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In our note, Exceptional companies, long-term outperformance, we highlighted the continued operational delivery by the model, despite market challenges. 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 expect the May year-end NAV, published in early July, to reflect a continuation of the robust business trends.
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