The London-listed GCP Asset Backed Income Fund has proposed a new share placing for next month, targeting at least £70 million ($89.7 million; €76.1 million).
The fund, managed by Gravis Capital Partners, said the proceeds would be used to capitalise on “a pipeline of attractive investment opportunities”. The firm also expects the placing to broaden its investor base, improve secondary market liquidity and increase the diversification of its current portfolio.
If the targeted proceeds are met, the fund will have raised £149.2 million this year through share placings. The Asset Backed Income Fund raised £79.2 million following an issuance in January, but that fell short of the £100 million it had hoped to receive. The new placing is at 100 pence per share, the same price as the January instalment.
GCP has since invested close to £90 million in property and social infrastructure assets, most recently this month when it backed a UK-based care home with £11.1 million. A pipeline worth about £168 million had been identified prior to the January placement.
The GCP Asset Backed Income Fund has exposure to 24 assets across the property, social and energy infrastructure sectors. It had a net asset value at the half-year of £165 million and has a long-term targeted IRR of between 8 and 9 percent.