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TheStreet Open House

GSV Capital Corp. Reports Fourth Quarter And Fiscal Year 2012 Results Of Operations

Stock quotes in this article: GSVC

WOODSIDE, Calif., March 12, 2013 (GLOBE NEWSWIRE) -- GSV Capital Corp., ("GSV" or the "Company") (Nasdaq:GSVC), today reported financial results for the fourth quarter and fiscal year ended December 31, 2012.

"By investing in what we believe to be transformative businesses with substantial growth potential, our emphasis is on long-term value creation and the potential for sizable returns," said Michael Moe, GSV's founder and Chief Executive Officer. "At year-end 2012, our portfolio consisted of 47 primarily venture capital-backed emerging companies and translated into a net asset value of $252.6 million, or $13.07 per share. We believe clear opportunity exists as several of our portfolio companies approach eventual exit and others continue to innovate and advance their business strategies. Indicative of the types of investments we select, based on our internal estimates, we believe that a number of our top ten portfolio companies achieved revenue growth of over 100% in 2012. In 2013, we look forward to bolstering our portfolio with the new and emerging leaders shaping the growth economy."

Portfolio as of December 31, 2012

At December 31, 2012, the Company had positions in 47 portfolio companies at a fair value of $225.4 million. Additionally, the Company had cash and short-term investments of $27.3 million.

Out of GSV's 47 portfolio companies, the top 10 investments represented 59.3% of net asset value, and the top three investments represented 28.4% of net asset value. Net assets totaled $252.6 million or $13.07 per common share at December 31, 2012.

$ in millions Fair Value % of Net Asset Value
Twitter, Inc. $ 36.1 14.3%
Palantir Technologies, Inc. 21.1 8.3
Violin Memory, Inc. 14.8 5.8
Dropbox, Inc. 14.5 5.7
Chegg, Inc. 14.2 5.6
Avenues World Holdings LLC 10.0 4.0
Solexel, Inc. 10.0 4.0
2U, Inc. 10.0 4.0
Kno Inc. 9.9 3.9
Facebook, Inc. 9.3 3.7
Total $ 149.9 59.3%

Fourth Quarter 2012 Portfolio Investment Activity

During the fourth quarter of 2012, GSV invested a total of approximately $5.5 million, plus transaction costs, in the following new portfolio companies: Parchment, Inc.; Starfish Holdings, Inc. (also known as YourOffers); and Ozy Media, Inc. GSV made additional investments totaling approximately $6.8 million in existing portfolio companies including SugarCRM Inc.; Whittle Schools, LLC; Grockit Inc..; Control4 Corporation; and S3 Digital Corp.

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