Square Peg's portfolio value jumped 20% in 2024
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The news: Square Peg's portfolio value has increased 20% over the year to December 2024 and said its largest investments in Canva, Rokt, Airwallex, and Kredivo performed strongly.
The numbers: The firm's aggregate fund value grew from $2.7 billion to $3.25 billion over the year and returned more than $800 million to investors at a gross multiple of 6x across its portfolio.
Square Peg invested $146 million in new and follow-on investments during 2024, while returning $220 million to investors through five exits.
The context: The firm highlighted its investment philosophy of maintaining relatively long hold periods and continuing to back high-performing companies. This approach was demonstrated in its recent partial exit of Rokt, which announced a secondary round valuing the company at $3.5 billion. Square Peg sold up to 30% of its early positions from its 2012 and 2016 vintages while maintaining the majority of its holding and making additional investments through its Opportunities Funds.
What they said: "We are thrilled with the performance of our portfolio companies, especially our largest holdings (Canva, Rokt, Airwallex, and Kredivo), which are all performing very strongly," Square Peg stated in its investor letter.
"Looking ahead, we are excited about the opportunity set across our core geographies of Australia, Southeast Asia and Israel and our core themes of AI, Fintech and SaaS."
The source: Square Peg investor letter
