Registration Document (Foresight Group)

Summary

• The registration document relates to Foresight Group Holdings Limited and was approved by the FCA under the Prospectus Regulation.p.1
• As at 30 September 2020, 12 per cent of AuM was invested in listed securities, predominantly in Italy and the UK.p.12
• The Foresight Group's expected effective tax rate after the Reorganisation is between 10 per cent and 13 per cent.p.20
• Foresight Private Equity focuses on UK SMEs, with a concentration of investments in the North West of the UK.p.9
• The UK voted to leave the EU on 23 June 2016 and formally ceased to be a member on 31 January 2020.p.15
• Investment in development phase assets has become an increasingly important part of Foresight Infrastructure's strategy.p.7

Key insights

1. The market for investment opportunities is highly competitive, with competitors that may have more resources and a lower cost of capital.p.4
2. Fair market valuations of fund assets are inherently uncertain and may differ materially from values ultimately realised.p.6
3. Development assets carry risks of delays, cost overruns and failure of projects to become operational.p.7
4. In a market downturn, open-ended funds may receive requests from clients to withdraw or liquidate a material amount of client funds.p.10
5. Conflicts of interest can arise because certain funds are managed side-by-side by the same investment managers.p.13
6. The Group depends substantially on its principal office in London, where the majority of its employees and technology resources are located.p.14
7. Tax deductions on interest on the Debt after the Reorganisation could be limited by transfer pricing and other tax rules.p.20