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In our note, Putting the discount into perspective, we noted that ICGT’s discount, like most of the listed PE sector, is well above historical averages. To put this into perspective, we considered i) the improved risk/reward opportunity this presents to new investors compared with the past, ii) potential misperceptions, noting that, in our view, the NAV is realistic and resilient going forward, and iii) how PE managers aim to achieve unchanged target returns despite higher rates. We reviewed how the triggers to a potential re-rating have evolved and are likely to evolve in the near future. While many of these factors apply across the PE industry, we explained how ICGT’s position, portfolio and strategy mean it is uniquely well-positioned in this environment.
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