VEF (VEFL SDB) Investor Presentation summary

Strategy and track record

• Focuses on venture and growth-equity investments in private fintech companies across emerging markets, targeting sizeable minority stakes with board representation.

• Demonstrates a strong track record with successful exits, such as Tinkoff Bank and iyzico, and high IRRs on investments.

• NAV per share CAGR of 12.3% since 2015, with a 65% IRR on key exits.

Team and capital partners

• Led by a seasoned management team with deep emerging market and fintech expertise.

• Supported by a high-caliber board and long-term institutional shareholders, including Ruane Cunniff, Fidelity, and Wellington Management.

• Key shareholders have committed to co-investments in follow-on rounds.

Portfolio overview

• Holds 13 leading fintechs across Brazil, Mexico, India, and other emerging markets, with a $406M NAV as of 3Q25.

• Largest positions: Creditas (Brazil, 44.8% of portfolio), Konfío (Mexico, 24.3%), and Juspay (India, 16.6%).

• Portfolio companies are predominantly profitable and self-sustaining, with over 90% at breakeven or better.