Sure Ventures PLC Q2 2025 NAV Calculation and portfolio update9 Sep 2025 10:37
Infinite Reality/Napster
In December 2024, the investor presentation disclosed that iR had raised $3BN on a post money valuation of $12.25BN, this information was later announced publicly. Given this information was now in the public domain, this decision was made to uplift the Fund's position. After both internal and external (with auditors) discussions, the decision was made to revalue the holding to reflect this increased valuation, with a 20% discount applied to reflect the illiquidity of the position.
In April 2025, iR announced the acquisition of Touchcast for $500m and stated that the deal
uplifts the iR valuation to $15.5BN. SVV decided not to uplift their valuation to reflect this, given the uncertainty surrounding routes to liquidity.
https://uk.advfn.com/stock-market/london/sure-ventures-SURE/share-news/Sure-Ventures-PLC-Q2-NAV-Calculation-and-portfolio-update/96783689
We continue to seek to obtain more financial information from the company around valuation so that we can evaluate our current rationale and look to make more informed decisions as to the valuation of our holding.