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ICGT’s discount, like most of the listed PE sector, is well above historical averages. To put this into perspective, in this note we consider i) the improved risk/reward opportunity this presents to new investors compared with the past, ii) potential misperceptions, noting that in our view, the NAV is realistic and resilient going forward, and iii) how PE managers aim to achieve unchanged target returns in a higher rate environment. We also consider how the triggers to a potential re-rating have evolved in the recent past and are likely to evolve in the near future. While many of these factors apply across the PE industry, we explain how ICGT’s position, portfolio and strategy mean it is uniquely well positioned in this environment.
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