VEF (VEFL SDB) Investor Presentation summary

Company overview and strategy

• Focuses exclusively on fintech investments in emerging markets, leveraging deep sector expertise and a global perspective to access high-growth private assets with public market liquidity.

• Holds a diversified portfolio of 15 companies across Brazil, Mexico, India, Pakistan, and Europe, with a market cap of $249M and NAV of $475M as of 3Q24.

• Targets minority stakes (10–20%) with board representation, actively supporting portfolio companies.

• Backed by blue-chip institutional investors, including Ruane, Cunniff & Goldfarb, Fidelity, and Swedbank Robur.

• Management team has extensive emerging market fintech experience, led by CEO David Nangle and CIO Alexis Koumoudos.

Portfolio performance and valuation

• NAV reached $475M in 3Q24, up 8.8% QoQ, driven by robust portfolio performance, strong public market multiples, and FX tailwinds.

• Over 90% of the portfolio is self-sustaining, having reached breakeven or profitability, with top holdings showing strong revenue and gross profit growth.

• Portfolio weighted NTM revenue and gross profit growth expected at ~40% and ~60%, respectively.

• Majority of holdings (73%) are valued using mark-to-model based on public comps, with 27% anchored to recent significant transactions.

• Persistent share price discount to NAV, with a focus on NAV growth and portfolio exits as key catalysts to narrow the gap.

Key portfolio companies

• Creditas (Brazil): Leading digital secured lending platform, $1B loan portfolio, $346M LTM revenue, and sustained profitability.

• Konfío (Mexico): Digital SME financial services leader, $400M loan portfolio, recently raised fresh capital at or above VEF's valuation marks.

• Juspay (India): Major payments platform, $125B+ annualized TPV, 30M+ daily transactions, expanding globally.

• TransferGo (Europe): Profitable remittance platform, 50% YoY revenue growth, 80% gross margins, serving 160 countries.

• Gringo (Brazil): Super-app for drivers, 15M+ users, rapid revenue growth, expanding product suite.