Money Makers

Chrysalis Investments (CHRY) was launched in late 2018 in a £100m IPO and it raised a further £730m from investors over the next few years. CHRY is a 'crossover' fund meaning that while it primarily invests in private companies, it is happy to keep holding them should they later list on the stock market. It has a highly concentrated portfolio of around 15 high-growth investments, the best-known being Klarna (which might be listed later this year), Starling, and Wise. A wide discount to NAV of over 60% opened up during 2022 and 2023 when the valuation of CHRY's portfolio was subject to consider...