VEF (VEFL SDB) Investor presentation summary

Investment strategy and track record

• Focused on venture and growth-equity stakes in private fintech businesses across high-growth emerging markets, typically taking 10–20% minority positions with board representation.

• Portfolio spans Brazil, Mexico, India and other markets; Brazil, Mexico and India represented 59%, 17% and 17% of NAV, respectively, at 3Q26.

• Track record: $51M invested versus $247M exited or NAV value; NAV per share CAGR 11.6% and share-price CAGR 4.9% since inception to 30 Sep 2026.

• Creditas, Konfío, Tinkoff and Juspay investments achieved reported returns of 6.1x/65% IRR, 3.2x/57% IRR, 4.5x/34% IRR and 4.5x, respectively; Juspay value includes realised and unrealised portions.

Team and capital partners

• Management has extensive emerging-market financial-services and fintech experience; the senior team collectively held more than 6% of shares, including incentive shares.

• Shareholder base includes Ruane Cunniff, Fidelity, Gemsstock, City of London, Saba Capital, Avanza, Atlant Fonder and Handelsbanken.

• Institutional investors including Fidelity, Wellington Management, Pictet and Baillie Gifford co-invested alongside portfolio businesses.

Portfolio overview

• 3Q26 portfolio value was $409M, led by Creditas at 53.8%, Konfío at 17.3% and Juspay at 16.0% of holdings; Brazil, Mexico and India represented 59%, 17% and 17% of portfolio value.

• Creditas is a Brazilian secured-lending platform; at 2Q26 it had a $1.6B loan portfolio, $881M annualised originations and $560M annualised revenue.

• Creditas revenue grew 30% YoY to BRL 723M in 2Q26, its ninth sequential quarter of portfolio growth acceleration; run-rate operating loss was down 57% YoY.

• Konfío served 75k+ SMBs, with a ~$650M loan portfolio and $2B+ cumulative disbursements; working-capital originations grew 77% YoY in Jul 2026.

• Juspay reported $400B+ annualised TPV, >45% YoY growth, >20% international revenue share and 99.99% uptime; Solfácil financed 1.2 GW of solar capacity, while Abhi exceeded $100M group ARR and was profitable.