GCP Asset Backed Income Fund Ltd Investment Manager change of control (5132H)
December 04 2020 - 2:00AM
UK Regulatory
TIDMGABI TIDMGABC
RNS Number : 5132H
GCP Asset Backed Income Fund Ltd
04 December 2020
GCP Asset Backed Income Fund Limited
(the "Company" or "GCP Asset Backed")
LEI: 213800FBBZCQMP73A815
Investment Manager change of control
4 December 2020
GCP Asset Backed, which invests in asset backed loans, notes the
press release this morning by its Investment Manager, Gravis
Capital Management Limited ("Gravis"), that Gravis has entered into
a strategic partnership with ORIX Corporation ("ORIX") whereby ORIX
will acquire a 70% equity stake in the Gravis business*.
ORIX is a diversified financial services group. Its asset
management operation has grown significantly over recent years and
the partnership with Gravis will allow it to expand into the UK
infrastructure, debt, renewable energy and property sectors.
The board of the Company has been in active discussions with
both ORIX and Gravis in relation to this transaction. It is
reassured that there will be no changes to the team currently
providing services to the Company and that service levels will be
uninterrupted by the transaction. It sees as a positive that Gravis
will remain independently-managed and will operate under its
current brand whilst ORIX's global presence will, over the longer
term, provide Gravis's management team with additional experience,
expertise and access in areas such as asset sourcing, financing and
potential new investors.
* The transaction is subject to regulatory approvals and
customary conditions to closing.
For further information please contact:
Gravis Capital Management Limited +44 020 3405 8500
David Conlon
Dion Di Miceli
Buchanan / Quill +44 020 7466 5000
Helen Tarbet
Henry Wilson
About GCP Asset Backed
GCP Asset Backed is a closed ended investment company traded on
the Main Market of the London Stock Exchange. Its investment
objective is to generate attractive risk-adjusted returns primarily
through regular, growing distributions and modest capital
appreciation over the long term.
The Group seeks to meet its investment objective by making
investments in a diversified portfolio of predominantly UK based
asset back loans which have contracted, predictable medium to long
term cash flows and/or physical assets.
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