A Portfolio Summary of a fund provides information on the individual investments that have occurred over the life of a fund. Typically, such a summary should be in the form of a table, covering one or two pages, with footnotes as appropriate.
A summary of the portfolio should include the following details for each investment, recognising that some information may need to be provided by way of footnotes/disclosed separately.
- Portfolio company name;
- Date of initial investment;
- Disposal date(s), where applicable, and, if a partial exit, percentage exited;
- Holding period;
- Industry/Sector (e.g. Invest Europe sectoral classification);
- Current percentage ownership as at reporting date;
- Total return for the investment, broken down by:
– Cumulative income to date
– Cumulative capital proceeds to date, where applicable
– Total cost invested since inception
– Current cost
– Current fair value
– Unrealised gains/losses and total return
– Multiple of invested capital
– Gross IRR
- If proceeds include deferred proceeds, escrow accounts and earn-outs or, if there are contingent liabilities, these should be quantified in a note;
- Notification of the amount of investors’ commitments excused from this investment, where relevant.
Additional possible disclosures
- Where relevant:
– income broken down between interest and dividends;
– cost broken down between capital invested and rolled up income
- If an investment is made in a currency other than the reporting currency of the fund, then the gross multiple and IRR in the currency of the investment may also be reported.