Our financial report for 1Q26 is now published, capturing a quarter shaped by increased macro uncertainty, alongside continued operational delivery across the portfolio. From geopolitical tensions to rapid advances in AI, our CEO Dave Nangle outlines how these forces are shaping both the market and VEF’s positioning.
A shifting macro backdrop with AI as a tailwind
1Q26 was marked by a more uncertain world. The ongoing conflict in the Middle East, alongside broader geopolitical tensions, is adding pressure to an already fragile global economy, with potential knock-on effects for inflation, interest rates, and growth. At the same time, capital markets are reacting to this uncertainty, with increased volatility and reduced risk appetite.
Running in parallel is a powerful structural shift: the rapid advancement of AI. What was recently experimental is now becoming operational, with companies embedding AI into their core processes and seeing real efficiency gains. For VEF, this represents a clear tailwind, particularly as many portfolio companies are already leaning into this transition.
Strong performance and continued exit delivery
Against this backdrop, our portfolio continues to perform. Creditas is in one of the strongest positions seen in years, combining re-accelerating growth with a sharpening efficiency drive, supported by increased use of AI. Juspay also delivered a landmark quarter, reaching unicorn status with its latest funding round, while VEF realised USD 14.6 million in gross proceeds at a premium to NAV. These developments reinforce our ability to support high-performing companies and deliver exits at or above carrying value. More broadly, our portfolio remains well capitalised and has demonstrated an ability to navigate periods of volatility, supported by strong underlying business models.
Staying focused in a more unpredictable world
While market movements during the quarter impacted valuations, the underlying picture remains intact. VEF enters the next quarter with a portfolio that is broadly profitable, growing and positioned within long-term structural growth trends. Our focus remains on what can be controlled: continued delivery across the portfolio, executing on exits, and building long-term value. At the same time, reducing the discount to NAV remains a priority, supported by ongoing performance and clear proof points. In a more uncertain world, VEF continues to take a long-term view, backing quality companies that are compounding over time.
VEF CEO, Dave Nangle:
“1Q26 was a quarter of contrasts. We are navigating a world that is more uncertain than it was three months ago. We are on our toes playing both offence and defence accordingly. At 1Q26 end, our portfolio is broadly profitable, growing and well capitalised. Another exit delivered in the quarter, Juspay, this time at a premium to NAV, continues to strengthen our balance sheet. Creditas delivered another strong quarter and is in the best operational shape we have seen in years, combining accelerating growth with a disciplined efficiency drive.”, VEF CEO Dave Nangle
For a full read of Dave Nangle’s management report, please see our 1Q26 report here.