Molten Ventures’ net asset value (NAV) per share is expected to have risen 14% to around 869p in the six months to 30 September 2026 (HY27), as the venture investor generated £109m in cash proceeds from realisations.
Gross Portfolio Value (GPV) is also expected to have increased 11% to around £1.69bn during the first half of its financial year, compared with £1.52bn at 31 March 2026.
The growth was supported by a £244m fair value uplift, excluding foreign exchange movements, with Molten citing performance across its Core Portfolio, particularly ICEYE and Revolut, as well as its Fund of Funds programme.
Fair value gains of £334m across the portfolio were partly offset by £90m of reductions. Meanwhile, realisations generated £109m of cash proceeds during the period, up from £62m in the same period last year and equivalent to 7% of opening GPV.
Revolut accounted for around £71m of the proceeds, at an average multiple on invested capital of 19.0x, while ICEYE generated around £22m at an average multiple of 14.1x.
Molten deployed £44m into investments during the period, compared with £33m in the first half of the previous financial year, alongside a further £4m deployed through its managed EIS and VCT funds.
Investments during the period included a direct investment in Isar Aerospace’s Series D round in June. The company also made progress in expanding its third-party capital base, with the first close of its Molten Ventures Growth Fund at £175m.
The fund, which targets Series B+ venture and growth investments, has a target final size of £350m and includes a £75m cornerstone commitment from the British Business Bank.
Looking ahead, Molten said its Molten East and dedicated Secondaries funds remain on track for first closes by the end of its 2027 financial year.
The group returned £16m to shareholders through its share buyback programme during the first half. Around £70m has been returned through the programme since July 2024, equivalent to approximately 9% of the company’s issued share capital.
Molten had £76m of group cash at 30 September, up from £52m at 31 March, alongside £31m available for investment through its managed EIS and VCT funds. It also had £60m of undrawn capacity under its revolving credit facility.
Ben Wilkinson, chief executive of Molten Ventures, said: “We have made strong progress in the first half of the financial year, building on our FY26 performance, with continued growth, a strong level of realisations and importantly ongoing momentum.
“In addition to positive portfolio performance, we successfully broadened Molten’s capital base. The first close of our Growth Fund, with the British Business Bank as cornerstone investor, is an important step as we scale third-party capital alongside our balance sheet. Against a backdrop of a generational shift in the technology landscape and growing demand for capital to support the UK and Europe’s most ambitious technology companies, Molten is increasingly well positioned to support a highly attractive pipeline of the strongest opportunities in venture and growth at Series B+ to create further value."
He added: “With the UK budget due in two days, we will be looking for measures that target growth not just redistribution. As UK Private Capital highlighted last week, we have seen only a minor uptick in new investment in private capital by Mansion House Compact signatories – meaning we are still well short of what is needed to realise the potential benefits for savers and the growth stage economy. Our Growth Fund is one of the ways to help to deliver those benefits. The first close of our Growth Fund, with the British Business Bank as cornerstone investor, is an important step as we scale third-party capital alongside our balance sheet."
