Investment Companies Daily April open-ended funds flows, PSH Microsoft, GRID project financing, RCP NAV, VIP fixed-rate loan/investment, IEM tender price

Research evidence excerpt

Investment Companies Daily April open-ended funds flows, PSH Microsoft, GRID project financing, RCP NAV, VIP fixed-rate loan/investment, IEM tender price

ID’s largest project, having conditionally

agreed to acquire the project on 31/12/25. The export credit agreements fund up to 50%

of the battery, inverter, and medium voltage transformer equipment for the two projects

in what GRID says is a first of its kind in the GB BESS market. The financing enables

GRID to spread the payment of this equipment over ten years at an attractive fixed interest

rate, reducing upfront capital requirements and improving equity returns. The export

credit facility is being provided by Banco Santander. These export credit agreements

represent the first step of the funding process for two of the first three pipeline assets. The

next step will be the signing of senior debt facilities to cover up to 70% of the Cockenzie

and Monet's Garden project costs, which is expected shortly. Once all funding is in place,

construction can begin on these projects, which have connection dates in 2027.

• RIT Capital Partners (RCP, Overweight) - April NAV - RCP has reported a 30/4/26

NAV (debt at fair) of 2,970pps, up 0.8% for the month, including the interim dividend of

22.5p. YTD to 30/4/26, RCP’s NAVTR is +2.4%. April’s market recovery was

concentrated in US technology and AI capital spending beneficiaries, and RCP’s

participation in the rally was modest, reflecting its global diversification across asset

classes (including unquoted holdings), and its deliberate choice to access the AI theme

primarily through its Private Investments portfolio. Here, the direct investments are only

revalued semi-annually, with the fund investment valuations beginning to be received 2-3

months after each quarter end.