland, Switzerland, Liechtenstein, Germany and Singapore. The firm operates across three principal verticals: Real Assets (forestry, energy transition including battery energy storage systems, sustainable infrastructure, and UK housing); Strategic Equity (public equity small-cap strategies, private equity and Venture Capital Trusts); and Social Impact (social housing and public sector debt via TradeRisks). The firm manages approximately £10.7bn in assets as of 31 December 2025 and holds the No. 1 position in UK commercial forestry (IPE Real Assets, January 2026) and a Top 10 ranking among European energy transition asset managers (Indefi, June 2025). Its product set spans listed investment trusts (GRID, SEC, ReSI), VCTs (Baronsmead, Gresham House Income & Growth, Renewable Energy VCTs), open-ended funds, and private vehicles including British Sustainable Infrastructure Fund II and the SUSI Asia Energy Transition Fund.

The firm's revenue model is built on management fees (subscription/recurring) levied on fee-earning AUM, supplemented by performance fees (carried interest) and dividend/interest income from balance sheet investments. Disclosed FY2025 net core income of £90.3mn (+30% CAGR 2018-2025) generated £40.0mn EBITDA (+45% CAGR 2018-2025), implying a 44.4% EBITDA margin on net core income and 25.9% ROCE. Fund LP commitments have a 13-year weighted-average life, providing long-duration revenue visibility. Distribution operates through three primary channels: direct institutional sales (regional heads covering UK, Benelux, Nordic), wholesale distribution via IFAs and wealth platforms, and public markets via LSE-listed investment trusts and VCT subscription offers.

Gresham House was originally incorporated in 1857 and transformed into its modern form in December 2014 when Tony Dalwood led a management buy-in, pivoting from an investment trust to a specialist asset manager. The firm has executed an aggressive acquisition strategy, integrating Aitchesse (forestry, 2015), Hazel Capital (energy, 2017), FIM Services (2018), Livingbridge VC (2018), TradeRisks (2020), Appian Asset Management (2020), Burlington Real Estate (2022), Mobeus VCTs (2021), and most recently SUSI Partners (2026) and Molpus Woodlands Group (2026). In December 2023 the firm was acquired by Searchlight Capital Partners and delisted from the LSE, with management continuing under private ownership.

Name

Gresham House

Legal name

Gresham House Asset Management Limited

Website

https://greshamhouse.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Gresham House is a London-headquartered specialist alternative asset manager focused on sustainable investments, managing approximately £10.7bn across forestry, energy transition (including battery storage), sustainable infrastructure, VCTs, and public equity strategies for institutional, intermediary, and individual investor clients.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Energy & Power Infrastructure Funds (Generation, Transmission, Storage) (FSANAEAB)

akta.pro secondary industries

Climate / Clean Tech & Decarbonization Funds (FSANAJAA), ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL)

Keywords

• Alternative asset management
• Sustainable investment funds
• Venture capital trusts
• Forestry investment management
• Energy transition investing

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Asset Management Fees: Gresham House earns management fees based on assets under management across its various fund strategies including forestry funds, energy storage funds, VCTs, and infrastructure funds. The firm has approximately £10.7bn AUM as of December 2025.
2. Performance Fees: The firm earns performance fees (carried interest) on investment returns generated for clients, particularly in private equity and venture capital strategies.
3. Net Core Income: Total net core income of £90.3mn in 2025, representing a +30% CAGR from 2018-2025. Includes management income, performance fees, dividend and interest income.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Gresham House is a specialist alternative asset manager that raises and manages investment funds focused on sustainable assets across forestry, energy transition (battery storage, renewables), sustainable infrastructure, and growth capital (VCTs). The firm earns recurring management fees on approximately £10.7bn AUM plus performance fees on investment returns, serving institutional investors, financial advisers, family offices, and individual investors through investment trusts, VCTs, open-ended funds, and private funds.

Product overview

Gresham House operates as a specialist asset manager offering a diversified portfolio of investment products across multiple categories. The offering consists of: (1) Investment trusts including GRID (battery energy storage), Strategic Equity Capital, and Residential Secure Income; (2) Venture Capital Trusts (Baronsmead VCTs, Gresham House Income & Growth VCTs, Renewable Energy VCTs) investing in UK growth companies and renewable energy; (3) Open-ended funds (UK Micro Cap, UK Multi Cap Income, UK Smaller Companies); (4) Private funds including forestry, sustainable infrastructure (BSIF II), and energy transition platforms; and (5) International platforms acquired through SUSI Partners including the SUSI Asia Energy Transition Fund. The firm manages approximately £10.7 billion in assets under management across these strategies.

Differentiator

Problem solved

Functional benefit

Products and services

• Gresham House Energy Storage Fund plc (GRID) FTSE-listed UK investment trust that invests in utility-scale battery energy storage systems (BESS), making it the UK's largest BESS owner-operator with over 1GW of operational capacity.
• Baronsmead Venture Trust plc VCT managed by Gresham House investing in growth capital opportunities across UK SMEs.
• Baronsmead Second Venture Trust plc Second VCT managed by Gresham House focused on growth capital investments in UK private companies.
• Gresham House Income & Growth VCT plc VCT offering exposure to a portfolio of growth capital investments in unlisted UK companies, with NAV of approximately £204.71 million.
• Gresham House Income & Growth 2 VCT plc Second VCT focused on growth capital investments in UK companies, with net assets of approximately £177.69 million.
• Gresham House Renewable Energy VCT 1 plc VCT investing in UK renewable energy projects including solar and wind assets.
• Gresham House Renewable Energy VCT 2 plc Second VCT focused on UK renewable energy investments including solar and battery storage assets.
• Strategic Equity Capital plc (SEC) Public equity investment company managed by Gresham House, applying a private equity approach to investing in quoted companies.
• Residential Secure Income plc (ReSI) UK housing investment company focused on providing affordable housing solutions through registered providers.
• WS Gresham House UK Micro Cap Fund Open-ended fund investing in UK micro-cap equities with market capitalisations typically below £100 million.
• WS Gresham House UK Multi Cap Income Fund Open-ended income fund focused on UK equities across varying market capitalisations.
• WS Gresham House UK Smaller Companies Fund Open-ended fund targeting UK smaller companies for capital growth.
• British Sustainable Infrastructure Fund II LP (BSIF II) Private fund investing in real asset-based solutions for environmental and social challenges, part of Gresham House's Sustainable Infrastructure investment strategy.
• Gresham House Forestry Investment Investments comprising ownership of freehold or leasehold UK land with growing timber crop; Gresham House is the UK's largest forestry asset manager with nearly $7 billion in forestry assets under management.
• SUSI Asia Energy Transition Fund (SAETF) $259-million fund investing in Southeast Asian energy transition assets, including distributed solar, battery storage, and energy efficiency solutions for commercial and industrial clients.

Quantifiable outcome

• 2.4mn tCO2e sequestered by forests
• +3 more outcomes

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered minor and core.

• True Green Capital ManagementminorOthers · 26 June 2026True Green Capital Management acquired approximately 20.3 megawatts DC of operating solar assets from Gresham House Renewable Energy VCT 1 PLC and VCT 2 PLC. The six solar projects have operated since 2011 and benefit from 25-year Feed-in Tariffs contracted through 2036.
• Summit Transition Partners (STP)coreStrategic or Co-development Partner · 1 June 2026Summit Transition Partners (STP), controlled by Sumitomo Corporation with participation from TPK Holding, has entered into an equity investment partnership with Gresham House Energy Storage Fund (GRID) to fund a 397MW portfolio of 2-hour duration battery energy storage system assets in the UK. The partnership covers the bulk of equity investment for five projects totalling 697MW, with debt covering the remainder.
• Sumitomo CorporationcoreStrategic or Co-development Partner · 29 May 2026Sumitomo Corporation, through its joint venture Summit Transition Partners, has agreed to invest in five utility-scale battery energy storage system projects across the UK with combined planned capacity of approximately 694 MW, in partnership with Gresham House. The partnership is positioned under a July 2025 memorandum of understanding between Sumitomo and the UK government's Office for Investment.
• Molpus Woodlands GroupcoreStrategic or Co-development Partner · 7 April 2026Gresham House agreed to acquire a majority interest in Mississippi-based Molpus Woodlands Group, creating one of the world's largest timberland investment managers with approximately $8 billion in assets under management. The combined firm has forestry assets and operations across the US, UK, Ireland, Australia, and New Zealand.
• Asia Clean Capital Vietnam (ACCV)coreStrategic or Co-development Partner · 11 March 2026Gresham House signed an agreement to acquire Asia Clean Capital Vietnam Pte. Ltd. (ACCV), a Vietnamese commercial and industrial renewable energy developer. ACCV, founded in 2020, provides distributed clean energy solutions to industrial clients across Vietnam including rooftop solar and battery energy storage systems. The acquisition integrates ACCV into the SUSI Asia Energy Transition Fund's Southeast Asian platform called OASIS.
• SUSI Partners AGcoreStrategic or Co-development Partner · 20 January 2026Gresham House completed acquisition of Swiss energy transition investment manager SUSI Partners AG in January 2026. The acquisition created a £2.7 billion energy transition platform, bringing Gresham House's AUM to £10.7 billion and positioning the combined entity among Europe's top 10 energy transition asset managers.
• Octopus EnergycoreStrategic or Co-development Partner · 9 April 2025Gresham House and Octopus Energy signed a 568 MW/920 MWh two-year tolling agreement in the UK. This tolling deal demonstrates the bankability of BESS projects and shifts market risk from asset owners to utilities or traders through fixed-price structures.
• Mobeus Equity Partners LLPcoreStrategic or Co-development Partner · 10 September 2021Mobeus Equity Partners LLP announced the conditional sale of its Venture Capital Trust (VCT) business to Gresham House plc, expected to complete by end of September 2021. The acquisition involved transferring the Mobeus VCT team and allowed Mobeus to focus on its institutional buyout business.

Scale indicators23 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Foresight Group Holdings: London-listed specialist asset manager with significant UK and European renewable energy and sustainable infrastructure strategies. Directly comparable to Gresham House in BESS, solar, and infrastructure fund offerings and target LP base.
• Impax Asset Management: London-listed specialist asset manager focused on sustainable and transition strategies across listed equity and private markets. Direct peer in the ESG-specialist alternative asset manager category with overlapping institutional distribution.
• Greencoat Capital: UK-focused renewables infrastructure manager with flagship listed vehicles (Greencoat UK Wind, Capital Renewables Infrastructure Fund). Direct peer to Gresham House's energy transition strategies with competing institutional investor base.
• Cordiant Capital: Specialist sustainable infrastructure and natural capital asset manager with forestry and renewables strategies. Closely comparable niche peer competing for the same institutional ESG-aligned capital pool.
• Pantheon Ventures: Global private equity fund-of-funds and co-investment manager with significant institutional LP relationships. Comparable peer in the institutional alternatives distribution channel, especially in private equity and infrastructure.
• Foresight Sustainable Forestry Company: UK-listed investment company focused on commercial forestry, providing the most direct listed peer benchmark to Gresham House's forestry platform and competing for sustainable real-asset capital.

Broad incumbents

• Schroders Capital: The private markets arm of Schroders plc, offering infrastructure, real estate, private equity, and venture strategies globally. Broad incumbent alternative asset manager with overlapping sustainability-focused institutional offerings.
• Partners Group: Switzerland-listed global private markets firm with infrastructure, real estate, and private equity strategies including thematic sustainability mandates. Larger broad incumbent serving similar institutional LP universe.
• 3i Group: London-listed alternative asset manager with infrastructure and private equity arms, including Scandinavian and European infrastructure exposures. Broader incumbent comparable on listed structure and institutional investor access.
• Brookfield Asset Management: Global alternative asset manager with leading renewable power and sustainable infrastructure franchises. Broad incumbent competitor for large-scale energy transition mandates and BESS co-investment partnerships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/gresham-house-plc

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments12 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gresham House