Heliad Equity Partners - Enpal and Razor closing new funding rounds
Heliad Equity Partners (HEP) reported a 3.6% decrease in net asset value (NAV) over the four-month period ending January 2023, bringing the NAV decrease since end 2021 to 45.4%. flatexDEGIRO (FTK) was the main valuation driver and remains HEP’s largest asset (38% of the portfolio). Meanwhile, HEP’s private portfolio saw successful funding rounds at Enpal and Razor Group in recent months. HEP recently issued 1.6m new shares, raising €7m in new capital to facilitate further investments. Given that the share issue was carried out at a 43.6% discount to end-January 2023 NAV, we calculate that it will result in a c 5% NAV per share dilution.Heliad Equity Partners AG. Heliad Equity Partners GmbH & Co KGaA (Heliad) is a Germany-based investment company. It specializes in investments in companies that face special situations, such as restructuring. The Company invests in both listed and unlisted companies in German-speaking countries and focuses on the Internet and technology, e-commerce, life sciences and media and entertainment industries.
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