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, delivering high IRRs and multiple returns on invested capital.

• Achieved a NAV per share CAGR of 11.9% and share price CAGR of 6.5% since inception.

• Portfolio companies are selected for their leadership in high-growth, populous economies like Brazil, Mexico, and India.

Team and capital partners

• Led by a seasoned management team with deep expertise in emerging market financial services and investing.

• Supported by blue-chip institutional shareholders, including Ruane Cunniff, Fidelity, Wellington Management, and others.

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

Portfolio overview

• Holds 13 leading fintech companies, with major positions in Creditas (Brazil), Konfío (Mexico), and Juspay (India).

• Portfolio is diversified but heavily weighted towards Brazil (58% of NAV), followed by Mexico (20%) and India (17%).

• Top holdings include Creditas (8.9% stake, 53.3% of holdings), Konfío (10%, 19.5%), and Juspay (6.4%, 15.9%).