Aquila European Renewables (AERI), a £176m investment company two years into a difficult wind-down, has agreed to sell its Danish and Greek wind assets (Holmen II, Svindbaek and Desfina) to its fund manager Aquila Capital for €61.9m, a 17% discount to their valuation at 30 June. Together with the €16.5m sale of its minority investment in the Portuguese hydro asset Sagres in June to Aquila Capital, it has released €78.3m of cash at an average 14% discount. This represents a “material uplift” to the equity value implied by the company’s current share price, trading 37% below net asset value. Following these disposals, the company intends to return €63m (£54.9m) to shareholders. It is also in due diligence and negotiations with multiple potential investors in relation to its remaining assets. Further updates will be made later this quarter.
TwentyFour Income Fund (TFIF), the £863m debt fund, raised £42.4m in this month’s share issue comprising £26.4m from the open offer, £12.2m in the placing, and £3.8m through the RetailBook offer. It has done better than CVC Income & Growth Limited (CVCG), a £192m rival, that raised £10.3m for its sterling share class in this month’s fund raising.
Tritax Big Box (BBOX) has completed its £1bn acquisition of a logistics portfolio from Blackstone with the issuance of 221.4m new shares to St Helier-based Trott Holdings which now holds an 8.2% stake in the real estate investment trust on behalf of Blackstone funds. BBOX has also paid the US alternative assets manager £632m cash.
ICG Enterprise Trust (ICGT), a £984m private equity fund on a 23% share price discount, has sold its largest holding, a 2.7% weighting to Froneri, the Yorkshire-based ice cream maker, for €41m (£35.7m). It says it made a “strong return” on the company, in which it first invested in 2013 alongside PAI Partners and reinvested in 2019. This lifts ICGT’s total liquidity to £223m from £187m at 31 July and reduces gearing, or borrowing, from 5% to 3%.
Pantheon International (PIN), the £1.5bn private equity fund battling a 30% share price discount, says the net asset value of its portfolio was essentially unchanged last month with NAV per share easing 0.1p to 510.7p at 30 September as valuation losses and costs were offset by investment income, positive currency movements and share buybacks, of which it made £9.4m in September. It invested £10.1m in a manager-led secondary investment alongside ECI Partners in CSL Group, a UK business-to-business internet of things (IoT) connectivity provider.
Baillie Gifford US Growth (USA) has appointed former Martin Currie and Standard Life fund manager Elizabeth Flockhart as a non-executive director. She is a trustee director, chair of audit and member of the investment committee for the Nuclear Liabilities Fund, a £20bn trust set aside for decommissioning costs in the UK.
Albion Enterprise VCT (AAEV), Albion Technology & General VCT (AATG) and Albion Crown VCT (CRWN) have published a prospectus for a £60m fund raise. The offers will open on 3 November and are expected to close on 2 April 2026. There will be over-allotment facilities of up to £30m.
