• Digital 9 Infrastructure (DGI9) has postponed its results presentation for analysts and institutional investors, which had been scheduled to accompany today’s release of its audited annual results. The delay stems from ongoing board-level discussions around the valuation as at 31 December 2023, which in turn has impacted the finalisation of the 2024 accounts and audit. DGI9 has stated that the outcome of the review is not expected to affect the NAV as at 31 December 2024. The company still intends to publish its audited results by market close today, with the investor presentation now expected to take place during the week commencing 6 May 2025.
• BlackRock American Income Trust (BRAI) has completed its recent tender offer that was announced on 22 April 2025, with a total of 10,910,252 ordinary shares repurchased and placed into treasury. Following the transaction, BRAI’s issued share capital stands at 95,361,305 ordinary shares, of which 38,747,433 are held in treasury, with total voting rights standing at 56,613,872 shares. Proceeds from the tender offer were returned to shareholders on 29 April 2025, either via CREST or by cheque for those holding shares in certificated form.
• Aquila Energy Efficiency Trust (AEET) has declared a special interim dividend of 36.837p per share, payable on 30 May 2025 to shareholders on the register at close of business on 9 May 2025, with an ex-dividend date of 8 May 2025. This substantial distribution is part of the trust’s managed wind-down, which was approved by shareholders following a strategic review in 2023. The dividend reflects progress in realising the portfolio and returning capital to investors in line with the board’s stated objective of delivering an orderly and efficient return of proceeds.
• Patria Private Equity Trust (PPET) has announced that Mr Dugald Agble, a non-executive director of the trust, acquired 14,000 ordinary shares on 29 April 2025 at a price of £5.6489 per share, for a total consideration of approximately £79,084. Following this transaction, Mr Agble’s total holding in the company stands at 15,400 shares.

[QD comment MR: It is good to see one of PPET’s directors making a significant addition to his personal investment in the trust as it both significantly improves alignment with other shareholders and is also a sign of confidence in PPET’s private equity strategy in these times of increased market turbulence.]

• NB Private Equity Partners (NBPE) has released updated operating metrics alongside its audited 2024 results and an investor presentation dated 28 April 2025.  The updated figures reflect new portfolio information received since the initial disclosures. As of 31 December 2024, the portfolio posted last twelve months (LTM) revenue and EBITDA growth of 8.1% and 12.1%, respectively. The portfolio trades on a 15.3x EV/EBITDA multiple with 5.3x net debt/EBITDA. Investors can access the updated presentation via NBPE’s website.
• Pershing Square Holdings (PSH) has announced the successful closing of its €650m senior notes offering, which was first announced on 22 April (click here to read more) with pricing announced on 24 April 2025 (click here to read more). The bonds mature in 2030 and carrying a 4.25% annual coupon. PSH says that the net proceeds will be used for general corporate purposes, including making new investments or holding assets in line with its existing investment policy.
• M&G Credit Income Investment Trust (MGCI) has released its quarterly review for the period to 31 March 2025, highlighting a NAV total return of +1.36%. While slightly trailing its benchmark return of +2.13%, performance remained broadly in line with the ICE BofA 1–3 Year BBB Sterling Corporate Index and ahead of several broader credit indices. The quarter was marked by growing market unease, with tariff-led tensions under the Trump administration, policy uncertainty in Europe, and geopolitical strains driving volatility. Credit spreads widened from February onwards, reflecting mounting concerns over global trade, inflation, and the potential for stagflation. Despite these headwinds, MGCI maintained its defensive positioning and focused capital deployment into private credit markets, investing £7m across four assets – including top-ups to existing securitised and microfinance positions and a new direct lending facility to a UK hospitality chain. The trust also raised £6.5m via a placing and retail share offer, with proceeds temporarily allocated to an AA-rated ABS fund pending deployment. Looking ahead, the manager sees continued macro uncertainty but remains committed to a bottom-up, value-focused approach. With credit spreads widening and volatility elevated, MGCI believes it is well positioned to capitalise on dislocations across public and private markets, supported by dry powder from its credit facility and liquidity in ABS funds.
• GCP Infrastructure Investments (GCP) has announced changes to its board as part of ongoing succession planning. Julia Chapman, who has served as a non-executive director and senior independent director for over nine years, has notified the board of her intention to retire during 2025. A retirement date will be confirmed in due course. In anticipation of this, the board has appointed Heather Bestwick as a non-executive director with effect from 29 April 2025. She will also join the audit and risk, management engagement, and sustainability committees. Bestwick brings over 30 years’ experience in financial services, including senior legal and executive roles in the UK, Cayman Islands and Jersey. She currently sits on the boards of EPE Special Opportunities and Rathbones Investment Management International.
• Shareholders of Care REIT (CRT) voted overwhelmingly in favour (84.76%) of its proposed acquisition by CareTrust at 108p per share. The company’s last day of trading will be 8 May.
• CQS Natural Resources Growth and Income (CYN) has provided an update on its ongoing strategic review, confirming that the process is still in progress. The board says it is now in the final stages of developing specific proposals aimed at delivering the most effective outcome for shareholders and recommendations are expected to be announced by 31 May 2025. The review was first launched to assess options for enhancing shareholder value and addressing the company’s persistent discount to NAV.
• Fair Oaks Income (FAIR) has confirmed that a portion of its first quarter 2025 management fee will be reinvested into its shares, in line with its previously stated policy. Under the terms of its 2021 prospectus, 25% of the management fee linked to the realisation and 2021 share classes is to be used to purchase shares in the secondary market when they trade at a discount to NAV. Following the 31 March 2025 NAV announcement on 16 April, the company’s investment manager has acquired 158,907 2021 shares below NAV, in line with that policy.

We also have:

HydrogenOne Capital Growth publishes 2024 sustainability report

Phoenix Spree Deutschland looks to rise from the ashes as values turn a corner

NB Distressed Debt reports on progress towards wind-up

RTW Biotech Opportunities’ Jade Biosciences merges with Aerovate Therapeutics

CEIBA Investments hit by NAV drop as Cuban macro headwinds intensify

GCP Asset Backed Income progresses wind-down as returns top £188m

BBGI offer sees incredibly low early take-up as 20 May deadline looms

HydrogenOne reports portfolio revenue growth but NAV and share price retrench

Stories you may have missed from yesterday:

Artemis UK Future Leaders reports on a challenging year as new managers take helm

Life Settlement Assets buybacks allow NAV to tread water

Aquila Energy Efficiency Trust edges forward on wind-down

VEIL marks 30 years with solid performance and outlook tempered by new trade headwinds

RM Infrastructure Income makes solid progress on portfolio wind-down