(Alliance News) - Merian Chrysalis Investment Co Ltd on Friday reported a solid start to operations, registering solid growth in net asset value.
Merian Chrysalis began operations on September 3 last year, and is reporting figures from then until the end of March.
Net asset value at the end of March was 108.41 pence a share, from 98.85p at launch. The NAV total return over the period was 9.7%.
Merian Chrysalis raised funds in April, and it expects to make new investments in the future. It will not be paying a dividend, as it wants to use cash to capitalise on opportunities that could arise.
"In a short period of time, Merian Chrysalis has built real momentum. The investment proposition is resonating strongly with late-stage private companies that are seeking to evolve their shareholder base," said Chair Andrew Haining.
"The opportunity for a crossover investment strategy, investing in private companies and helping them transition on to the public markets, in the UK and across Europe is very compelling. Investors are recognising the strength of this offering, as evidenced by their support for the recent placing. I am confident Merian Chrysalis can build upon its strong start and become a very meaningful player in European private capital markets."
The firm has five investments: payments firm Transferwise Ltd, semiconductor maker Graphcore Ltd, members-only travel agent Secret Escapes Ltd, e-commerce firm Hut Group Ltd, and lender Growth Street Ltd.
Shares ended 1.1% higher on Friday at a price of 123.90 pence each,