Molten Ventures expects 14% NAV rise and expands buybacks by £10 million

Molten Ventures expects its net asset value per share to rise 14% for the first half, the London-listed venture capital firm said, as gains in technology investments helped it return cash to shareholders and attract outside capital.

The company generated around £109 million from investment realisations in the period. Revolut accounted for roughly £71 million of that total, and ICEYE contributed about £22 million — the two positions together covering more than 85% of the cash realised. Full half-year results are scheduled for November 24.

Investors greeted the update. The shares rose 5.4% to 704.50 pence in London on Monday afternoon, according to Alliance News — an intraday quotation rather than a closing price, so the gain may not hold through the session's end.

What does the buyback extension change?

Molten separately extended its share repurchase programme by £10 million. The company said its existing £15 million tranche was approaching full use. Purchases will continue under that tranche, and the additional allocation will be deployed only after the first one is exhausted — a sequencing detail that matters, since the fresh money does not start working immediately.

The announcement also disclosed purchases made through Deutsche Numis between October 19 and October 23, under the buyback programme first announced on July 30. Following those purchases, the company reported 189,046,450 ordinary shares in issue, of which 15,693,431 were held in treasury. That leaves 173,353,019 voting rights for shareholder notification calculations — treasury shares carry no votes.

In plain terms: Molten has already retired about 8% of its issued share count into treasury, and it has just committed another £10 million to the effort.

How strong is the new Growth Fund?

Molten's Growth Fund reached a £175 million first close, including £75 million from the British Business Bank — meaning the state-backed lender supplied roughly 43% of the money raised so far. The fund targets a final size of £350 million, so it stands at exactly half its goal.

The fundraising lands in a hostile climate for private-market managers. An Ocorian survey reported by The FINANCIAL in September found that 62% of private-equity managers considered fundraising harder in 2026 than in 2025. That research covered 300 senior executives at firms managing a combined $3.511 trillion in assets. Increased due diligence and regulatory uncertainty ranked among the principal obstacles to raising capital.

Molten has not yet said whether further cornerstone investors are lined up for the second half of the Growth Fund's raise. The November 24 results should clarify whether the 14% NAV uplift reflects durable portfolio marks or a handful of outlier exits.