Foresight Group, a sustainability-focused infrastructure and private equity investment manager, reported a 38% increase in assets under management (AUM) to £12.2bn for the year ending March 2023, largely due to two acquisitions. The firm also continues to explore more mergers and acquisitions.

The company’s full-year results, released today (4 July), also revealed a 35% increase in funds under management (FUM) to £9bn, significantly surpassing its target.

The group’s assets were bolstered by £3.3bn through the strategic acquisitions of Infrastructure Capital Group, now known as Foresight Australia, and the technology ventures division of Downing LLP. The firm’s international expansion and diversification efforts also contributed to the asset growth, with AUM outside the UK rising from 23% at the time of its IPO in February 2021 to 43% as of 31 March 2023.

As of 30 June 2023, both AUM and FUM were slightly lower at £12bn and £8.8bn respectively, due to negative foreign exchange movements and net OEIC outflows. However, this was partially offset by the in-house sales team directing £0.3bn of inflows into high-margin products.

The increase in assets and funds under management resulted in a 38% revenue growth for Foresight, reaching £119.2m in the year ending March 2023.

The company also generated £5.8m in performance fees during the year, and dividends per share rose by 46% to 20.1p, up from 13.8p.

Bernard Fairman, the chair of Foresight Group, stated that following a record year of substantial profitable growth, the company is now concentrating on further organic growth.