Merry Christmas and a Happy New 2024!

The financial markets are ending the year on a much more stable note than they began. With a clearly declining rate of inflation in most developed countries and an adjustment in the interest rate path following this, Q4 has seen a powerful rebound in asset prices—primarily in the listed environment. Valuations of unlisted assets remain suppressed, but as known, they tend to follow the trends of their listed counterparts, albeit with some lag. Having said that, 2024 looks more promising than ever.

In 2023, it has become even clearer that companies focusing inward and delivering on their new financial targets—especially with regard to cash flow positivity—have been rewarded for this. Take, for example, global payment solutions provider Klarna, which recently showed profitable figures and consequently reopened discussions about going public (IPO). Companies in earlier stages with less proven business models have unfortunately continued to struggle with financing during the year, as risk appetite has been significantly subdued.

This year, Stadsholmen Equity's Christmas donation goes to Doctors Without Borders—an organisation that perhaps needs no introduction. It’s a non-profit association following a model that has persisted since its inception in Paris in 1971, with the goal—then as now—of providing medical care in acute crises and disasters around the world. In a year marked by an intensification of physical warfare, their work is more relevant today than ever.

At Stadsholmen Equity, we look forward to continued momentum in 2024—with our increased focus on secondaries dealing in unlisted high-calibre pre-IPO companies. Until then, we wish our clients, partners and investors a very Merry Christmas and a Happy New Year!