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FY’22 was a record year for PIN in terms of NAV growth, cash generation and investment activity. The period saw valuation gains of 24.4%, nearly double the 10-year average. Combined with positive forex (7.2%) and a small buyback benefit, the 31% NAV growth was more than double the 10-year average, and this was achieved net of all fees. PIN saw its largest-ever single company exit, and uplifts on exit averaged 42%. This performance followed outperformance over the previous 34 years through multiple cycles. Despite this, PIN, and the rest of the PE sector, are trading at near-record discounts to NAV.
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