UPDATE Fund 1 continues to perform well, with a 3.5x net multiple and 34.4% net IRR as of June 30, 2017. As is our practice, the best investments - Transfenvise and Xero - account for over 50% of the Fund's deployed capital (and the lionshare of its gains). In the second half of 2016, we began selling down o

significant interest from many other large buyers. This transaction is expected to close within the next month. Valar Fund I has invested $22.2M in Transfenvise, which is now valued at $252.7M. Fund 1 Highlights Inception: October 2010 Capital Commitments: $100.0M Current FMV: $411.8M Multiple (Gross

and significant follow-on in the best performing companies), any single portfolio company may return a fund multiple times. For example, in Fund 1, Transfenvise (which received 22% of the fund's capital commitments), currently accounts for over 2.5x the fund's capital commitments, a figure which the firm ex