| Undrawn Commitments |
PIP’s undrawn commitments to fund investments are well diversified by stage and geography and will enable the Company to participate in future investments with many of the highest quality managers in the private equity industry.
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Geographic Spread
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Stage Composition
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Maturity
Geographic Spread
The USA and Europe have the largest outstanding commitments, reflecting the fact that they have the most developed private equity markets. Commitments to Asia and other regions provide access to faster-growing economies.
Stage Composition
PIP’s undrawn commitments are well diversified across all major stages of private equity. The majority of the buyout exposure is with mid-cap and smaller funds. Venture & growth forms a significant portion of the Company’s undrawn commitments.
Maturity
29% of PIP’s undrawn commitments are in the 2005 fund vintage or older. These vintages are likely to be past their investment periods and, as such, should have slower call rates. It is likely that a portion of these commitments will not be drawn.
| Ordinary Shares | |
| 723.50 GBp -0.50 | PIN |
| Redeemable Shares | |
| 675.00 GBp 0.00 | PINR |
| NAV/Share 1,134.0p at 31 Dec 2011 | |
