VNV Global's Pivot: From Holding Company to Fund Manager, With Voi in the Wings
Amid a persistent 53% discount, CEO Brilioth unveils plans for a regulated fund structure to tap into deal flow, while BlaBlaCar's exit from operated buses and Lime's IPO sharpen the portfolio's story.
VNV.ST · Earnings Call · 2026-07-14
A Shift from Investor to Fee Generator
VNV Global reported flat NAV in Q2 2026, but the quarter's real news was strategic. For the first time, management outlined a concrete plan to launch a regulated fund structure to manage external capital, potentially transforming the company's revenue model. The company's own keyword trajectory reflects this: fund structure and deal flow jumped to the top of its quarterly list, marking a clear departure from prior quarters focused on buybacks and exits.
We are very intensely at work in establishing a fund structure. A regulated fund structure with sort of people who do regulated fund structures. In order to start our first fund that we will be that will be part of managing And we are super excited about that.
The CEO, Per Brilioth, tied this to the persistent discount: the company continues to trade at roughly 53% below NAV, a recurring theme since 2025. But now there is a new lever: "we also think that us as shareholders in some way also would benefit if we have exposure to the kind of deal flow that is floating around us." The plan is to first launch a fund focused on emerging-market marketplaces and embedded fintech, leveraging VNV's network and SPV experience. A Capital Markets Day in September should provide specifics. This is a genuine company-unique strategic pivot, not boilerplate.
BlaBlaCar's Margin Revolution and the Lime Catalyst
On the portfolio side, BlaBlaCar's decision to wind down its operated bus segment is transforming the earnings profile. As Dennis Mohammad explained, the business "takes risk on utilization of buses" and "was never profitable, it lacks the network effect dynamics" — so shutting it down lifts the gross margin from roughly 50% to around 90%. The valuation multiple reflects this: the pre-discount EV/NTM revenue multiple jumped from 2.7x to 4.2x. This is a key driver of NAV, and it aligns with the global theme of marketplace businesses becoming cleaner and more profitable.
Meanwhile, Voi continues to outperform, growing revenue 38% YoY in Q1 2026, and the recent Lime IPO is a major catalyst. Per Brilioth called it "a very, very positive event for the sector as a whole and also VOY," and noted that Lime's public listing provides a much-needed peer for Voi's valuation. He also hinted at a potential Voi listing, though the timing remains uncertain: “I do not think it really sort of affects the operating landscape or how Voy goes about its business, the fact that Lime has IPO ed.” — Per Brilioth, Chief Executive Officer (CEO) · 2026-07-14 Yet the transparency benefit is real, and management plans to incorporate Lime as a peer from next quarter.
- “In this business model, BlaBlaCar takes risk on utilization of buses... For that reason, they have decided to shut it down.” — Dennis Mohammad, Investment Analyst or Portfolio Manager · 2026-07-14
- “The lime IPO was, of course, it is it is the timing of it was... it screamed of there is a sense of... not driven by market timing.” — Per Brilioth, Chief Executive Officer (CEO) · 2026-07-14
The Discount Persists, But a New Antidote Emerges
The discount to NAV has been a perennial issue, echoed in prior calls. In Q1 2026, Per Brilioth said, “I think it's fair to expect us to continue doing that and to sort of also to fund that.” — Per Brilioth, CEO · 2026-04-22 And back in Q4 2025, he noted, “There's no exit that we're going to announce on Monday.” — Per Brilioth, CEO · 2025-10-28 But this quarter offers a structural solution: generating fee income from managing external capital, which could gradually reduce the reliance on buybacks alone. Combined with the portfolio's improving margins and Voi's growth, the story has more levers than before.
As Brilioth put it, the fund structure is "partly driven by the fact that we see a lot of stuff, interesting investment opportunities around our portfolio and our network at large." The move could also address the discount by providing a new source of cash flow, even if it won't close the gap overnight. Investors will be watching the Capital Markets Day for more details, and the shift in Voi's valuation model as Lime's public market presence sharpens the comp set.
In sum, VNV Global is evolving from a passive holding company into an active fund manager, while its core assets are also showing signs of inflection. The strategic pivot, together with BlaBlaCar's margin overhaul and Voi's momentum, makes this quarter a meaningful turning point.