Bestinvest says
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The Company seeks to provide investors with long-term distributions, at levels that are sustainable, by advancing loans against infrastructure projects that have pre-determined, long-term, public sector-backed revenues. There is no property risk. None of their loans are traded in the market - all are bilateral agreements. Deals are sourced through EC Harrison who are their retained consultants on completed assets. But GCP themselves are more known now (the master fund started in July 2009) so that deals often come to them directly. Before their investment a typical infrastructure project may be: £17m debt + £6m equity. Afterwards: £17m debt; £3m mezzanine (all taken by GCP); £3m equity. In this example their mezzanine investment came out of the equity tranche but it can just as often come out of the senior debt line.