Molten Ventures (LSE: GROW), London’s largest listed venture capital firm focused on European technology, has reported that its gross portfolio value is expected to rise 11 percent to approximately £1.52 billion for the year to March 2026, while net asset value per share is forecast to increase 13 percent to approximately 760p.
The gains were supported by strong underlying growth across key holdings, capital recycling through exits, and a share buyback programme that contributed 21 pence per share to NAV growth during the period.
Portfolio companies collectively raised a combined $3.75 billion during the year, though a $3 billion fundraising round at Revolut, which is now preparing for a long-anticipated IPO after receiving its UK banking licence, accounted for the majority of that figure.
Molten realised £120 million in proceeds from exits during the year, slightly below the £135 million the prior period delivered, with full exits from Freetrade and Lyst completed at or above carrying values, a detail management specifically flagged to underscore capital discipline.
The company also took partial profits from holdings in Revolut and ICEYE, the Finnish satellite imaging company that secured a €1.7 billion contract with a Rheinmetall joint venture to provide space-based reconnaissance for the German Armed Forces.
ICEYE is valued at £85 million in Molten’s books based on its most recent funding round, though peer firm Seraphim has been carrying the same asset at materially higher values, with analysis suggesting a potential NAV uplift of 3.8 percent if Molten revalues to reflect Seraphim’s latest mark.
Ben Wilkinson, chief executive of Molten Ventures, described the results as showing “clear progress and good momentum” and said the company’s focus is on scaling and expanding third-party co-investment structures, a strategic direction confirmed by the establishment of a dedicated secondaries team to capitalise on maturing late-stage European Tech assets.
A £38 million buyback programme has been running alongside the portfolio activity, part of a sustained effort to narrow the persistent discount between Molten’s share price and its underlying NAV that has frustrated investors across the listed private equity category throughout much of 2024 and 2025.
Exane BNP Paribas initiated coverage on GROW with an Outperform rating on April 27 2026, joining Barclays which raised its recommendation to Overweight in February citing accelerating portfolio momentum and clear potential catalysts over the next twelve months, including the prospect of several key portfolio companies moving toward exits or secondary transactions.
The shares were trading around 500p at the time of the latest update, against the Barclays price target of 575p, implying approximately 15 percent upside to the analyst’s target, and the June 2026 full-year results announcement is expected to crystallise whether the NAV per share improvement and exit activity translate into the kind of discount narrowing that would bring the stock price closer to intrinsic value.