Please bear in mind that all investments involve risk and the value of, and any potential income from, your investment may fluctuate and are not guaranteed.

Our proposition is distinct; We back outstanding entrepreneurs and high growth private companies with permanent crossover capital.

We identify which business models are best equipped to exploit an evolving opportunity through truly innovative and cutting-edge technologies and back them to succeed.

Our attractiveness to companies is our ability to fund them up to and through IPO, helping them de-risk this process and align with a natural buyer of listed equity.

Our attractiveness to investors is that our crossover proposition allows us access to some of the most exciting private growth names, which are unavailable to most investors.

Our proposition is based on our ability to offer material crossover funding, underpinned by over £6 billion1 of capital managed by Jupiter Asset Management focused on the UK small and mid-cap listed market. This pool of funds is the largest of its kind and makes us one of the biggest IPO investors in the UK.

1 As of 30 September 2020

Key fund facts

Chysalis Investments Limited (the “Company”) is an investment trust that is listed on the London Stock Exchange.

The investment objective of the Company is to generate long term capital growth through investing in a portfolio consisting primarily of equity or equity-related investments in unquoted and listed companies.

Its fund managers are Nick Williamson and Richard Watts, who head up Jupiter’s UK Small & Mid Cap team.
Connect with Chrysalis
Investment policy
Investments will be primarily in equity and equity-related instruments (which shall include, without limitation, preference shares, convertible debt instruments, equity-related and equity-linked notes and warrants) issued by portfolio companies. The Company will also be permitted to invest in partnerships, limited liability partnerships and other legal forms of entity where the investment has equity like return characteristics.

For the purposes of this investment policy, unquoted companies shall include companies with a technical listing on a stock exchange but where there is no liquid trading market in the relevant securities on that market (for example, companies with listings on The International Stock Exchange and the Cayman Stock Exchange). Further, the Company shall be permitted to invest in unquoted subsidiaries of companies whose parent or group entities have listed equity or debt securities.

The Company may invest in publicly traded companies (including participating in the IPO of an existing unquoted company investment), subject to the investment restrictions below. In particular, unquoted portfolio companies may seek IPOs from time to time following an investment by the Company, in which case the Company may continue to hold its investment without restriction.

The Company is not expected to take majority shareholder positions in portfolio companies but shall not be restricted from doing so. Further, there may be circumstances where the ownership of a portfolio company exceeds 50% of voting and/or economic interests in that portfolio company notwithstanding an initial investment in a minority position. While the Company does not intend to focus its investments on a particular sector, there is no limit on the Company’s ability to make investments in portfolio companies within the same sector if it chooses to do so.

The Company will seek to ensure that it has suitable investor protection rights through its investment in portfolio companies where appropriate.

The Company may acquire investments directly or by way of holdings in special purpose vehicles, intermediate holding vehicles or other fund or similar structures.
Chrysalis Investments Limited (the “Company”) Interim Results

On 30th June 2021 the Company announced its unaudited interim results for the period 1 October 2020 to 31 March 2021, which are summarised below. The results and interim report will also be available on the Company’s website.


Financial summary


31 March 2021

30 September 2020

% increase

NAV per share




Share price




Total net assets

£1.128 billion

£542 million




  • NAV per share of 206.15p, representing 28.1% growth over the first half of the financial year, driven by £249.9m of net investment
  • Continued strong performance from the key portfolio companies, driving over 70% blended revenue growth year-on-year.
  • This performance has led to several significant funding rounds in the portfolio, particularly Klarna and Starling Bank, which have driven NAV
  • Post period end, follow-ons made in wefox (€30m) and Starling Bank (£35m), as well as a new investment in Smart Pension (£75m). In addition, a cornerstone agreement was signed between the Investment Adviser and Revolution Beauty that would allow Chrysalis to invest approximately £45m as part of Revolution Beauty’s upcoming
  • Current cash position of approximately £150m and strong total liquidity of over £270m, both adjusting for the investment in Smart Pension but prior to the possible Revolution Beauty investment.
  • The Company has another potential new investment proceeding through latter stages of due diligence, with further assets in earlier
  • Chrysalis is exceptionally well-placed to capitalise on the significant opportunities that it is increasingly seeing in the late-stage private market, as the proposition is bolstered by its growing scale and reputation for empowering entrepreneurs with crossover


Andrew Haining, Chair, commented:

“Chrysalis has achieved another period of strong growth and in March completed a further successful fund raise, once again demonstrating the attractiveness of its investment proposition to investors, based on its proven ability to identify and deliver on exciting late-stage disruptive opportunities. Shareholders have more than doubled their money since Chrysalis launched in November 2018 and, with the value of its existing portfolio being substantially underpinned by recent portfolio company funding rounds and a strong pipeline of new investments identified, we believe the company is well placed to continue to generate material growth.”


Nick Williamson and Richard Watts, co-portfolio managers, commented:

“The portfolio has continued to perform strongly, with several companies seeing exceptional growth. In certain cases, this has led to funding rounds at significant uplifts to our prevailing carrying values, including post period end. We believe the trends underpinning many of these performances are well entrenched.

More widely, we believe Chrysalis is only scratching the surface of the opportunity available in the late-stage private market. Our original hypothesis of a “blurring of the lines” between private and public markets appears to be playing out and our crossover proposition, backed by significant scale, is resonating strongly with entrepreneurs. This has allowed us to access some fabulous companies.

Our early-mover advantage is substantial, but we are continually looking for ways to develop the Chrysalis offering. Our origination network is generating a significant cadence of leads, and the current pipeline of new investments is very exciting, with a further potential investment in the final stages of DD and others in earlier stages. With substantial cash and liquidity available, we are well on track to continue our drive to diversify the portfolio, selectively targeting exceptional investment opportunities”.


Important Information

Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested.

The Key Information Document and Prospectus are available from the document library.

Every effort is made to ensure the accuracy of any information provided but no assurances or warranties are given.