Merian Chrysalis raises £175m

By Daniel Lanyon on Wednesday 25 September 2019

Alternative LendingDigital BankingSavings and Investment

The closed-ended fund, with an increasingly fintech focused portfolio, will use half of the money to buy stakes in firms already owned in its open-ended funds.

Merian Chrysalis raises £175m
Image source: Photo by rawpixel.com from Pexels

Merian Chrysalis, an investor in the likes of Starling, Growth Street and Klarna, has raised gross proceeds of £175m of new share issuance less than a year after a £100m fundraise launch.

The closed ended fund issued the new shares at price representing an 8 per cent premium to the last reported June 2019 net asset value (NAV).

The fund will use approximately 50 per cent of the proceeds to acquire existing portfolio holdings from Merian's open-ended UK small and mid-cap equity funds. The company reported that these acquisitions will be made at a modest discount to their last valuation.

Merian Chrysalis has a strong fintech focus and is now approximately 80 per cent invested. It says it is an opportune time to expand its portfolio and capitalise on a "strong pipeline of investment opportunities". 

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