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The key results message was “more of the same”, including: i) market-beating core NAV growth (known given previous disclosures); ii) strong EBITDA growth in underlying companies; iii) good cash generation; iv) strong uplift to carry cost from realisations (giving valuation confidence); and iv) a conservative over-commitment policy. In our initiation 11.9% average annual NAV growth since 1987, we noted: i) PE funds outperform quoted companies; ii) PIP is in the right parts of the PE market; iii) the Pantheon family benefits; and iv) a value-added fund selection process. PIP gives access to the whole PE market, with strong corporate governance.
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