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Chrysalis Investments
Chrysalis Investments was formed under the umbrella of Jupiter Asset Management, where co-managers Nick Williamson and Richard Watts previously ran UK...
Chrysalis Investments
Chrysalis Investments was formed under the umbrella of Jupiter Asset Management, where co-managers Nick Williamson and Richard Watts previously ran UK smaller-companies strategies. The firm spun out its investment advisory function into Chrysalis Investment Partners LLP, a dedicated partnership that now operates the mandate. The underlying vehicle, Chrysalis Investments Limited, is a Guernsey-domiciled, London-listed closed-end fund — a structure that locks in permanent capital and avoids the forced-sale risk that open-ended funds carry in private markets. The strategy targets late-stage growth and pre-IPO companies that sit at the intersection of massive addressable markets and proven unit economics. Asset classes span direct private equity, pre-IPO convertible instruments, and select public-market follow-ons. The portfolio concentrates on European and transatlantic technology businesses; known positions include Klarna, the Swedish buy-now-pay-later giant, and Brandtech, a generative-AI marketing platform. The firm takes a high-conviction approach, typically holding fewer than two dozen names and providing follow-on capital rather than spreading across a broad index of venture-backed companies. As of March 2026, the firm publicly discloses its portfolio composition, which includes both current and realised investments across fintech, AI-enabled services, and digital platforms. The investment team operates from London, with the corporate entity registered in Guernsey. Co-managers Williamson and Watts anchor the investment committee, supported by a compact in-house team that includes lead investment analyst Mike Stewart and investment specialist Carmen Azad. The firm does not disclose a headline AUM figure but provides regular RNS portfolio updates to the London Stock Exchange. What distinguishes Chrysalis is its listed permanent-capital structure applied to an illiquid growth-equity strategy — a setup that offers retail and institutional shareholders daily liquidity in the shares while the underlying fund holds multi-year private positions. This architecture creates a tension between mark-to-market NAV and intrinsic value that few other UK investment trusts in the growth-tech space have navigated at scale.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
Guernsey
City
St Peter Port
Corporate office
St Peter Port, Guernsey
Principals
Nick Williamson
Managing Partner
Richard Watts
Managing Partner
Sector focus
Frequently asked questions
How is Chrysalis Investments structured, and what makes its model unusual?
Chrysalis Investments Limited is a Guernsey-domiciled closed-end investment company listed on the London Stock Exchange. The portfolio is managed by Chrysalis Investment Partners LLP under co-managers Nick Williamson and Richard Watts. The closed-end, permanent-capital structure is unusual for a growth-stage private-technology strategy: it holds illiquid assets while offering shareholders daily liquidity in the listed shares, which can create a persistent gap between the traded share price and net asset value.
Who runs investment decisions at Chrysalis?
Nick Williamson and Richard Watts are the Managing Partners who co-lead the investment team at Chrysalis Investment Partners LLP. Williamson previously managed UK smaller-company funds at Jupiter and Merian, while Watts ran UK mid-cap strategies. They are supported by Lead Investment Analyst Mike Stewart and Investment Specialist Carmen Azad, along with a small in-house team.
What does Chrysalis invest in, and at what stage?
Chrysalis targets late-stage growth and pre-IPO technology companies with large addressable markets and proven revenue models. The mandate covers direct private equity, convertible instruments, and select public-market follow-ons. The portfolio concentrates on sectors like fintech and AI-enabled services; disclosed holdings have included Klarna and Brandtech. The firm takes a high-conviction approach with a concentrated portfolio rather than a broad index strategy.
Does Chrysalis disclose its AUM or total deployment?
Chrysalis does not publicly disclose a current AUM or total-deployment figure as a standalone number. As a London-listed investment trust, it reports portfolio holdings and net asset value through regulatory news service announcements to the London Stock Exchange, but it does not publish a headline assets-under-management metric.
What is Chrysalis's relationship to Jupiter Asset Management?
Chrysalis originally operated within Jupiter Asset Management, where co-managers Williamson and Watts were fund managers. The advisory function later separated into Chrysalis Investment Partners LLP, an independent partnership that now serves as the investment adviser to the listed trust. The vehicle itself, Chrysalis Investments Limited, is a distinct Guernsey entity.
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