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The April performance report showed strong NAV progression (up 2.4%, after March’s +3.8%). PIP is managed very conservatively, which we believe served it well through the 2020 market disruption. At end-April 2021, nearly uniquely in the sector, its cash/facilities (£478m) largely covered undrawn commitments (£520m), giving a good risk/reward balance. In the 11 May video, Helen Steers expanded on why PIP has chosen technology and tech-enabled businesses as one focus for investment. The discussion also covered ESG, PIP’s resilience through COVID-19, PE returns, PIP’s flexible mandate, and its risk-reward balance
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