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We reviewed PIP in our report, 11.9% average annual NAV growth since 1987, published on 6 September 2019, and in our note, History of value added to portfolio by holding Pantheon, published on 26 November 2019. PIP, on average, has generated ca.1.5x the market’s returns since inception in 1987, delivered by i) PE-owned businesses outperforming quoted ones, ii) PIP investing in the right PE sub-sectors, iii) benefits from being in the Pantheon family, and iv) a structured fund selection process. PIP gives investors liquid access to the illiquid PE market, strong corporate governance and a “real” NAV above its “book” value. The risks are detailed below.
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