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ICGT reported a further, strong quarter of NAV growth to October 2021. One highlight from these results was the indication that ICGT’s secondary fund investments may increase to 20%-25% of ICGT’s portfolio over the next few years. The raised allocation reflects new, highly experienced and well-connected hires, who have a strong track record in this area. Secondary PE fund investments are attractive as they have known underlying investments, they return cash quickly, and do not incur material future commitments, plus they fit ICGT’s overall portfolio management well with good diversification and risk characteristics.
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