Merian Chrysalis’s (MERI) share placing raised £95m, ahead of the £50m it had initially targeted.
MERI recently said that it was now substantially fully invested. The capital raised will be used to execute its investment in You & Mr Jones, announced on 1 October 2020, together with other pipeline and follow-on investments.
Richard Watts, portfolio manager, commented: “The proceeds of this raise will primarily be used to fund our recently announced investment in You & Mr Jones, which we believe is a very exciting addition to the portfolio which diversifies our sector exposure.”
Nick Williamson, portfolio manager, added: “Our medium-term ambition for Merian Chrysalis is to build a company of substantial scale that will use realisations to become self-funding. While we expect NAV growth to be a significant contributor to this scaling process, this raise marks another step in this direction. We are confident that the net proceeds, post the You & Mr Jones investment, can be deployed in a timely manner into strong investment ideas.”
MERI: Merian Chrysalis issue brings in £95m