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MULTIPLE OF COST OF REALISATIONS
6 months ended 31 July 2019
Highly cash generative Portfolio at significant up lifts to carrying value
The realisation environment remained supportive during the period, with 25 full exits from the Portfolio. Total proceeds received were £67m, of which full exits accounted for £42m (or 62%).
The average realisation uplift of 33%1 to the previous carrying value is broadly in line with the average over the preceding five years, as was the average return multiple of 2.1x cost. Encouragingly, almost a third of the realisations during the period returned more than 2.5x cost.
One Top 30 underlying company was fully realised in the period: Atlas for Men, which was a third party primary investment and the 30th largest holding at the start of the year, was sold by Activa Capital. A number of other Top 30 companies were partially realised including Visma which we held through a 2014 co-investment alongside Cinven which was sold for 2.5x cost, while our 2017 co-investment alongside ICG remains unrealised. Other significant partial realisations from the Top 30 underlying companies include a number of share sales such as the listed holding in Ceridian.
1 Uplift figure excludes publically listed companies that were exited via multiple share sales