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.

• Demonstrated strong value creation and successful exits, including Tinkoff Bank (6.1x return), iyzico (57% IRR), and partial exits in Juspay (up to 6.6x CoC return).

• Achieved an 11.7% NAV per share CAGR and 65% IRR since 2015, with a 3.6-year average hold period.

Team and capital partners

• Led by a seasoned management team with deep emerging market fintech expertise and over 20 years of experience.

• Supported by blue-chip institutional investors, including Ruane Cunniff, Fidelity, Wellington Management, and City of London.

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

Portfolio overview

• Holds 13 leading fintechs in emerging markets, with core exposure to Brazil (58% of NAV), Mexico (19%), and India (17%).

• Largest holdings: Creditas (53% of portfolio), Konfío (18%), Juspay (16%), with additional investments in Solfácil, abhi, and nibo.

• Over 90% of the portfolio has achieved self-sustaining cash flow profiles.