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We reviewed PIP in our initiation report, published on 6 September 2019, and in our note, History of value added to portfolio by holding Pantheon, published on 26 November 2019. The core messages in the interim results confirmed the reasons why PIP has delivered sustained market-beating returns (11.6% annualised NAV growth since inception): i) PE-owned businesses outperforming quoted ones; ii) PIP is investing in the right PE subsectors; iii) Pantheon family benefits; iv) good manager selection; v) sustained uplift to book value on sale, giving confidence in the NAV; and iv) a flexible, diverse fund.
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