Double digit returns – Introducing the iCORE-indicator

Since inception, we have through our co-investment service led investments in 24 funding rounds, in a total of 17 companies. The first co-investment, in LNGTainer, was done in Sep-2014, and the latest, in Navigine (follow-on), in Jul-2017. In order to track our co-investment performance, we are now introducing the Innovestor Co-Investment Return Indicator, or iCORE-indicator.

With the iCORE-indicator, we basically seek to answer the following question: if an investor would have invested an equal EUR amount, into all our funding rounds, what would the return be? Return is presented as IRR (annualized percentage) and money-back multiple (x investment amount). We have analyzed the results for 2017.

The iCORE-indicator is sensitive to the methodology used for estimating current fair value of investments. Therefore, our approach is cautious. We value all investments at cost, unless there has been a new funding round, secondary market transaction, M&A, IPO or liquidation. In short, we do not take an active view, but rely on market validation.

As of 3Q2017, the iCORE-indicator is IRR 16.8% / money-back 1.4x. The average holding period for the investments is 17 months. Of 17 companies, 11 are valued at cost, and 6 at a premium based on principles outlined above. Summary presented below.

Author: Wilhelm Lindholm, Partner, Chief Investment Officer at Innovestor Group

 

 

 

 

Join our Nordic Source community

 

Sign up to our monthly newsletter and be the first to receive information on our coming funding rounds, growth programs and interesting industry news

straight to your inbox.

By clicking ‘Subscribe’ you accept Innovestors terms, conditions and privacy policy. You may unsubscribe from these communications at any time.

Read Next

Meet the team – Tomi Asanti, Director of Properties

I am Tomi Asanti, a Partner and Director of Properties at Innovestor. I joined Innovestor two years ago with the ambition, among other things,...
22.01.2020

Grow to Market – Annual Report 2019

Grow to Market – Igniting Your International Growth since 2017    In order to evaluate the impact our Grow to Market programs have ...
16.01.2020

Grow to Market: Case StepOne Tech, Supporting the Goals of Sustainable Development

In 2012, four friends united to offer people the choice of whether they wanted to use fossil or renewable fuel for private motoring, regardles...
09.01.2020