So - why would the market want to pay more for an investment fund with a forward PE of 35, CAGR = 0 and hardly any promising growth shares in their portfolio? Just because the fund did well in the past?
It is a common mistake to assess companies based on previous spectacular performance (and yes, IFT had a number of very good years).
What in their portfolio do you expect to create over the next handful of years some material growth? NZ Bus? Wellington airport? MET? TPW? All fully priced and interest rates go up (i.e. markets will demand higher return). Maybe TLT (though this is as well an outstanding opportunity to lose money - just watch Trump dismantle any climate accords) and the data centre, but both are small fry in their portfolio.