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Molten Ventures
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== Outlook: Focused on the growth fund in 2022 == Management remains confident in the outlook for European technology investment, seeing rising demand for late-stage rounds in leading companies. Molten recorded total liquidity of £221m (including £65m of undrawn credit facilities) as at 30 September 2021, with the option to sell-down post-IPO stakes in Trustpilot and UiPath, to provide additional investment capital. On this basis, management can identify at least 12–18 months of cash runway, including potential exits. Looking ahead, management has continued to make good progress on preparatory work for the growth fund and remains focused on launching the Series B+ growth fund in CY22, targeting a £400m raise. The purpose of the co-investment fund would be to deploy third-party capital alongside Molten’s balance sheet, providing the group with a greater ability to lead deals and secure allocation in competitive funding rounds, in addition to generating third-party fee income. Taking into consideration continued revenue growth within its portfolio, as well as financing rounds and exits, and a healthy pipeline of new investment opportunities, management anticipates FY22 fair value growth of around 35%, subject to wider market conditions.
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