Paul Bassat’s venture capital fund increased the value of its holdings by 7 per cent in the six months to December 31, but is bracing for a tough year.
Paul Bassat’s venture capital fund Square Peg Capital has shaken off the tech correction of 2022, increasing the value of its holdings by 7 per cent in the six months to December 31.
“The impact of poor markets was most pronounced in public markets. However, early-stage markets were not immune either, and we have observed significant declines in valuations over the past year. It has realised returns from two fund zero companies, which have repaid its entire fund, and said in the investor update it expected one or two other portfolio companies from this vintage to also “return the fund” on their own.
“A lower valuation environment is clearly a negative for our current portfolio, while it is a positive in the context of our new investing activity.
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