Heliad - Market environment turning slightly more positive

Heliad reported a net asset value (NAV) per share of €18.20 at end-March 2024, roughly unchanged compared to end-September 2023 (€18.17), as the 25% share price increase of the listed flatexDEGIRO (Heliad’s largest holding) offset some fair value reductions in Heliad’s private portfolio. Meanwhile, several of its portfolio companies announced important developments. This includes solid FY23 results from Raisin and Clark, the combination of Razor Group with Perch, FINN’s €100m funding round and Enpal’s €1.1bn debt raise. While venture capital (VC) deal activity and exit opportunities remain subdued, there are initial signs of a stabilisation and recovery.