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Investment portfolio: High conviction investments underpinned by a portfolio of leading funds
High conviction portfolio of actively sourced investments
The high conviction portfolio accounted for 43% of value of the portfolio. Almost a third of the portfolio is weighted towards third-party co-investments and secondary investments, which account for 19% and 8% respectively. These investments enhance returns and increase visibility through selectively investing in attractive investment opportunities, on an opportunistic basis.
Within the ICG weighting, we are invested in three of ICG’s strategies with a focus on funds that have a bias to equity returns, targeting gross IRRs of at least 15% to 20% p.a.
We favour more defensive businesses, those that are uncorrelated to economic cycles and highly cash generative.
Portfolio of leading private equity funds
Our portfolio of private equity funds is made up of 38 leading private equity managers. This portfolio provides a base of strong diversified returns and is a source of co-investment and secondary investment deal flow for the high conviction portfolio.
The funds portfolio has a bias to mid-market and large cap European private equity managers, with the remainder focused on the US private equity market, and the latter is likely to increase in the short to medium term.
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