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In our note, Exceptional companies, long-term outperformance, we highlighted NAV of 469.5p, an NAV return of 4%, net cash generation of £34m, distributions of £111.5m, calls of £77.5m, period-end cash of £52m and commitments of £848m (including £303m new commitments). Some key business messages were that i) uplifts on exits were 33%, slightly above the FY’12-22 average, ii) exits were at an average 3.1x multiple to cost, iii) 54% of the portfolio is invested directly in companies, iv) average revenue and EBITDA growth of 23.0% and 10.6%, respectively, were well ahead of benchmarks, and v) the EV/EBITDA multiple was 17.3x. We further note that the PEG was 1.6x, around a fifth of the benchmark.
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