reports
- Mark Thomas
NB Private Equity Partners (NBPE): 2025 CMD: good returns from low-ris...
NBPE’s key takeaways from its 2025 Capital Markets day were i) high-quality portfolio (strong underlying operating performance, particularly among larger positions), ii) well positioned for improving exits (mature portfolio with a number of exit-ready companies), iii) balance sheet strength (flexibility to increase investment in attractive new opportunities in addition to returning capital to shareholders, iv) optimal access via co-investments (NB’s differentiated co-investment platform provides...
- Mark Thomas
Real Estate Credit Investments - Investor Day: opportunities aplenty
In previous reports, we have highlighted RECI’s downside resilience. Our key takeaway from the November Investor Day was the scale of RECI’s current opportunities. The key driver to the strong pipeline is the manager having the expertise and scale to access the least competitive sectors of real estate lending. By doing so, it can earn good returns (typically 8%-10% unleveraged) and only see a modest impact from whole-market dynamics. Regular repayments, both contractual and customers refinancing...
- Brian Moretta
Blackfinch Ventures EIS Portfolios | Blackfinch Investments Limited
Scheme assets: £60m EIS & VCT assets: £124m Total FUM: £923m Blackfinch Ventures EIS Portfolios invests in early-stage technology-enabled investments. It has a target return of an average of 3x capital with at least 10 companies in each portfolio. There is an experienced management team in place who have invested significantly in building an effective and efficient investment process. Given its age, there is limited performance data, there are signs of growth already. The report goes into deta...
- Brian Moretta
Blackfinch Spring VCT | Blackfinch Investments Limited
VCT assets: £64.0m Offer size: £20m + £20m EIS & VCT assets: £124m Total FUM: £922m Launch date: 2019 Blackfinch Spring VCT invests in Scale-up technology-enabled investments. It has a target return of an average of 2.5x capital on investments. There is an experienced management team in place who have invested significantly in building an effective, and efficient investment process. Given its age, there is limited performance data. However, there are signs of growth already with top-quartile pe...
- Brian Moretta
Par EIS Fund | Par Fund Management Limited
The Par EIS fund invests in early-stage technology companies, especially those related to deeptech. There is a regional focus on northern UK and companies should be showing meaningful traction before investment. The fund has been using the same strategy since 2012 and Par as a whole has built up a strong record of returning cash to investors through successful exits. The report goes into details of how the investment process works, sourcing and decision-making, exit strategies, post-investment...
- Mark Thomas
NB Private Equity Partners (NBPE): 1H’25 results: turning the corner
In our view, NBPE’s 1H’25 results may be characterised as turning the corner. There has been a modest improvement in financial performance, the outlook for exits (with expected uplifts to carrying values) has improved, and the pipeline of new investments is strong. NBPE’s balance sheet has ample liquidity to take advantage of these opportunities, and its recent focus on mid-life deals means that value creation from these new investments has been rapid. Current performance remains below long-term...
- Yingheng Chen
Hardman and Co Insight: Feeding the future
The global food system has been, and continues to, undergo a structural transformation driven by population growth, climate change and the rise of a larger, wealthier global population. The global middle-class population is projected to increase from 4.1bn currently to just over 5bn by 2035. By 2050, global food demand is expected to increase significantly as population rises and diets shift from staple grains to higher-value proteins and dairy products ‒ a change that exponentially increases th...
- Mark Thomas
- Yingheng Chen
Hardman & Co Monthly: November 2025
Feature article: Feeding the future The case for food system investment Megatrends, at a very basic level, dictate the “direction of travel” for economic, social and political activity; investments made on this basis will receive powerful trend support. Today, the transformation of the global food system represents one such structural force. As demographic expansion, rising income and growing climate pressure converge, food sustainability as a strategic, long-term investment theme is no longe...
- Jason Streets
Cavendish plc (CAV): Steadily profitable in continuingly tough markets
Cavendish reported PBT of £1.1m for the half-year to September 2025. Revenue was up 3% on a comparable basis – against a still tricky background for UK smaller companies – and adjusted pre-tax profit was £2.0m, marginally ahead of the same period last year. The result was an indication of the strength of the diversified revenue stream – with both private and public divisions healthily profitable – and a strong control on costs, which fell over the period. Currently, the stock is trading on 6.7x ...
- Mark Thomas
ICG Enterprise Trust plc (ICGT): Mid-teens EBITDA growth and long-term...
The key message from ICGT’s 1HFY’26 results (to July 2025) is the continued strength of the operating companies, which delivered, on average, 15% LTM EBITDA growth. Margins have widened by ca.5% (average revenue growth 10%), which should help allay some concerns over the impact of the challenging environment. New investment is forecast to accelerate, and realisation proceeds already exceed FY’25 with an average 14% uplift to carrying values on exit. A degree of short-term volatility is to be exp...
- Mark Thomas
Volta Finance Limited (VTAS): Liquid access to outperforming private c...
In this report, we highlight what Volta brings to investors. In particular, we note the multi-currency, liquid access it provides all investors to i) the illiquid but attractive CLO (private credit) market, with its good risk-adjusted returns, ii) an outperforming manager of that expertise-dependent asset class. Private credit has been one of the “hot” asset classes in 2025 but with investment largely restricted to large, institutional investors. Volta’s AEX and LSE, and € and £, listings give r...
- Brian Moretta
- Mark Thomas
Hardman & Co Monthly: October 2025
Feature article: Building tomorrow’s AI: How the UK will become the global architect of Trustworthy Intelligence In this month’s feature article, Professor Andy Pardoe, Professor of AI and Chair of the Deep Tech Innovation Centre at the University of Warwick, gives his perspective on the artificial intelligence (AI) industry and how it is advancing at an unprecedented pace, outstripping anything witnessed in previous decades. For researchers, industry leaders and investors, understanding the la...
- Mark Thomas
Real Estate Credit Investments: What RECI brings to investors
In this note, we review what RECI brings to investors, specifically noting i) a near 10% dividend yield, significantly covered by recurring interest income and which has been maintained through multiple macro crises, ii) diversification of investors’ portfolios with an equity with low correlation to overall markets, iii) an experienced debt manager bringing competitive advantages in deal origination and risk management, iv) a diversified portfolio with proven downside resilience created by Cheyn...
- Brian Moretta
Chesnara plc: Showing good operational progress
Chesnara announced its 1H’25 results. The main features were a better-than-expected operational performance, weaker economic returns and increased central costs but improved cash generation. An Economic Value loss of £11m was behind recent figures (1H’24: profit of £20m). Alongside the dividend payment, this loss reduced the Economic Value, which declined from £531m to £517m in the first half. Cash generation of £37m was a 28% increase over the 1H’24 figure of £29m. The interim dividend, as expe...
- Mark Thomas
- Nigel Hawkins
Hardman & Co Monthly: September 2025
Feature article: IICS/REIFS – NAV discounts and the ill wind from Denmark Since the start of 2024, the share prices of the eight Infrastructure Investment Companies (IICs) and of the 18 Renewable Energy Infrastructure Funds (REIFs) have been generally weak – and, conspicuously, have failed to recover the losses of 2023. Undoubtedly, high interest rates have undermined the sector – and there is no certainty that they will fall significantly. Not only has this situation adversely affected NAVs, b...
- Keith Hiscock
Hardman & Co Insight | Economic growth: Cry me a river
The UK press and politicians remain fixated on growth, a theme central to the Labour Government’s agenda since taking office 12 months ago. Its 2024 manifesto, "Labour Party Manifesto 2024: Our plan to change Britain", dedicated an entire chapter to “Kickstart economic growth”, signalling its status as the Government’s top priority. In this article, we explore why growth matters, its potential downsides, and how it is understood by both politicians and markets. We also examine whether aggregate ...
- Nigel Hawkins
Hardman & Co Insight: IICS/REIFS – Tackling NAV discounts
Each one for itself Executive summary ► Since the start of 2024, the share prices of the eight Infrastructure Investment Companies (IICs) and of the 18 Renewable Energy Infrastructure Funds (REIFs) have been generally weak – and, conspicuously, have failed to recover the losses of 2023. ► Undoubtedly, high interest rates have undermined the sector – and there is no certainty that they will fall significantly. Not only has this situation adversely affected NAVs, but the comparison with “risk-fr...
- Keith Hiscock
- Mark Thomas
Hardman & Co Monthly: August 2025
Feature article: Economic growth: Cry me a river The UK press and politicians are fixated on growth. The Labour Government came into office 12 months ago promising a new dawn. Its top priority was growth. Its manifesto, “Labour Party Manifesto 2024: Our plan to change Britain” devoted an entire chapter to “Kickstart economic growth”. In this article, we cover: ► Why growth is important ► The downside of growth ► What do politicians and markets mean by growth? ► Is growth in aggregate GDP th...
- Mark Thomas
Arbuthnot Banking Group: 1H’25 results: growing where it wants to
From ABG’s 1H’25 results, we note i) strong growth in low-capital-intensity businesses (deposits, wealth management) and high risk-adjusted-return specialist lending (most notably RAF and leasing businesses) ‒ ABG is not competing for business that does not meet its target returns and some loan books are shrinking (e.g. property lending), and ii) pre-tax profits halved on 1H’24 due to the well-flagged impact of the falling rate environment, less PE activity driving lower ACABL activity and low t...
- Jason Streets
Initiation of Coverage: Cavendish plc (CAV) - Profitable even in tough...
Cavendish reported a return to profitability in the year to March 2025. Revenue was up 3% on a comparable basis – against a still tricky background for UK smaller companies – and adjusted pre-tax profit was £3.7m against a loss of £1.8m in the year to March 2024. The result was an indication of the strength of the diversified revenue stream – with both private and public divisions healthily profitable – and a strong control on costs, which fell on a like-for-like basis. Currently, the stock is t...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.