I believe the current discount to NAV will be applied to PAC for the forseeable future. The change in share price will come from share buybacks and additional investments.
ROC Partners increasing FUM at a high annual rate may entice Regal Partners to have another look at buying PAC.
VPC Specialty Lending (VSL:LSX) is liquidating its investments and is making a large payout this financial year. VPC's older funds will start paying out. This will lead to higher earnings contribution from VPC.
Pennybacker continues its high growth rate. The remaining stake will be sold to Goldman Sachs in 2026.
Above adds up to a lot of money to fund buybacks or investmetns in higher growing boutiques. Investing into higher growing boutiques will lift PAC closer to NAV parity in the longer term.
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