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The March performance report showed strong NAV progression (up 3.8%), but also indicated a cautious increase in risk appetite. PIP is managed very conservatively, which we believe served it well through 2020 market disruption. At end-February 2021, its cash/facilities largely covered undrawn commitments. Unlike peers, it was not dependent on realisations to fund future drawings. This has been slightly relaxed and, in March, PIP committed $150m to the Pantheon Secondaries Opportunities Fund to take advantage of post-crisis opportunities. Over-commitment as a percentage of NAV remains a fraction of peers, giving a good risk/reward balance.
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