On an aggregate basis from inception to 31 Dec 2020, debt co-investments have delivered a USD gross IRR of 7.9%. Equity co-investments have achieved an indicative USD gross IRR of 4.4% based on equity rounds or transactions, with no equity divestment to date, and the prospect of double-digit returns. The combined USD equity and debt performance of co-investments is a net IRR of 5.7% by 31 Dec 2020.