Draper Esprit NAV grows, FY realisations surge

Venture capital firm Draper Esprit said on Monday that its net asset value and gross portfolio value had both continued to grow throughout the year ended 31 March.

Net asset value per share was expected to be no less than 728.0p, up from 555.0p a year earlier, while the group's gross portfolio value was projected to be a minimum of £955.0m, up from £703.0m a year earlier.

Realisations in the year surged from £40.0m to £206.0m.

Investment cadence increased, with £96.0m invested by the group's balance sheet in the second half of the year, compared to £32.0m in the first half, with a further £34.0m from EIS and VCT co-investment.

Available cash at year-end was £161.0m, partly driven by its £107.0m net equity raise in October 2020.

Draper Esprit also highlighted that it had a "strong deal pipeline", with over £50.0m of deals approved by the investment committee and further visibility on over £75.0m of near-term qualified pipeline.

As of 1135 BST, Draper Esprit shares were up 1.32% at 845.0p.