Kinnevik
a volatile yet stable start to comparing levels at the end of to the end of public equity markets seem to have been stable and positive however volatility remained high with continued market jitters to indicators and fears of instability in the banking system market indices appreciated by percent largely driven by the large tech giants the weighted average share price increase in our unlisted portfolio peer universe was just over percent when excluding compared to a percent weighted average write up of our underlying valuations we saw positive movements in our value based care noting however that the number of comparable businesses is shrinking drastically through and stable movements in our and virtual care on average the weighted average peer multiple expanded by percent less than percent when excluding compared to percent multiple expansion in our unlisted portfolio we revised our expectations on quite materially in the last quarter with our growth in favor of longer cash runways have been revised in low single digit percentages driven by our more consumer facing businesses expecting a further weakening of consumer spending in our businesses the outlook remained stable in aggregate the revenue outlook for through is percent higher than last quarter outlook for the full year or around percent higher in our businesses the effect of liquidation preferences remains pronounced in our ted portfolio in the quarter the aggregate fair value impact amounted to down in the quarter this aggregate impact corresponds to percent of the fair value of our unlisted portfolio percent of this difference relate to five specific investments representing in value where our underlying valuation needs to double on average before our investments will accrue an on paper return developments in the currencies most important to our unlisted in vestments were stable relative to the quarterly movements observed since early the movement was that of the krona which depreciated by percent against its equivalent affecting the fair value of our oda investment materially in aggregate currencies had an immaterial impact on our fair values in the quarter we saw six funding rounds in our portfolio during the quarter three that were led by existing investors and three that were led by new in these funding rounds occured in parsley health spring health and lunar and in our smaller investments raisin and superb we participated in all funding rounds except the round concluded at raisin and led the funding round in spring health all funding rounds were completed at valuations around or above our assessed underlying valuations in the previous quarter with a headline valuation difference of almost percent on average more than percent when excluding the led round in spring health our fair values of these six invest are on average percent below the valuations at which these funding rounds were concluded these data points are solid indications of our intention to take a cautious approach to fair value assessments as well as of our perceived of a public private market lag so far as it relates to the accuracy of our net asset value statement in relation to where transactions are clearing in private markets development of key currencies against the and effect of liquidation preferences and of unlisted fair value currency split of unlisted fair value interim report | Kinnevik
Company
Deck Type
Sector
Industry
Deck date
April 2023
Slide
29 of 45
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