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Record year for realisations at significant uplifts to carrying value and cost
(12 months to 31 January 2018)
MULTIPLE OF COST OF REALISATIONS
During the 12 months to 31 January, our underlying managers took advantage of the continued favourable exit environment to sell 59 of our underlying portfolio companies compared with 40 in the prior year. This includes seven of our top 30 companies which helped drive proceeds to a record high of £217m or 2.5 times the amount generated in the previous year. At 37% of the opening portfolio this cash conversion rate is the highest for over a decade.
Realisations generated an average uplift of 40% to the previous carrying value and an average multiple of 2.7x original cost. These significant uplifts build on the Portfolio’s strong track record. Over the last five years, realisations have generated average uplifts of 33% and a multiple of 2.2x cost. In addition to the realisations by our underlying managers, we also executed the sale of one of the third party funds in the secondary market, reflecting our active approach to managing the Portfolio and bringing total proceeds in the year to £227m.