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Tetragon Financial Group
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=== Private equity and venture capital === As at end-March 2022, Tetragon’s exposure to private equity and venture capital assets amounted to US$321m (US$314m at end-April 2022), down from US$396m at end-FY20. The reduction is primarily due to early redemption of Ripple Labs’ preferred shares, which generated a gain of c US$100m in FY21. Tetragon was the lead investor (US$150m) of the series C preferred stock issue in 2019, and in late 2021 Ripple elected to redeem the entire class at 1.5x purchase price plus accrued paid-in-kind dividends. Apart from direct investments (US$34m at end-March 2022), Tetragon also invests in Banyan Square Partners managed funds focused on co-investments (US$112m), funds managed by Hawke’s Point (US$58m), as well as externally managed investments (US$127m). Hawke’s Point funds invest in mining assets, predominantly gold mines. Hawke’s Point’s projects are early stage, with their value equally dependent on the gold price and their progress in moving up the development curve. An illustration of this is the US$39m loss (30% decrease in value) in FY21, driven predominantly by developments in one gold mine project in Australia.
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