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MULTIPLE OF COST OF REALISATIONS
Nine months to 31 October 2018
Continued strong realisation activity at significant uplifts to carrying value and cost
The Portfolio remains highly cash generative. After record realisations in the year to 31 January 2018, our managers continued to take advantage of the favourable exit environment generating proceeds of £118m, or 20% of the opening Portfolio value, in the nine months to 31 October 2018.
The sales of 49 companies were completed at an average uplift of 30% to the previous carrying value, which is broadly in line with the average uplift over the preceding five years. The average return multiple of 2.3x cost was in-line with the average of 2.2x over the last five financial years, reflecting a number of highly successful investments realised in the period.
Five of the largest 30 underlying companies were realised: The Laine Pub Company, Swiss Education Group and Minimax, high conviction co-investments managed by Graphite Capital, Invision Capital and ICG respectively, as well as CeramTec and TMF from our third party funds portfolio, including a secondary investment in the latter company.