Chrysalis Investments provides capital to later-stage private companies across the insurance, technology, financials, banking, media and consumer discretionary industries. Shares in the fund currently trade at a 45% discount to the last reported NAV per share from its one public and 12 private investments. We review the valuation of its top five holdings (>70% of the portfolio) and conclude that Chrysalis shares are more undervalued than the NAV discount suggests. Furthermore, a recently announc ....