WOODSIDE, Calif., March 13, 2014 (GLOBE NEWSWIRE) -- GSV Capital Corp. ("GSV") (Nasdaq:GSVC), today announced financial results for the fourth quarter and year ended December 31, 2013.
"Based on a number of positive portfolio developments in 2013, I'm pleased to report a strong annual increase in net asset value per share of $1.84 or 14% to $14.91 at year-end," said Michael Moe, GSV's founder and Chief Executive Officer. "The core tenet of our investment strategy is the identification of game changing companies at the intersection of megatrends across growth sectors. Based on our portfolio of 49 companies, we estimate a weighted average growth rate of approximately 85% in calendar year 2013 for the private companies we own. In addition to impressive business growth and value creation for these companies, fiscal 2013 turned out the IPO of Twitter, our largest investment, as well a number of other successful offerings and capital raises by our portfolio companies. Several of these may pursue IPOs within the next 18 months. Fundamentals for the themes that we invest in remain compelling, and looking ahead, we are confident in the near term environment for growth investing."
Portfolio as of December 31, 2013At December 31, 2013, the Company had positions in 49 portfolio companies at a collective fair value of $355.4 million. Out of GSV's 49 portfolio companies, the top 10 investments represented 80.9% of net asset value, and the top three investments represented 53.0% of net asset value.
|Top Ten Investments at December 31, 2013|
|$ in millions||Fair Value||% of Net Asset Value|
|Twitter, Inc.||$ 102.8||35.7%|
|Palantir Technologies, Inc.||33.8||11.8|
|2U, Inc. (f/k/a 2tor, Inc.)||11.3||3.9|
|Avenues Global Holdings LLC||10.0||3.5|