Take on Trusts – August 2025

Take on Trusts – August 2025

In August, the Edison investment companies team highlighted that Gresham House Energy Storage Fund (GRID) signed a new debt facility to refinance existing facilities, aiming to lower its cost of debt and release capital for its three-year plan. Utilico Emerging Markets Trust (UEM) unveiled initiatives to enhance value for new and existing shareholders, while International Public Partnerships (INPP) agreed to sell a minority stake in Angel Trains for £32m at a premium to its end-FY24 valuation, with proceeds earmarked for its buyback programme and future investments. Deutsche Beteiligungs (DBAG) delivered on its promise of a pick-up in investment activity but exits proved more difficult to complete in the current environment. HgCapital Trust’s (HgT’s) muted -0.3% NAV TR in H125, affected by public market volatility that reduced private portfolio valuations by 4pp, nonetheless marks a rebound from the -2.0% return recorded in Q125. We also released a new podcast episode covering Worldwide Healthcare Trust (WWH).

Until next month, the Edison investment companies team.


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