2020 saw many extraordinary events, but Laurence Hulse decided to make the most of a ‘once-in-a-generation opportunity’ in public equity markets.
Laurence Hulse, investment manager says:
‘We were fortunate to go into the crisis with the cash to take advantage of it’. ‘We have put one-third of our portfolio NAV into distressed opportunities during lockdown that are not broken businesses but had suffered a “black swan” event’.
He adds that the fund did not have many calls for extra funding support from existing holdings and that the fund’s closed-ended structure meant there were no withdrawals to fund during the sell-off. He states ‘We have managed to take advantage of what has been going on, and we have a target of 2.5-3.0x money over three to five years from these new holdings’.
Gresham House plc (LON:GHE) is a London Stock Exchange quoted specialist alternative asset manager offering funds, direct investment and tailored investment solutions, including co-investment, in public equity, private assets, forestry, new energy and housing.