Our financial report for 4Q24 is now published. Macro headwinds outweighed portfolio company performance in 4Q24 as NAV decreased by 20% (YoY) to USD 353.0 mln. The strengthening of the USD combined with weakness in Brazilian asset prices specifically had a direct negative effect on our NAV in the quarter.
VEF CEO, Dave Nangle, comments:
“We ended 2024 on a strong footing, driven by our strong portfolio, strengthened balance sheet and well-timed exit. In 2H24, growth returned at our size holdings Creditas and Konfío, with Juspay continuing to compound profitably, at a growth clip north of 50%. With the IPO of BlackBuck in India in November 2024, we announced our first exit in this cycle. In Brazil, we followed suit with an exit in Gringo in January 2025. We carry over our strategic priorities of strengthening our balance sheet and reducing our traded discount into 2025.”
Access the report in the IR section of our website here.