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PE fund businesses’ NAVs normally reflect a delay in getting valuations from the underlying managers. The effect is small, unless markets move significantly. PIP has addressed the current distortion through the introduction of a “Manager’s Provision”, which reduced its managers’ valuations (94% of which were valued at December 2019) by 8%, (226.3p, March monthly performance report). This level was assessed by underlying manager feedback, proprietary models and an analysis of how its PE asset values changed relative to market movements. The fact that PIP introduced this provision speaks volumes for its openness with investors.
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