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The May 2023 factsheet gave key information, including the NAV (462.4p per share), NAV return (2.4%), net cash generation (£67.7m), distributions (£222.5m), calls (£154.8m), period-end cash (£63m) and commitments (£857m, including £441m new commitments). The FY’23 results announcement noted a change in capital allocation, with up to £200m being allocated to buybacks in FY’24, and future policy is under review. Additionally, it showed i) uplifts on exits of 27%, ii) exits at an average 3x multiple to cost, iii) 52% of the portfolio invested directly in companies, iv) five-year average revenue and EBITDA growth of 18% and 20%, respectively (benchmark 7% and 6%), and v) an EV/EBITDA multiple of 17.8x.
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