The crux of our investment thesis is twofold: (i) we envisage an uptick in exits on a 24-month view. (ii) 75% of NAV resides in companies at the “scale-up” stage i.e. pre-exit. This is important given it takes a start-up c.10-years to arrive at this juncture. We focus on six of these companies, providing multiple exit opportunities with sizeable asymmetric upside to carrying values. This should address concerns about a history of limited value realisation. Interims to Dec’24 show NAV resilience and important commercial, technical and financial developments from several portfolio companies. In our view, the NAV is the key valuation metric. Using a risk-adjusted NAV analysis, we calculate a SOTP valuation of 52p and set this as our 12m TP. The shares are trading at a 45% discount to our SOTP and 66% vs Group NAV of 68p. Over the next 12m we anticipate value affirming operational updates, and delivery against milestones should drive a narrowing of this discount.