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Our July initiation, Outperformance through every stage of cycle, highlighted how investors got liquid access to the attractive PE market with incremental manager synergies. To its last reported NAV (April), ICGT delivered a 10-year total NAV return of 178% (FTSE All-Share return 61%). Since Intermediate Capital became the manager in 2016, it has earned mid-teen underlying returns every year. It has a concentrated portfolio of “high-conviction” investments (19% p.a. average five-year return, 42% of the portfolio, defensive growth focus) and a diversified third-party PE funds book. The 26% discount to NAV seems anomalous with market-beating returns.
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