Despite Covid, the listed private equity fund, INVL Technology, improved on all metrics in 2020 posting higher sales, profits, and NAV. The share was rewarded accordingly with a gain of 18% in 2020 and 12% so far in 2021.

The listed private equity fund, INVL Technology, accelerated its revenue growth in Q3/20 to 22% from an already healthy 9% in Q2/20 while EBITDA increased 2.7x. We raise our estimates and Base case Fair value.

The listed private equity fund, INVL Technology’s Q2 provided additional proof that tech can grow during a pandemic as both sales and profit increased in Q2. We make minor estimate adjustments but raise our Base case fair value price on the back of higher software peer multiples.