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We believe the outlook for calendar year 2023 will be driven by the same underlying factors that drove the latest full-year results, and which we reviewed in our note, FY’22 results: it is not just lionesses that roar. Over the past 35 years, through multiple cycles, PIP has delivered market-beating NAV returns, driven by the incremental operational, strategic and financial value PE adds to investee companies, and by the incremental value added by Pantheon, in resilient sectors. through its selection of high-quality managers and mature/profitable companies. Investee company gearing, and over-commitment are modest. Uplifts on exit proving the conservatism of the valuation approach continue.
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