LMS Capital plc is a listed private equity investment company managed by Gresham House Asset Management (GHAM). Its focus is predominantly on direct investment at the smaller end of the UK private equity market.

The investment objective is to achieve absolute total returns over the medium to long term, principally through capital gains and supplemented with the generation of a longer-term income yield. The fund targets a return on equity, after running costs, of between 12% and 15% per annum over the long term.

Investment Approach

LMS Capital plc is a listed private equity investment company, its focus is predominantly on direct investment at the smaller end of the UK private equity market below £50 million enterprise value where the manager believes there to be significant market inefficiencies which create opportunities for superior long-term returns and where they can leverage the experience of the investment team.

The manager will invest in and partner with management teams of profitable and cash generative businesses to create value targeting an annual return on equity of 12%-15% net of costs over the long-term.  A disciplined investment process has been established with a newly formed Investment Committee. The short-term focus is on maximising the value of existing holdings, with the ability where growth prospects are clear, to preserve and support value creation.

As investments are recycled, the fund will be able to gain exposure to alternative investment opportunities and illiquid assets through access to the Gresham House group and network to invest directly via co-investment.  Our team have a proven track record in asset management, private equity and public markets.

As a result of changes to the investment policy implemented in 2016, the fund is now focused predominantly on investment in private assets, with emphasis on private equity. The investment team aim to achieve shareholder objectives through a staged approach:

Investment Process


The company investments at 30 September 2017 comprising 84% of the total portfolio were:

Company Geography Sector Book Value £1m % of Net Asset Value
Quoted investments
UK Technology 3.1 5.3%
UK Financial 3.1 5.3%
Unquoted investments
US Technology 9.1 16.4%
UK Technology 3.5 6.0%
UK Technology 3.1 1.2%
Fund investments
San Francisco Equity Partners
US Technology 12.7 21.6%
US Consumer 5.1 9.6%
UK Property 4.5 7.6%
US Technology 3.8 6.5%

*includes holdings by SFEP and co-investments held by the company






How to Invest

Investment into Gresham House Private Assets can be accessed through the London listed investment company LMS Capital plc (ticker LMS).

Please contact your broker for investment options.