Market summary
SME exchange platforms saw continued listing activity this quarter, with strong retail participation. Regulatory tightening on disclosures is a welcome development.
Our positioning
We continue to underwrite investments assuming conservative exit multiples, with listings treated as an option rather than the base case.
Outlook
We expect selective mainboard migrations of quality SME-listed companies, creating liquidity events for early institutional investors.
This article is for information only and does not constitute investment advice or an offer to invest.