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ICGT reported a further strong quarter of NAV growth to October 2021. One highlight from these results was secondary fund investments. This note reviews the strategic allocation that may see these assets become 20%-25% of ICGT’s portfolio over the next few years. The reasons ICGT is increasing the assets’ weighting include i) these assets have known underlying investments, ii) they return cash quickly, and iii) they do not incur material future commitments – all fitting ICGT’s portfolio management well. The raised allocation reflects new, highly experienced and well- connected hires who have a strong track record in secondary fund investments.
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