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  "documentTitle": "Kinnevik | Results Presentation Deck | 16 slides",
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  "presentationDate": "2023-04-01 00:00:00",
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      "text": "Business-facing investees are performing in line with expectations, but incremental conservativeness on multiples, softening expectations on consumer-facing businesses and liquidation preferences hold back this quarter's write-up",
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      "text": "Value Drivers: Unlisted Assets, Illustrative, Q4 2022 to Q1 2023 (SEKbn)",
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      "text": "In Q1, an underlying valuation reassessment of 2-3% translates into a fair value write-up of SEK 0.3bn or 1%. Driven by on-plan growth in B2B, slight incremental softness in consumer-facing businesses and stable multiples.",
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      "text": "The aggregate impact from liquidation preferences amounts to SEK 2.9bn at the end of the quarter - down from 3.2bn in Q4, with this \"amortization\" muting the quarter's write-up slightly.",
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      "text": "Currencies were stable in aggregate, but the Norwegian krona depreciated materially by 6% to its Swedish variety.",
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      "text": "Six funding rounds in the quarter at an average c. 50% premium to our Q4 carrying values (>75% if excluding Spring Health) spanning (5) to >150%.",
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      "text": "GROWTH WAS THE KEY UPWARD DRIVER OF VALUATIONS IN THE QUARTER, WITH SOME INERTIA CAUSED BY THE REVERSAL OF LIQUIDATION PREFERENCES",
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