24th Jan 2020 09:41
(Alliance News) - Merian Chrysalis Investment Co Ltd on Friday reported strong growth in net assets in its maiden annual results.
Merian Chrysalis invests in high-growth, private companies aspiring to an eventual IPO.
At September 30, the investment firm recorded NAV per share of 113.30 pence, compared to 98.85p on November 6, 2018 - the company's first day of trading in London - representing a rise of 15%.
Over that time, Merian Chrysalis's net assets have more than tripled to GBP382 million from GBP100 million. In the period, the investment firm has embarked on two placings, raising GBP275 million.
At the end of September, Merian Chrysalis had about GBP170 million invested in its portfolio - across nine companies - and GBP213 million in cash.
The top three holdings in the company are Klarna Holding AB at 10% of NAV, TransferWise Ltd, 7%, and Starling Bank Ltd, also 7% of NAV.
Since listing in November 2018, the investment company's share price has jumped 24%, rising to 124p from 100p. Shares in Merian Chrysalis Investment were 0.6% lower in London on Friday morning at 128.17p.
Chair Andrew Haining said: "We're delighted to announce the inaugural results for Merian Chrysalis. The investment advisory team has made excellent progress in building the portfolio and has already invested in some of Europe's most exciting and in-demand private businesses. Both the NAV and share price have steadily increased since launch and we look forward to a continuation in growth over the year ahead."
Richard Watts and Nick Williamson, co-portfolio managers, added: "Merian Chrysalis is the culmination of many years of research into the growing unlisted market. Having recognised the potential for a vehicle dedicated to the crossover investing space, we've been thrilled to receive such a positive response from investors and later-stage private businesses.
"As the lines between private and public markets continue to blur, we believe the opportunity for investment in high-growth, disruptive unquoted companies is only set to grow. We look forward to developing the portfolio, working with exciting private businesses as they realise their potential, and delivering returns for our clients."
Merian Chrysalis opted against declaring a dividend in the period.
By Paul McGowan; [email protected]
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