5th May 2026 12:09
(Alliance News) - Chrysalis Investments Ltd on Tuesday confirmed its plan to transition to a self-managed model, as it reported a decline in its quarterly net asset value.
Chrysalis, a London-based investor in UK and European firms, said the model transition follows approval by shareholders of its updated investment policy at its extraordinary general meeting back in March.
The company said it is working with its investment adviser Chrysalis Investment Partners LLP to transition the key operational functions to "alternative operational arrangements".
Chrysalis Investments said it expects to complete the move by the time of expiry on the investment advisers notice period of August 20.
The company added that it has served six months notice to its alternative investment fund manager, G10 Capital Ltd, noting that G10 will remain acting in its current capacity throughout its notice period expiring on November 1.
Discussing the transition, Chrysalis Investments expressed confidence that the move to a self-managed model offers "the requisite risk control, portfolio management expertise, and transparency", while delivering a "material reduction" in its ongoing cost base.
Chrysalis Investments on Tuesday said it has ended its buyback programme initiated back in September 2024, noting this scheme has returned GBP117 million to shareholders. The company added that future capital returns will be contingent on cash returns and subject to prior repayment of its borrowing facility.
Also on Tuesday, Chrysalis Investments reported a NAV per share of 137.27 pence at March 31, down 17% from 165.36p at the end of the prior quarter.
The company tied the decline to the performance of global equity markets, as it said March 30th represented year-to-date lows for both the Nasdaq and S&P 500 indices. However, it added that both indices have recovered by 17% and 11% respectively, since then.
Chrysalis Investments said 28.5p of decline was owed to a decrease in fair value of the portfolio, while foreign exchange added 0.4p and share buybacks led to 0.9p per share of accretion. The company added that fees and expenses made up the balance.
The majority of the write down for the quarter was attributed to Starling and Klarna, said Chrysalis Investments, with movements in the assets accounting for 22.6p out of the 28.1p fall.
Shares in Chrysalis Investments fell 6.4% to 81.72 pence around midday on Tuesday in London.
"The decline in NAV over the period, largely reflects the movement in comparable peer groups rather than the operational progress and performance of our portfolio companies," commented Richard Watts and Nick Williamson, managing partners of Chrysalis Investment Partners.
"We continue to work closely with our portfolio companies and are assisting them in preparing for a successful exit and maximising their future valuations.''
By Christopher Ward, Alliance News reporter
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