Georgia Capital - Value creation on the back of macro recovery

Georgia Capital (GCAP) posted a 13.2% NAV total return (TR) in local currency terms in H121 (15.2% in sterling), driven by an improved operating performance across its private holdings (assisted by Georgia’s 12.7% y-o-y real GDP rebound in H121), a c 10% rise in the Bank of Georgia’s share price and appreciation of the Georgian lari versus the US dollar. GCAP continues to focus its new investments on the education and renewable energy sectors. It recently announced a school acquisition and the opening of another campus in the affordable education segment, which will expand its capacity from 3,500 to 5,300 learners from September 2021.