Chrysalis Investments

Chrysalis Investments plc is a London-listed investment trust that specializes in providing permanent crossover capital to later-stage private companies. Established to bridge the gap between private and public markets, the firm offers a unique investment vehicle that differs from traditional venture capital funds by not having a fixed fund life. This permanent capital structure allows Chrysalis to support its portfolio companies over longer horizons, providing stability and flexibility as they mature and potentially transition to public markets.

The investment strategy of Chrysalis focuses on high-growth businesses that have demonstrated significant potential and are typically valued at an enterprise value of £500 million or more. The firm's typical first cheque sizes range from £20 million to £100 million, which translates to approximately $25.4 million to $127 million based on recent exchange rates. This substantial capital is deployed into companies that are often on the cusp of an IPO or require significant funding for accelerated growth, reflecting their 'crossover' approach.

Chrysalis Investments targets a concentrated portfolio, generally comprising 10 to 15 companies, across various high-growth sectors including financial technology, e-commerce, and software. This focused approach allows for deep engagement and support for each investment. The firm's objective is to generate long-term capital growth for its shareholders by backing innovative companies with proven business models and strong management teams, leveraging its ability to hold investments for extended periods without the pressure of a fund expiry date.

As of late 2023, Chrysalis Investments maintained a significant capital base, with its Net Asset Value (NAV) standing at approximately £700 million. This substantial asset base underscores its capacity to make meaningful investments in leading private companies. The trust's strategy is designed to capture value from the growth of these private market leaders, providing public market investors with access to a portfolio of high-potential, pre-IPO and early-stage public companies.