HICL have announced that they have put one "significant" investment up for sale – they aren't ready to tell us which one this is yet but it helped drive the NAV growth for the period and the team believe the price they'll get for it will work out better than hanging on to the asset. They say the secondary market for social and transportation infrastructure continues to attract new investors, especially in the UK. This is pushing up prices and driving down the discount rates used to value these types of project. In the UK part of the problem is that the supply of operational PPP projects has decreased and may stay subdued until after the general election. For this reason they are looking harder at overseas opportunities.