As at 31 March 2021, the net assets of the Company were £355.4m, giving a Net Asset Value (‘NAV’) per share of 480.67p, which taking into account the dividend of 3.99p paid on 29 January 2021, gives a decrease of 0.3% over the quarter. At 31 March 2021 the Company had net debt of £56.8m. Outstanding undrawn commitments were £117m, including £19m to funds where the investment period has expired.
There was only one new investment made during the first quarter. €5m was committed to the Agilitas 2020 Private Equity Fund, a mid-market buyout fund specialising in North West Europe. We know the management group very well having backed their previous fund and co-invested with them twice: in both cases successfully. After the quarter end we have made a new commitment of £5m to Apposite Healthcare Fund III, a European focussed lower mid-market healthcare and life sciences fund. Again, we have a strong relationship with the manager through their previous fund and through co-investing. The pipeline of new investment opportunities is very healthy, and we expect to make more fund commitments and co-investments as the year progresses.
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.