As at 31 December 2020, the net assets of the Company were £359.5m, giving a Net Asset Value (NAV) per share of 486.17p. The NAV total return for the year is 22.7%. The NAV total return for the fourth quarter was 26.1%. At year end the Company had net debt of £62.8m and outstanding undrawn commitments of £125.1m, including £21.2m to funds where the investment period had expired.
There were only two new investments made during 2020, both of them pre-pandemic. €6m was committed to Avallon Buy-out Fund III, the second fund we have backed from this leading Polish mid-market investor. €5m was committed to Montefiore V, a France based mid-market firm specialising in companies in the services sector whom we have also backed before. Given the considerable uncertainty which pertained throughout most of the year we have deliberately held back from making new commitments to funds or co-investments until very recently.
After the year end a commitment of €5m was made to Agilitas 2020 Fund. This is the second time we have backed this dynamic European mid-market specialist in a buyout fund. We have also successfully co-invested with them twice. Our connection with the principals goes back two decades. Further modest new commitments to funds and co-investments are expected this year.
Past performance is not a guide to future performance and the value of your investments can go down as well as up. You can read the full quarterly review of the trust by viewing the factsheet here.