Foresight Group Holdings LON:FSG, the London-listed investment manager, has reported trading broadly in line with expectations for the six months to 30 September 2025, as sustained investor appetite for its specialist real assets and growth capital products underpinned steady growth in assets under management.
The Group, which operates across the UK, Europe and Australia, said that core EBITDA before share-based payments (SBP) for the first half of the 2026 financial year (H1 FY26) met both management forecasts and current market consensus.
Recurring revenues are expected to remain within the firm’s target range of 85–90% for the full year, underscoring the resilience of its income base.
Total Assets under Management (AUM) rose 3% to £13.6 billion from £13.2 billion in FY25, while Funds under Management (FUM) edged up 1% to £9.6 billion. On a constant currency basis, AUM reached £13.5 billion, with FUM unchanged. The Group attributed much of the growth to strong retail fundraising and early progress in the latest vintage of its flagship energy infrastructure strategy.
€505m for Foresight energy fund
During the period, Foresight raised £223 million into higher-margin retail investment vehicles, which remain on track for another record year, buoyed by robust demand and a healthy second-half pipeline.
Institutional momentum also continued, with €505 million in commitments secured for Foresight Energy Infrastructure Partners II (FEIP II), its successor energy fund. The capital came from a mix of four new and three returning limited partners, marking the completion of the first fundraising phase.
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FEIP II has already begun deploying capital, completing a combined £210 million investment into UK battery storage assets, including the acquisition of Harmony Energy Income Trust (HEIT) alongside another Foresight-managed fund. The deal underscores the Group’s growing focus on energy transition assets, a theme that has become central to its investment strategy.
Foresight Capital Management, the Group’s listed equities division, delivered positive investment performance of £36 million during the half, though it experienced net outflows of £136 million amid continued market volatility.
Sale of Zenith Energy in Australia
In Australia, the Group recorded a notable milestone with the sale of Zenith Energy, a leading independent power producer. The disposal, completed at a valuation materially above the fund’s previous carrying value, generated performance fees for Foresight and demonstrated the strength of its infrastructure portfolio in the region.
Post period end, Foresight advanced its regional private equity rollout, achieving a £90 million first close on its 16th regional institutional fund. The expansion highlights the Group’s ongoing commitment to supporting small and medium-sized enterprises (SMEs) across the UK and Ireland, where it has established a network of locally focused funds targeting high-growth businesses.
Executive Chairman Bernard Fairman said Foresight continues to see “sustained investor appetite” for its specialist products.
“Demand for our higher-margin business relief products has remained elevated and, post period end, our private equity division launched its 16th regional institutional fund,” Fairman said. “Whilst the first phase of FEIP II fundraising was slower than originally anticipated, we are confident that this second vintage will achieve its target size of €1.25 billion by mid-2027, supported by strong investor interest and early deployment success.”
Looking ahead, Foresight Group expects its diversified fundraising channels and long-duration capital strategies to underpin further profitable growth through the remainder of the year. Foresight reaffirmed its ambition to double core EBITDA (pre-SBP) in the five years to FY29.
Foresight Group will announce its full interim results for the six months ended 30 September 2025 on 2 December.
