Chrysalis Investments Limited

CHRY · Main Market · Financial Services · mcap £304m · 64.0p

Chrysalis Investments is a Guernsey-listed investment company holding stakes in private growth companies such as Starling Bank, Klarna, Smart Pension and wefox. It is now selling these holdings and returning the cash to shareholders.

Recent signals

Positive 28 Sep 2026

Asset Value Investors raised stake from 15.4% to 20.1% in September 2026

Largest-holder accumulation during realisation strategy and wide discount may signal pressure on realisations and returns. 28 Sep 2026

Positive 28 Sep 2026

Orderly realisation strategy with capital returned via redemption

Shareholders approved three-year wind-down; £25m compulsory redemption at 127p done after Klarna sale. 28 Sep 2026 24 Mar 2026

Mixed 3 Aug 2026

Share price 64p versus NAV 131p, discount about 50%

Chair says Starling's valuation alone covers the share price; discount widened despite realisation plan. 3 Aug 2026 30 Jun 2026

Positive 31 Jul 2026

City of London Investment Management crossed 5% in July 2026

New 5.01% holder from below 3%. 31 Jul 2026

Positive 18 May 2026

Three directors bought shares in May 2026 after NAV fall

Chair, Dobbyn and Holden each bought about £50k at 79-82p, well below NAV. 18 May 2026 12 May 2026 7 May 2026

Capital actions

2026-09-28 tender offer · £25m – Compulsory redemption of 19.7m shares at 127.0p (4.1%), funded by £34m Klarna stake sale 28 Sep 2026
2026-06-25 debt refinancing · £17.8m – Agreed repayment of Barclays facility (£17.2m principal, £0.6m interest) using Wise and part-Klarna sale proceeds 30 Jun 2026
2026-06-16 acquisition · £8.5m – Secondary purchase of Smart Pension shares to keep largest shareholder position 30 Jun 2026
2026-05-05 buyback programme · £117.4m – Buyback discontinued 30 April 2026 after returning £117.4m in total since September 2024 5 May 2026
2026-04 acquisition · €7m – Follow-on investment in wefox in funding round with improved waterfall terms 30 Jun 2026

Risks & opportunities

Opportunities

Starling Engine SaaS contract wins, including SBS Bank, Tangerine since 2025-12 19 Dec 2025
Self-managed model cuts portfolio management cost to about £2m from £4.6m since 2026-06 30 Jun 2026
Smart Pension positioned to benefit from Pension Schemes Bill consolidation since 2025-12 · no longer mentioned 19 Dec 2025

Risks

Portfolio concentration: top three holdings about 83.5% of NAV, Starling alone 57.9% since 2025-06 26 Jun 2025
wefox complex capital structure and outstanding debt require careful management to realise value since 2024-06 28 Jun 2024
Valuation error in external valuer's wefox waterfall cut NAV by 3.33p since 2026-06 30 Jun 2026
Peer-group de-rating and AI-disruption concerns hit Starling and Klarna valuations since 2026-06 30 Jun 2026

As the company itself describes them.

Coming up

20 Aug 2026 Investment Adviser notice period ends; self-managed model begins
1 Nov 2026 G10 Capital AIFM notice period expires
9 Oct 2026 Latest payment date for capital redemption
Feb 2029 End of three-year orderly realisation period

From the company's own announcements · not investment advice

Company filings. Not investment advice.