Investment Companies Daily

Research evidence excerpt

Investment Companies Daily

C A Z E N O V E Europe Equity Research

30 June 2026

Model Portfolio - Remove GSF/Add GRID, KKR

monetization, GRID Primestone requests sale, BHMG

private fund, JPEL model update, CHRY Interims, JARA

Liquidation, GCP refi, TFG NAV

• Model Portfolio – Remove GSF/Add GRID – Within our investment European Investment Companies

AC companies model portfolio we are removing Gore Street Energy Storage (GSF, Christopher Brown

Overweight) and adding Gresham House Energy Storage (GRID, Overweight) (44-20) 7134-4722

at prices of 47.5pps and 89.8pps respectively (@09:25). This reflects the more christopher.brown@jpmorgan.com

favourable outlook we see for capital and revenue growth in the near to medium Adam Kelly, CFA

term for GRID. GRID recently announced an innovative debt financing plan (44-20) 7742-9526

and joint venture that will fund an asset development plan (see our note here adam.kelly@jpmorgan.com

J.P. Morgan Securities plc

for details) and yesterday announced that its Ocker Hill asset has been

provisionally selected by Ofgem for a Long Duration Energy Storage Investment companies Research

government backed inflation linked 25 year contract (see our note here). Today, homepage -click here

it is under pressure from 7% shareholder Primestone to sell the portfolio to

unlock the substantial value not reflected in the share price (see comment

below). There are no changes to any of our recommendations. Largest movers over the last week (%)

Partners Group Private Equity -11.8

• KKR (KKR, Overweight) – 2Q26 Monetization – Late last week, KKR JPMorgan EMEA Emg Mkts -10.2

reported monetization activity ‘in excess of $900m’ for its second quarter to 24 Pacific Horizon -9.3