GCP Asset Backed Income Fund Ltd Investment Manager Resourcing Update (3677A)
May 23 2023 - 6:13AM
UK Regulatory
TIDMGABI TIDMGABC
RNS Number : 3677A
GCP Asset Backed Income Fund Ltd
23 May 2023
GCP Asset Backed Income Fund Limited
LEI: 213800FBBZCQMP73A815
Investment Manager Resourcing Update
23 May 2023
The Board of GCP Asset Backed Income Fund Limited (the "Company"
or "GABI") has been informed by Gravis Capital Management Limited,
the Company's investment manager ("Gravis"), of updates relating to
the continued provision of investment management services to the
Company.
As detailed in the Company's recently published annual report
and accounts, Mr. Kent has been confirmed as a key person in
accordance with the key person provisions of the investment
management agreement, entered into by the Company and Gravis.
Joanne Fisk, co-fund manager to the Company alongside Philip
Kent, has decided to leave Gravis to pursue new opportunities. She
will remain at Gravis during a period of handover to the wider
Gravis team.
Luther Ward-Faint, an associate director who has worked on the
GABI portfolio since joining Gravis in 2018, will lead the
day-to-day portfolio management of the Company supported by Mr.
Kent. The Company continues to benefit from 11 full-time
equivalents as part of a broader private infrastructure and real
asset team within Gravis, providing services across investment and
portfolio management, finance, compliance, investor relations and
distribution.
As part of the strategic partnership that Gravis has had with
ORIX Corporation ("ORIX") since 2021 in which ORIX owns a majority
stake in Gravis' business, ORIX will second two senior London-based
individuals from its global credit business to Gravis to support
the investment management services provided to the Company.
The purpose of the secondments is to support the resources
available to the Company, particularly relating to portfolio
transactions and new pipeline origination activity. There will be
no change to the composition of the Investment Committee of the
investment manager as a result of these secondments.
ORIX is an international conglomerate with a market
capitalisation of c. JPY 2.9tn (c. GBP17bn) and third-party assets
under its management of c. JPY 55tn (c. GBP320bn) as at 31 March
2023, including significant credit investments across Asia, the US
and Europe.
In addition, Gravis is in late-stage discussions with a senior
individual for the role of Head of Private Credit and Gravis hopes
to be in a position to confirm this appointment in due course.
The Company and Gravis are also pursuing strategic initiatives
that, if completed, should further support the resources available
to the Company.
Alex Ohlsson, Chairman of the Company, commented:
"We are pleased that the Company will benefit from the support
of ORIX in the ongoing provision of investment management services
by Gravis to the Company and that Gravis continues to progress the
recruitment of a new Head of Private Credit. The Board would like
to thank Joanne for her contribution to the Company since 2017 and
wishes her the best for the future."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014 as it
forms part of UK Domestic Law by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR").
For further information, please contact:
Gravis Capital Management Ltd ("Gravis") +44 (0)20 3405 8500
Philip Kent
Cameron Gardner
Investec Bank plc +44 (0)20 7597 4000
Helen Goldsmith
Denis Flanagan
Tom Skinner
Buchanan/Quill +44 (0)20 7466 5000
Helen Tarbet
Sarah Gibbons-Cook
Henry Wilson
Notes to editors
GCP Asset Backed Income Fund Limited 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 Company seeks to meet its investment objective by making
investments in a diversified portfolio of predominantly UK based
asset backed loans which are secured against contracted,
predictable medium to long term cash flows and/or physical
assets.
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