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The key messages from the 1Q Update for the period to 30 April 2021 were i) highest ever quarterly realisation proceeds – at £100m, they are already ca.70% of the annual average for the past five years, ii) 12 full exits at 42% uplift to carrying value (evidencing the conservatism in the NAV) and at 3.9x cost multiples, iii) portfolio return on a local currency basis of 3.4% (sterling return: 2.2%) despite a partial correction in the listed Chewy share price ‒ NAV per share rose 1.6%, iv) £32m of investments (63% High Conviction (HC) investments inc. two direct investments); there is a substantial pipeline and available liquidity of £290m, and vi) 1Q dividend 6p, FY intention at least 27p.
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