Overview
Chrysalis Investments (formerly Merian Chrysalis : MERI) aims to generate long-term capital growth through investing in a portfolio consisting primarily of equity or equity related investments in unquoted companies. Chrysalis aims to invest in attractively valued minority, private investments with long-term growth rates substantially better than the average UK plc. Once fully invested, it is expected that the portfolio will typically consist of between 7 and 15 investments.
The managers believes that private markets represent an attractive investment opportunity. With many businesses choosing to stay private for longer, the market is growing in significance and the opportunity for investment in high-growth, pre-IPO companies is increasingly compelling. Chrysalis will look to make private investments in companies where the valuation appears attractive, particularly against a listed market background. These businesses are typically at an advanced stage of private ownership and beginning to consider an IPO.
you can access the company’s website here
Fundamentals
Price
Research History
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16 Oct 2020 15 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit Stubborn resistance The end […]
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10 Aug 2020 10 min read
QuotedData’s Investment Companies Roundup – August 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over July: Seneca Global Income & Growth – […]
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14 Jul 2020 13 min read
QuotedData’s Investment Companies Quarterly Review – Second Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit When the going gets […]
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01 May 2020 2 min read
QuotedData’s weekly roundup show 1 May 2020
James Carthew’s weekly news roundup show for Friday, 1 May, covers a wide range of topics and includes an interview with Magnus Spence, head of alternative investments at Jupiter Asset Management. Listen back here If there is a guest speaker you’d particularly like to hear from, please email us – research@quoteddata.com. Next week is VE […]
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07 Feb 2020 9 min read
QuotedData’s Economic Roundup – February 2020
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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24 Jan 2020 28 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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15 Oct 2019 10 min read
Investment companies quarterly roundup – Third quarter 2019
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford New research Over the third quarter, we published notes on India Capital Growth, Jupiter Emerging & Frontier Income, Montanaro European Smaller Companies, JLEN Environmental Assets, Civitas Social Housing, JPMorgan Russian Securities, International Biotechnology Trust, Aberdeen Emerging Markets, Seneca Global Income & Growth, Standard Life Investments Property Income […]
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07 Oct 2019 7 min read
QuotedData’s investment companies roundup – October 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over September, we published notes on India Capital Growth, Jupiter Emerging & Frontier, International Biotechnology Trust, JPMorgan Russian Securities, Civitas Social Housing, Montanaro European Smaller Companies and JLEN Environmental Assets. We also launched a monthly real estate roundup, beginning with reviews of August and September. In […]
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07 Aug 2019 4 min read
QuotedData’s investment companies roundup – August 2019
Investment Companies Roundup New research Over July, we published notes on CQS New City High Yield, BlackRock Throgmorton, Strategic Equity Capital, Seneca Global Income & Growth, CG Asset Management, Standard Life Investments Property Income and Aberdeen New Dawn. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite […]
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05 Jul 2019 4 min read
QuotedData’s investment companies roundup – July 2019
Investment Companies Roundup New research Over June, we published notes on CQS Natural Resources Growth and Income, Standard Life Private Equity and Shires Income. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – there was a greater appetite for risk in June as […]
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08 May 2019 4 min read
QuotedData’s investment companies roundup – May 2019
Investment Companies Roundup New research Over April, we published notes on Henderson Diversified Income, Ecofin Global Utilities and Infrastructure, Jupiter Emerging and Frontier Income, Seneca Global Income & Growth and Polar Capital Global Financials Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was […]
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19 Dec 2018 1 min read
QuotedData’s investment companies roundup – December 2018
QuotedData’s investment companies roundup – December 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2018. Kindly sponsored by Baillie Gifford. Extract from ‘winners and losers’ The Californian wildfires took their toll on CatCo Reinsurance as it […]
News
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17 Feb 2021 1 min read
QuotedData’s morning briefing 17 February 2021
In QuotedData’s morning briefing 17 February 2021 – Greencoat UK Wind’s (UKW’s) placing raised gross proceeds of £198m. The net capital raised will be deployed towards reducing borrowings under the company’s revolving credit facility, to allow the company to fund its pipeline of acquisition opportunities. Chrysalis Investments (CHRY) will seek approval from its shareholders to issue up […]
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26 Nov 2020 2 min read
QuotedData’s morning briefing 26 November 2020
In QuotedData’s morning briefing 26 November 2020: JLEN Environmental Assets Group’s half year results show a small drop in NAV from 97.5p to 96.1p, driven by falling power and gas price estimates. Dividends are on target, however and these are covered by cash generated from operations. Montanaro UK Smaller’s interim results show it lagging its Numis […]
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09 Oct 2020 2 min read
QuotedData’s weekly news show 09 October 2020
In QuotedData’s weekly news show 9 October 2020 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on youtube. In this week’s show, James Carthew covered the week’s top stories: Fundraising in the sector including success for Home REIT and disappointment for Tellworth Investment Company’s plans for the future Jupiter US […]
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07 Oct 2020 1 min read
Merian Chrysalis issue brings in £95m
Merian Chrysalis’s (MERI) share placing raised £95m, ahead of the £50m it had initially targeted. MERI recently said that it was now substantially fully invested. The capital raised will be used to execute its investment in You & Mr Jones, announced on 1 October 2020, together with other pipeline and follow-on investments. Richard Watts, portfolio manager, commented: […]
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01 Oct 2020 4 min read
Merian Chrysalis invests in You & Mr Jones
Merian Chrysalis invests in You & Mr Jones – the “Target” investment referred to in Merian’s announcement on 28 September 2020 is You & Mr Jones LLC. The company has finalised its due diligence on You & Mr Jones and committed to invest US$60m as part of a US$260m funding round. You & Mr Jones was founded […]
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28 Sep 2020 4 min read
Merian Chrysalis announces £50m placing and follow-on investment in leading European digital insurance platform
Merian Chrysalis (MERI) announced a proposed equity placing targeting £50m. The placing is priced at £1.48, which represents a premium to the estimated NAV per share of 142p, as at 30 June 2020. MERI also took the opportunity to announce a £15m follow-on investment in a convertible loan note of FinanceApp AG (wefox), which it […]
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29 Jul 2020 2 min read
Merian Chrysalis reveals TransferWise partial realisation
Merian Chrysalis (MERI) has confirmed that the underlying asset referred to in the announcement dated 20 July 2020 (we covered the story here) is TransferWise. MERI has participated in TransferWise’s US$319m secondary share sale, which valued the business at US$5bn. MERI’s first sale The transaction is the first sale conducted by the MERI and has generated […]
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20 Jul 2020 1 min read
QuotedData’s morning briefing 20 July 2020
Growth sector company, Merian Chrysalis (MERI), announced that it had entered into a transaction to partially realise one of its investments in the portfolio; this realisation is expected to raise approximately £20m. This transaction has been undertaken at a valuation that represents a material mark up in the company’s current carrying value of the asset. MERI notes […]
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26 Jun 2020 2 min read
QuotedData’s morning briefing 26 June 2020
In QuotedData’s morning briefing 26 June 2020 The managers of Ediston Property Investment Company bought 276,971 shares at 50p per share on 23 June, to take their holding to 1.5m shares. 50p is a 47.1% discount to the last published NAV but that will probably be falling as a result of COVID-19. Manchester and London used […]
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27 May 2020 7 min read
Merian Chrysalis well-placed thematically through tech-enabled disrupter focus
In a quarterly update, the growth capital trust, Merian Chrysalis (MERI), noted the trend that digitally-enabled businesses have typically experienced less of an impact on trading performances than “offline” peers over the period affected by covid-19. MERI also said that a number of its shareholdings contain downside protection, often in the form of preference structures, […]
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13 May 2020 2 min read
Merian Chrysalis commits £20m to financial crime risk management company
Merian Chrysalis (MERI), the growth capital sector trust, has released a portfolio update, including a new investment in Featurespace, a leader in financial crime risk management for fraud and anti-money laundering. Featurespace investment worth 20m MERI has invested £20m in Featurespace, as part of a £30m funding round. MERI noted the following about Featurespace: “Featurespace is a world […]
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18 Feb 2020 1 min read
QuotedData’s other news 18 February 2020
In QuotedData’s other news 18 February 2020 – FastForward Innovations (FFWD) said that investee company, EMMAC Life Sciences (FFWD owns a 2.4% stake), had become the first European company to export medical cannabis to Israel. The company has successfully exported 400 kilograms of medical cannabis to Israel, to the Bazelet Group, the largest medical cannabis company in Israel. […]
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24 Jan 2020 3 min read
Merian Chrysalis reports inaugural annual results
Merian Chrysalis (MERI) has published its annual results covering the period from its incorporation date on 3 September 2018 to 30 September 2019. Since dealing in MERI’s shares began on 4 November 2019, it has delivered a total NAV return of 14.6% and a share return of 24%. Extract from the manager’s report “The last 11 […]
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16 Jan 2020 2 min read
QuotedData’s other news 16 January 2020
In QuotedData’s other news 16 January 2020 – Bankers Investment Trust (BNKR) has reported annual results to 31 October 2019 with the global sector company delivering a total NAV return of 12.1% (the benchmark FTSE World Index returned 11.7%). BNKR’s chair, Sue Inglis, noted the following in her outlook statement: “Global economic growth remains positive, […]
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11 Dec 2019 2 min read
Merian Chrysalis approaching three quarters deployment with latest investments
Merian Chrysalis approaching three quarters deployment with latest investments – Merian Chrysalis (MERI) has announced an investment of €14.4m, as part of a funding round conducted by wefox Group. The company invested by way of a convertible loan note. wefox Group was founded in Berlin in 2015 and has already established itself as one of Europe’s largest and […]
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27 Nov 2019 1 min read
Merian Chrysalis nearly 70% invested after follow-on investments
Merian Chrysalis nearly 70% invested after follow-on investments – Growth capital company Merian Chrysalis (MERI) has announced a follow-on investment of £12.2m in Embark Group (Embark), to accelerate execution of Embark’s growth plans, including the acquisition of the Zurich platform (Zurich). The transaction includes an £8m equity investment and £4.2m convertible loan note (CLA). MERI says that subject […]
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23 Oct 2019 2 min read
Merian Chrysalis tops up holdings
Merian Chrysalis tops up holdings – Having raised £175m in September 2019, Merian Chrysalis has made a number of investments. All three are additions to existing holdings – in line with its statement at the time of the fund raise that it would use half the proceeds for this purpose. Starling Bank Merian Chrysalis has announced […]
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24 Sep 2019 2 min read
Fundraising news – JARA and Merian Chrysalis
Fundraising news – JARA and Merian Chrysalis JPMorgan Global Core Real Assets (JARA), a new, Guernsey based, investment company investing in funds managed by JPMorgan Asset Management in infrastructure, property and transport assets, managed to raise almost £149m from investors, just shy of its £150m target. The opening NAV is projected to be 99.01p. The […]
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20 Sep 2019 1 min read
QuotedData’s other news 20 September 2019
In QuotedData’s other news 20 September 2019 – Tufton Oceanic Assets today announced that it has raised gross proceeds of $31m through a placing. The company invests in a portfolio of secondhand commercial sea-going vessels. Further to announcements made earlier this month with regard to a proposed placing, Merian Chrysalis says that indicative orders significantly in excess of […]
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18 Sep 2019 1 min read
QuotedData’s other news 18 September 2019
In QuotedData’s other news 18 September 2019 – Standard Life Investments Property Income Trust (SLI) has announced its interim results for the six months ended 30 June 2019. During the period, SLI’s NAV total return was 2.7% for the period ended 30 June 2019, which was generated by like for like portfolio growth combined with profits […]
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2 min read
Merian Chrysalis planning £100m+ capital raise
Merian Chrysalis planning £100m+ capital raise – Merian Chrysalis, the UK-focused unquoteds investor, announced on 10 September 2019 that it intends to raise new capital under the its placing programme, to the amount of more than £100m in the form of new ordinary shares. MERI has now announced that the placing price will be 120p […]
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10 Sep 2019 2 min read
QuotedData’s other news 10 September 2019
In QuotedData’s other news 10 September 2019 – Some half-year results announcements, including: GCP Asset Backed Income reported interim results to 30 June 2019; loans of £55.4m were advanced over the period, secured against 20 projects.The company ended the period with exposure to a diversified and partially inflation and/or interest rate protected portfolio of 40 asset […]
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16 Aug 2019 1 min read
QuotedData’s other news 16 August 2019
In QuotedData’s other news 16 August 2019: Worldwide Healthcare Trust (WWH) has announced the appointment of Dr Bandhana (Bina) Rawal as an independent non-executive director, with effect from 1 November 2019. Dr Rawal, a physician with 25 years’ experience in life sciences research and development, has held senior executive roles in drug development and scientific evaluation in […]
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2 min read
Merian Chrysalis invests in delivery software as a service company Sorted
Merian Chrysalis invests in delivery software as a service company Sorted – Merian Chrysalis (MERI), the UK-focused unquoteds investor, has gotten off to a strong start since launching in 2018 – the premium its shares trade at has increased from about 4.5% at the start of the year to over 20%. MERI has this morning […]
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20 Jun 2019 1 min read
QuotedData’s other news 20 June 2019
In QuotedData’s other news 20 June 2019 Pershing Square has announced a $100m share buy-back programme – up to 6m shares will be repurchased and the transactions are expected to enhance NAV (in other words they’ll buy back the shares at a discount to NAV). The NAV at 18 June was $24.63 and the share price […]
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16 Apr 2019 2 min read
Merian Chrysalis raises £100m in share placing
Merian Chrysalis raises £100m in share placing – Merian Chrysalis (MERI), the UK-focused private equity fund launched in 2018, has announced the raising of £100m from an ordinary share placing. The new money will be directed towards growing its portfolio of investments into unquoted companies. Busy straight away Earlier in December 2018, we looked at […]
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18 Dec 2018 2 min read
Merian Chrysalis makes first investments
Merian Chrysalis makes first investments – Merian Chrysalis has announced deals which, if completed, would make it 60% invested. The latest is an investment of approximately $25 million in a $200 million series D funding round conducted by Graphcore Limited. Graphcore is a leading artificial intelligence processor company, which has developed the Intelligence Processing Unit (IPU) […]
In The Press
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12 Feb 2021 2 min read
When it is worth paying a premium for an investment trust
When it is worth paying a premium for an investment trust by Jennifer Hill from interactive investor | 10th February 2021 10:06 Positive news on Covid-19 vaccines led to investment trusts re-rating considerably during 2020. The average discount among equity investment trusts narrowed from 4.6% to 2.5% – the tightest level on record – according to Numis Securities. Discounts widened […]
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20 Dec 2018 1 min read
2018 new issue review
2018 new issue review – QuotedData’s James Carthew talks to Citywire’s Jen Hill about 2018’s clutch of new issues Investors were given an eclectic mix of opportunities within alternatives, in contrast to recent years when high-yielding propositions drove the vast majority of launches. The return of private equity and private equity like strategies – Augmentum […]