FORESIGHT GROUP AN INTRODUCTION

CORPORATE PROFILE

SPRING 2019

This document has been issued and approved by Foresight Group LLP, which is authorised and regulated by the Financial Conduct Authority. Past performance is not necessarily a guide to future performance. Stock markets and currency movements may cause the value of the investments and the income from them to fall as well as rise and investors may not get back the amount they originally invested. Where Investments are made in unquoted securities and smaller companies, their potential volatility may increase the risk to the value of, and the income from, the investment.

Important notice

RENEWABLE ENERGY | INFRASTRUCTURE | PRIVATE EQUITY

INVESTING FOR A SMARTER FUTUREIt takes Foresight

At Foresight, we are well aware of the need to live up to our name. That means identifying opportunities ahead of the crowd; it means being flexible; it means being innovative; it means being fast and clear in our decision making; it means applying the expertise of our people to solve problems, to overcome obstacles, to push deals across the line.

Above all, it means being completely focused and responsive to the needs of our investors while creating an environment that attracts and rewards the very best talent in our sector.

It takes Foresight.

Investing for a smarter future is what we have been doing for more than 30 years.

We can offer our investors attractive enhanced, risk-adjusted returns from infrastructure projects, many of which enjoy steady predictable cash yields and protection against inflation. Alternatively, we can offer our investors commercial returns from a portfolio of smaller growth companies, where for our private investors we invest through HMRC approved tax efficient schemes including Venture Capital Trusts and Enterprise Investment Schemes as well as Business Property Relief.

To us, a smarter future means diverting waste from landfill to convert into renewable energy; managing solar power plants around the world to power industry with up to 100% renewable energy; funding the government mandated roll-out of smart meters in the UK; acquiring utility scale battery storage assets to balance the grid; supporting small businesses across the UK with growth capital and providing attractive investment opportunities for some of the largest and most demanding of institutional investors while offering tax efficient opportunities for private investors. Investing for a smarter future is a principle that guides everything we do as we continuously search for ways to create a better, smarter future for the world in which we live.

As our name suggests, we are constantly looking to the future to identify opportunities that will evoke positive change in the world. But, as Albert Einstein said, “If you want to know the future, look into the past”, so we have compiled a timeline below that identifies some of the milestones in our thirty year plus history. This has built the foundations for where we are today and sets us on our trajectory for a smarter future.

The first two decades saw us focus on venture capital investing, something which remains a core part of our DNA.

Today, our award-winning Private Equity team pursues four investment strategies; Growth, Venture, Impact and

Replacement Capital, for institutions and for private investors. We have a portfolio of more than 60 small and medium enterprises (SMEs) across the UK with some £450 million under management.

We focus on promoting growth, innovation and productivity by stimulating regional investment into SMEs through our regional institutional funds. These funds are managed by our expanding regional UK office network. We also provide opportunities for tax efficient investing to private individuals through Venture Capital Trusts (VCTs), Enterprise Investment Schemes (EISs) and Business Property Relief (BPR) schemes.

We are a leading independent infrastructure and private equity investment manager with approximately £2.8 billion of assets under management. We manage funds for institutional investors, family offices, private and high net-worth individuals and have continued to expand rapidly in recent years with staff numbers now exceeding 200.

1 9 8 4

Foresight foundedas Fleming Ventures (£20m) by Bernard Fairman & Peter English both ex-3i

2 0 1 1

Solar VCT launched(£39m)

Solar EIS launched (£27.5m)

FORVEI Solar Managed Account completed(£40m)

Foresight Environmental Fund LP Launched(£60.6m) cornerstoned by the European Investment Bank (“EIB”)

Foresight Inheritance Tax Solution launched

Infrastructure VCT launched(£33m)

Awarded primary external manager mandate (UKWREI)by the UK Green Investment Bank (“GIB”) (£50m)

2 0 0 8

Opened Italian Officeto focus on Southern European Solar Investments

European Solar LP Launched(£30m)

Foresight VCT plc launched

2 0 1 2 2 0 1 31 9 9 7

Foresight Nottingham Fund launched (£40m)

Foresight Solar Fund Limited floated on LSE (£150m)

Foresight Solar EIS Funds 2, 3, 4 & 5 launched (£200m)

UKWREI Fund extension (£28m)

Opened Nottingham Office

“The more we invest with foresight, the less we will regret in hindsight”

Mark Carney Chairman of the Financial Stability Board and Governor of the Bank of England. From his speech to Lloyd’s of London “Breaking the tragedy of the horizon - climate change and financial stability”.

Where we are today

foresightgroup.eu/about-us

2 0 1 52 0 1 4 2 0 1 6

ForVEI commitment doubled bringing total size to £75m

Bioenergy Infrastructure Group (BIG) launched (£200m)

Recycling and Waste LP (RAW) launched (£50m) cornerstoned by the UK GIB Brighter Green Engineering (BGE) launched

Energy infrastructure EIS raised in 2015 (£30m) Foresight Regional Investment LP (£57m)

2 0 1 7

Raised managed account for Bioenergy (£250m) Launched Foresight Meteringacquired Utility Funding Limited (UFL)

Launched Foresight Williams Technology EIS Fund Launched Foresight Accelerated ITS

Opened Australian Office to focus on bioenergy & solar projects

Australia Bioenergy Fund launchedcornerstoned by CEFC £100m)

Opened Manchester Office

BIG portfolio grows to 23 waste assets and 125MW

Acquired 45MW battery storage assets

Conrad Colman completes Vendee Globe on Foresight Natural Energy - a zero emissions first

Foresight Accelerated ITS raised £120m

Foresight VCT plc raised £40m

Launched Foresight Smart Bonds Fund

Launched FP Foresight UK Infrastructure Income Fund

As the global migration from centralised, carbon intensive energy networks to low carbon, decentralised, smart systems continues, we have become a leading investor in renewable energy infrastructure. We are an active investor in Solar, Wind, Bioenergy, Battery Storage, Reserve Power, and we are helping to finance the roll out of smart meters across the UK through our subsidiary Foresight Metering.

Our investment strategies are underpinned by a strong Environmental, Social & Governance (“ESG”) focus, which increasingly meets the demands of today’s investors.

Our assets generate more than 1.6GW of clean energy, enough to power the equivalent of around a million UK homes and our bioenergy plants divert over 800,000 tonnes of waste from landfill and process over 1.8 million tonnes of waste every year, saving nearly 600,000 tonnes of CO2 emissions.

We aim to continue to offer investors attractive and sustainable risk-adjusted returns while having a positive impact on society’s environmental footprint.

That to us is a smarter future.

Our proud tradition

of innovation in infrastructure and private equity continues to appeal to institutional and private investors. We see it as investing for a smarter future.

Bernard Fairman Chairman, Foresight Group

First on-shore wind acquisitions in UK and Germany (165MW)

First operational AD plant acquisitions in Germany (17MW)

First close of ForVEI II (€58m)

Opened Spanish Office

Opened Korean Office

FSFL grew to 43 assets 788MW

Appointed MEIF equity fund manager

First close of Italian Green Bond Fund (€70m)

Opened Leicester & Milton Keynes Offices

2 0 1 8

Best VCT Investment Manager at the 2017 Growth Investor Awards - the judges commented on Foresight’s impressive investment volume and performance and the quality of our outreach.

Best IHT Portfolio Service for our Accelerated Inheritance Tax Solution at the Tax Efficiency Awards 2016. The “game changing” innovative product has been well received in the industry and gained significant momentum, with over £100m raised to date.

Best Generalist VCT for Foresight VCT plc at the Investment Week Tax Efficiency Awards 2018/19 where the awards recognise the most successful and forward thinking product providers.

VCT House of the Year at the Unquote British Private Equity Awards 2016. The judges of these awards which celebrate innovation and excellence in private equity and venture capital, commented on the impressive sustained work and strong returns of the firm.

Infrastructure Financier of the Year at the Green Innovation & Finance Awards 2017 for being the most active and successful large-scale financier in the category.

Best On-Farm UK AD plant at the ADBA Awards for the Rainworth plant which supplies heat and power to at Center Parcs Sherwood Forest Village. The plant has been recognised as a true representation of the direction and talent in the AD industry, delivering a real contribution to meeting the UN Sustainable Development Goals.

Although we are focused exclusively on meeting the needs of our investors, it is always reassuring when our expertise is acknowledged by our peers. Over the years our teams have won many awards. Here we celebrate some of the more recent...

Award-winning teams

VCT HOUSE OF THE YEAR

INFRASTRUCTURE FINANCIER OF THE YEAR

2017

SME DEAL OF THE YEAR

2018

BEST GENERALIST VCT

2018

BEST ON-FARM UK AD PLANT

2017

foresightgroup.eu/about-us

Exceptional fund management

expertise

Market leading in-house retail and

institutional fundraising team

Award-winning infrastructure

team

Highly experienced generalist SME Private

Equity investment team

Professional Marketing and Investor

Relations support

Arpproximately £2.8bn AUM:

led by partners with 380 years’ collective

experience

Team of 33 experienced

business development professionals

Team of 39 investment professionals targeting bioenergy, solar, wind,

battery storage and reserve power projects

Managing over £450m of SME investments across

diversified range of sectors

Institutional Capital team of 10 reporting

on 12 institutional funds

Top 4 VCT manager in FUM

Source: AIC

Recent fundraisings: £217m (retail)

£250m (institutional) (in 2018 calendar year)

Team of 40 portfolio and technology managers, optimizing over 1.6GW

of clean energy generation assets

Team of 25 investment

professionals

Retail team of 40 supporting over

24,000 private investors and their advisers

Sour

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Solar 69.5%

Bioenergy 20.5%

Private Equity 6.5%

Infrastructure 3.5%

INSTITUTIONAL

INST

ITUTIONA

L

Other 18.1%

VCT 28.1%

EIS 15.6%

ITS 38.2%

RETAIL

RETA

IL

We manage funds on behalf of some of the largest and most demanding of international institutional investors and successfully deliver innovative tax-efficient and inflation-hedged investment opportunities for our 24,000 private investors.

Institutional & Retail Money

63% 37%c.£2.8 BILLION

We are one of the UK’s leading and

longest established private equity investors in smaller growth companies, and our team currently manages over £450 million of investments in that part of our business

RETA

IL

foresightgroup.eu/about-us

INFRASTRUCTURE

Solar Energy We manage solar infrastructure funds on behalf of leading global institutional investors and private investors. Projects are typically financed either wholly with equity from Foresight funds, or together with debt facilities from banks reflecting the low operating risk nature of such plants and the benefit of long-term contracted revenues, through Power Purchase Agreements (“PPAs”) and appropriate Government support mechanisms.

In February 2017, we acquired our first solar farm in Australia on behalf of Korean institutional investors, the 25MW Barcaldine Solar Park. We followed this with the acquisition of the 110MW Bannerton solar project in Victoria and three further solar farms amounting to 117MW in Queensland. We are now one of the largest international solar investment managers in Australia, with a portfolio of over 250MW.

In the UK, our investment in the 72MW Shotwick Solar Farm (the UK’s largest) and its private wire to a nearby papermill enables the factory to run on up to 100% renewable energy in daylight hours.

In early 2017, we completed the first acquisition of a subsidy-free 7MW solar project in Portugal and three more subsidy-free plants in Spain of 14MW in total. These acquisitions herald a major step change for the solar sector in Southern Europe, as the theory of unsubsidised solar becomes a reality.

Since listing the Foresight Solar Fund Limited (LSE ticker: FSFL) on the London Stock Exchange in late 2013, the Company has raised a total of £569 million which has grown the company to £877 million in gross asset value.

FSFL owns 54 assets, of which 51 are fully operational and accredited in the UK and Australia generating 740MW, with the remaining 3 projects of 129MW under construction in Australia.

INFRASTRUCTURE

Our portfolio of solar assets generates enough clean electricity annually to power more than 310,000 UK homes*

*based on UK average electricity consumption per household: source Ofgem

Targeting solar renewable energy in the UK, Australia and Southern Europe.

Renewable Energy: Solar

CURRENTLY MANAGING OVER

£1.5 BILLIONIN FULLY-CONTRACTED

SOLAR ASSETS

1.1GWREPRESENTING OVER

OF INSTALLED CAPACITY

GLOBALLY

AUSTRALIA

5 plants 252MW

ITALY

3 plant 3MW

UK

73 plants 857MW

PORTUGAL

1 plant 7MW

OF TOTAL GENERATING CAPACITY

869MWFSFL HAS OVER

ACROSS THE UKAND AUSTRALIA

SPAIN

14 plants 60MW

(30 plants 90MW sold January 2018)

foresightgroup.eu/about-us

Wind Energy We started investing in the UK wind sector in 2017, with the acquisition of a 5MW farm at Kinegar in Scotland.

This was followed in 2018 with the acquisition of four onshore wind assets of 83MW from Belltown, the 14.4MW windfarm at North Pickenham from Enertrag, a 52 Turbine 12MW portfolio in Northern Ireland from Simple Power, and a 50MW German onshore wind portfolio from WPD.

Building a portfolio of wind assets across Europe is a key part of our diversified infrastructure strategy, which comprises a range of generation technologies and supporting infrastructure.

We are continuing to assess quality wind assets across European markets.

165MW*of wind generationacross the UKand Germany

INFRASTRUCTURE

Acquiring operational wind farms in the UK and Europe.

Renewable Energy: Wind

*includes JV with Peel Group

Flexible Generation Flexible Generation provides an essential service to the National Grid in helping balance the UK power system and refers to dispatchable power generation that operates only for short periods, to cover:

• demand variability

• intermittency of renewable generation

• maintaining security of supply

The government estimates that 2-3GW of fast-responding flexible gas plants will be required for the UK power system during the next two decades.

Foresight is actively supporting this shift by funding the construction of a 189MW portfolio.

Battery Storage Energy Storage has a critical role to play in current and future grid operations. The role of storage in the electricity grid has historically been limited to a handful of large-scale pumped storage facilities, however with the growing, critical need for more flexibility within the UK’s electricity network, 4.8GW of battery storage projects prequalified to participate in the 2017 Capacity Market auction.

In the UK a tender conducted in 2016 by National Grid for 200MW of Enhanced Frequency Response (EFR) gave a kick-start to the storage market which is forecast to grow materially over the next decade to address increased penetration of intermittent renewables and closures of ageing thermal plants. Foresight is a leading pioneer investor having acquired in 2017 two EFR projects - the 35MW Port of Tyne facility and 10MW Nevendon facility which are both fully operational - giving Foresight a 22.5% market share.

The cost of Lithium-ion, the main technology used for batteries, continues to fall, largely driven by the increased demand for electric vehicle batteries. These decreases in cost are forecast to be dramatic over the next few years, with the anticipated profile likened to the cost decrease that was experienced by solar PV.

Foresight is well-placed to continue its positive contribution to this market as these cost efficiencies flow through to more expansion of the market.

Storage facility

Flexible generation

The government estimates that 2-3GW of flexible,

fast-responding gas plants will be required for the UK power system during the next two decades.

INFRASTRUCTURE

Renewable Energy Enabling: Flexible Generation & Battery Storage

foresightgroup.eu/about-us

Fore

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#CrazyKiwi

ZERO EMISSIONS

Fore

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110Days

Foresight Natural Energy 2017

We were proud to partner Conrad Colman in his epic Vendee Globe adventure. Attempting to be the first Vendee Globe skipper to complete the race with zero emissions, his specially converted boat Foresight Natural Energy, used solar and hydro energy for power.

His resilience, skill and ingenuity was tested throughout the race, none more so than when Foresight Natural Energy was dramatically dismasted off the coast of Portugal, just 750NMs short of the finish line. Surviving on emergency rations from his life raft having run out of food, Conrad somehow managed to fashion a jury rig using the broken boom as a mast and what remained of his mainsail and crossed the finish line in Les Sables d’Olonnes after 110 days at sea, in an amazing 16th place.

Conrad is the first and only skipper ever to complete the Vendee Globe with zero emissions - on board Foresight Natural Energy.

1One man

1One boat

27,929NM

Approach Our funds invest structured equity in supporting the construction and operation of capital intensive and sophisticated processing facilities with a typical capital cost of between £3 million and £200 million.

These investments offer attractive returns and deliver clear environmental benefits through generating valuable renewable energy and recycled commodity materials, diverting waste from landfill and reducing greenhouse gas emissions.

Our financing in this sector comes from private investors and a series of institutional funds with leading investors including insurers, pension funds, family offices, specialist sector investors and Government supported banks including the European Investment Bank and Australia’s Clean Energy Finance Corporation.

OVER

Team Expertise Our bioenergy specialists combine senior management experience within the recycling, waste and renewable energy generation sectors with extensive industrial, operational management and financial expertise, particularly in structuring and managing complex projects and contracts.

Our commitment and contribution to the sector has been recognised by being named Infrastructure Financier of the Year in the 2017 Green Innovation & Finance Awards following earlier successes as Financier of the Year for two years running at the 2014 and 2015 New Energy and Cleantech Awards.

TONNES

PER ANNUM

1.8 MILLION

WASTE PROCESSING

INFRASTRUCTURE

We have mobilised more than £1 billion of capital investment into Waste to Energy and Plastics Recycling projects across the UK.

Renewable Energy: Bioenergy

Investment Focus We invest in bioenergy infrastructure and related support services in the UK, Australia and Europe, including the waste sectors outlined below:

Food waste for energy generation and agriculture

Anaerobic Digestion (AD) and In-Vessel Composting (“IVC”) have an increasing role to play in recycling food waste to produce renewable energy and fertiliser. Source segregated food waste is collected by many councils and organisations to avoid the escalating costs of disposal to landfill and to meet targets set by the government.

We have invested in 24 anaerobic digestion plants, totaling 42MW, and eight composting facilities.

MSW and C&I for energy from waste

Municipal Solid Waste (MSW) and Commercial and Industrial (C&I) waste are other forms of waste that with some level of preparation can be used as a substitute to fossil fuels in the generation of electricity.

Our three investments in energy from waste plants in the MSW/C&I section have a generating design of 52MW.

KEY

Agricultural Residue MSW Wood Food

Agricultural residues and energy crops for renewable energy and green gas production

The AD market has seen huge growth in recent years, with energy crops and agricultural residues providing a sustainable feedstock, generating renewable energy whilst retaining nutrient value in the liquid by-product – digestate – which is returned to agricultural land as an organic fertiliser. We have a range of AD projects with plants producing renewable electricity and plants that produce biomethane for injection to the gas grid.

Wood waste for renewable energy generation

Waste wood is a valuable resource which is being increasingly captured, recycled and used in a range of markets. The uses of waste wood are broadening beyond its traditional use in panelboard products and uses now include renewable fuel.

Our experience has extended to four large-scale biomass projects in the wood waste section, including Evermore which is responsible for generating 10% of Northern Ireland’s renewable energy.

GERMANY

UK

We have an experienced team of project finance investment professionals who use their existing strong relationships with contractors, equity investors, legal advisers, financial advisers, technical advisers and lenders across the social infrastructure sector, to gain access to a proprietary pipeline of assets.

To date we have acquired stakes in eight education and healthcare projects comprising 13 schools, three hospitals and a secure mental health facility.

Education

Healthcare

Social Infrastructure

INFRASTRUCTURE

Beyond our expertise in renewable energy generation and facilitation projects including Solar, Wind, Biomass, Battery Storage and Flexible Generation outlined on the previous pages, we also have an interest in social infrastructure projects which can include educational establishments, healthcare facilities and waste processing plants where no commercial heat or power is generated. We categorise these as social infrastructure since they provide a valuable social service.

Social Infrastructure: Education, Healthcare & Waste Processing

KEY

Waste

Significant opportunities exist to process municipal and commercial & industrial waste, extract and recycle valuable materials within these waste streams and convert the remaining fractions as a raw material or as a fuel for energy generation. Much of this fuel is currently exported and at Foresight, we have been keen to support efforts to build appropriate scale UK-based power plants to use this resource.

Foresight is invested in Oakleaf Recycling Ltd, a Material Recycling Facility (MRF) in Stanwell Moor West London, with a waste processing capacity of around 120,000 tonnes of Commercial and Industrial (C&I) waste per annum.

Quality is key for these recyclates to have any value and thus our state of the art MRF is focused on recovering materials of sufficient quality for onward use.

Oakleaf

KEY

foresightgroup.eu/infrastructure

We have over 35 energy suppliers contracted including three of the big six.

Smart Metering Foresight Metering’s funding approach allows energy suppliers to optimise their investment case for smart meter deployment across their UK residential and industrial/commercial customers. With ten years of proven operations in the advanced and smart metering market, Foresight Metering has invested in building upon a scalable solution to provide the right partnership approach across both large and small, independent energy suppliers.

Expansion In December 2016, Foresight Metering acquired 100% of Utility Funding Limited (“UFL”), an experienced meter asset provider for industrial and commercial customers in the UK.

Our Team Foresight Metering’s team is made up of industry and investment experts, led by non Executive Chairman Volker Beckers (ex CEO of RWE npower plc).

INFRASTRUCTURE

Foresight Metering is a wholly owned subsidiary of Foresight Group.

Energy Management: Foresight Metering

We regularly review our prices, adjusting them according to the market.

This customer-focused approach enables us to remain competitive with the cost of MAP charges allowing Energy Retailers to pass these annual savings directly to their customers.

All with no increase to your risk profile.

COMPETITIVE COST OF CAPITAL

We offer no minimum volume commitments giving Energy Retailers the flexibility to rollout smart meters at a pace that is in the best interest of Energy Retailers and customers alike. We also deliver service flexibility by providing a core solution that we can flex with optional services based on your specific needs.

We can be flexible when providing funding for assets by contributing to the cost of a rollout programme. This cost contribution will be limited to an agreed amount.

BUILT IN FLEXIBILITY

This is one of our core values, which we demonstrate through: • Market benchmarking throughout the

lifetime of the deal, giving you the confidence that you’re always getting a market leading deal.

• An invitation to view our capability through an ‘Open house’ approach and where, by arrangement energy suppliers can visit our operations team in Salisbury.

• Our commitment and willingness to partner with our customers; building trust and establishing long-lasting relationships.

TRUSTED IN THE MARKET

ADVANCEDHave a highly experienced leadership team with over

OF COMBINED EXPERIENCE

YE

AR

S

50

We have

YE

AR

S

10OF PROVENTHE ADVANCED & SMART M E T E R I N G M A R K E T

OPERATION IN

300,000

UNDER MANAGEMENTMETERSAND SMETS 1

foresightmetering.com

SME INVESTMENT

Investment Focus We invest in established growth businesses, which are typically profitable or on track to profitability in the short to medium term. Companies that enjoy a high visibility of future earnings through long term contracts and recurring revenues are particularly attractive. To facilitate the eventual realisation of the investment, we invest in markets with a history of merger and acquisition activity.

Investment Criteria

• High quality management team

• Sustainable competitive advantage

• Defensible margins

• Well formulated strategy

• Clear vision for growth

• Sector experience and proven track record

While investing across a wide range of industry sectors, we prefer not to invest in sectors driven by short-term trends or consumer preferences, such as high fashion.

With a broad range of funds, we are able to be flexible in structuring deals, providing a mix of equity, loans or mezzanine finance depending on the transaction and the company’s requirements.

Our award-winning

private equity team applies its expertise and experience to build long-term value to each investment.

3XS I N C E 2 0 1 0

RETURN ON OUR FULL & PARTIAL

EXITSC.

SME INVESTMENT

We are one of the UK’s leading and longest established investors in smaller growth companies, and our team currently manages some £450 million of investments across a broad portfolio of more than 60 companies. In the last 30 years we have supported hundreds of SMEs and their growth plans.

Regional Funds, VCTs and Growth Capital

Our Team With backgrounds in industry, strategy consultancy, banking, corporate finance, private equity and accountancy, our award-winning private equity team works with management to apply expertise and experience with a view to enhance and build long-term value and ultimately realise investments successfully.

We pride ourselves on our track record, having delivered a near 3x return on investment on our full and partial exits since 2010.

Foresight UK offices

Foresight UK investments

KEY

foresightgroup.eu/privateequity

Venture

Venture investing is in our DNA. Our founding partners started the business over 30 years ago to invest in the emerging information technology sector and we returned more than 4x to investors with that first fund. Foresight Ventures is a specialist team within Foresight Private Equity and invests in early-stage, knowledge-intensive businesses with disruptive technologies and highly defensible IP.

Our unique collaboration with Williams Advanced Engineering, the Foresight Williams Technology EIS Fund, offers our portfolio companies access to the commercial expertise of our investment managers, and also the extensive technical knowledge of the team at Williams Advanced Engineering.

We believe venture investing is a smart solution to providing much needed capital to early stage companies who in their own way are working to create a smarter future.

Investing

£500k-£2m

Growth Capital

We have been providing growth capital to small companies to help fund organic expansion and capex for over 30 years

We typically review over 1,000 investment opportunities every year, and our award-winning team has made upwards of 25 growth capital investments into 22 companies over the past 24 months. We invest growth capital into SMEs across the UK typically through our VCTs, Foresight VCT and Foresight 4 VCT, for which we have successfully raised £60 million over the past two years.

We’ve been doing this for a long time, and the experience of the team was reflected by being awarded VCT House of the Year at the Unquote British Private Equity Awards in 2016 and VCT Investment Manager of the Year at the Growth Investor Awards in 2017 and Generalist VCT of the Year in 2018.

Investing £1m-£5m

£30m

VENTURE

£225m+

GROWTH

SME INVESTMENT

Transaction types: Growth, Impact, Venture & Replacement Capital

Our regional teams of professionals work closely with their local adviser networks to identify appropriate opportunities, for creating a smarter future for local enterprise and businesses.

Our remit with impact investing is to invest in local businesses to support social enterprise and job creation for the local community targeting the ‘equity gap’ with investments of £100k - £2m.

We are pleased to have been appointed as the equity funding partner for the Midlands Engine Investment Fund managed by the British Business Bank on behalf of the UK Government.

We plan to launch other regional impact funds shortly

Impact

Our team has a wealth of experience in buyout investing and looks for established smaller businesses around the UK where shareholders are looking to unlock capital as part of an overall growth plan for the company. We also offer businesses the opportunity to bring in new expertise with a Management Buy In or allow incumbent shareholders to derisk their position with equity release.

With two institutional funds with a regional focus – the £40 million Foresight Nottingham Fund LP and £58 million Foresight Regional Growth Fund LP – our team is able to support replacement capital opportunities in the respective regions which our VCTs are no longer able to access, allowing shareholders to release value from their businesses whilst maintaining an ongoing involvement and gaining the support of a new partner.

Replacement Capital

Investing £100k-£2m

foresightgroup.eu/privateequity

£30m

VENTURE £55m

IMPACT

c.£100m

BUYOUT

Investing £1m-£5m

Foresight VCT first invested in Alaric in 2002 and subsequently supported the business with several rounds of growth capital, investing c.£1.5 million in aggregate.

Alaric develops and sells credit and debit card authorisation and anti-fraud software to major financial institutions and retailers. Over time it became a global leader in its field, driven by its strong management team and excellent product range.

After a competitive process, the business was sold in December 2013 for $84 million to the NCR Corporation in the US, securing the fund a 5.1x return on its investment.

Alaric

SOLD:

DEC 2013PRICE:

$84 MILLIONRETURN: 5.1x

AppDNA was spun out of Foresight VCT portfolio company Camwood in 2010. Foresight Group first invested in Camwood in 2003.

AppDNA rapidly became the leading specialist in Application Migration and Compatibility Software including AppDNA™ and AppTitude™ which it distributes to blue chip companies around the world.

The software enables enterprise customers and system integrators to automate the testing of application compatibility for operating system upgrades or for virtualisation. AppDNA grew rapidly, opening offices in USA, France, Germany and Australia and saw an increase in staff numbers from seven in 2007 to over 80 at the time of Foresight VCT’s exit.

In October 2011 AppDNA was acquired by Citrix Systems for $92 million, returning £24.7 million for the VCTs, an exceptional 32x the Company’s original investment.

AppDNA

SOLD:

OCT 2011PRICE:

$92 MILLIONRETURN: 32.0x

SME INVESTMENT

Case studies

Simulity is a specialist technology business, powering the future of connected devices and the Internet of Things (IOT).

Founded in Bangor in North Wales, Simulity has offices in Belfast and Cape Town. The company produces embedded communications software for SIM, eSIM and the next generation of connected devices.

In July 2017, we successfully completed the sale of Simulity Labs to ARM Holdings just eight months after our initial investment, delivering a 3x return (£11.7 million) to Foresight VCT shareholders.

Simulity

SOLD:

JUL 2017PRICE:

£50 MILLIONRETURN: 3.0x

Thermotech is a hard facilities management provider, designing, installing and maintaining customised air conditioning and fire sprinkler systems for retail, commercial and residential properties.

Its high profile client list includes John Lewis and Partners, M&S and Selfridges & Co. Foresight originally invested £2.5 million into Thermotech in 2013. With the investment, Thermotech was able to expand its customer base and develop further revenue streams, including the acquisition of Oakwood in 2016.

Having seen the staff numbers double in five years, Foresight exited the business in May 2018, realising a 2.3x return on investment and returning £5.7 million.

Thermotech

SOLD:

MAY 2018PRICE:

UNDISCLOSEDRETURN: 2.4x

LONDON - UK (Head Office)The Shard, 32 London Bridge Street, London SE1 9SG

t: +44 (0)20 3667 8100

foresightgroup.eu

MADRID - SPAIN

Paseo de la Castellana, 43, Madrid, Spain 28046

t: +34 911 23 58 95

foresightgroup.eu

ROME - ITALYPiazza Barberini, 52, 00187 Roma, Italy

t: +39 0645 506734

foresightgroup.it

SEOUL - SOUTH KOREALevel 20, 83 Uisadang-daero, Yeongdeungpo-gu Seoul, Korea

t: +82 (0)10 7195 8812

foresightgroup.eu

SYDNEY - AUSTRALIALevel 35, One International Tower, 100 Barangaroo Avenue, Sydney NSW 2000

t +61 (0)2 8046 3909

foresightgroup.eu

ST. PETER PORT - GUERNSEY

PO Box 156 , Dorey Court, St Peter Port, Guernsey GY1 4EU

t: +44 (0)1481 749 300

foresightgroup.eu

LEICESTER - UK34 Pocklingtons Walk, Leicester LE1 6BU

t: +44 (0)115 727 0650

foresightgroup.eu

MANCHESTER - UK82 King Street, Manchester M2 4WQ

t: +44 (0)161 694 8650

foresightgroup.eu

MILTON KEYNES - UK

Luminous House, 300 South Row, Milton Keynes MK9 2FR

t: +44 (0)115 727 0650

foresightgroup.eu

NOTTINGHAM - UK14 Park Row, Nottingham NG1 6GR

t: +44 (0)115 727 0650

foresightgroup.eu

FORESIGHT METERINGSALISBURY - UKBrewery House, 34-44 Gigant Street,  Salisbury SP1 2AP

foresightmetering.com