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The key interim results message is the spectacular operational outperformance that PIP has achieved through the COVID-19 crisis so far. PIP's sample of buyout companies (two thirds of that portfolio) reported weighted average revenue and EBITDA growth of 17% and 15%. The MSCI World Index reported falls of 17% and 31%, respectively, for the same period. PIP’s investee companies normally outperform (EBITDA growth 2013-19 average 11% higher than the index), but, through COVID-19 to November, it was 4x this level. EV/EBITDA ratings on PIP’s book are, despite this sharp outperformance, at a 1% discount to this index.
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