The company, which has holdings in Klarna, Wise and Starling Bank, says that valuations were negatively impacted by historic levels of inflation and material interest rate rises.

Representing 19% of the portfolio, BNPL giant Klarna was written down by 78% during the period, in line with the recent downround completed in mid-June.

The Wise share price also saw a 40% decline down to 297.4p at the end of June, reflecting the difficult market conditions during the period.

And despite a recent positive trading update from Starling, in which Chrysalis recently invested £10 million, the valuations of its listed peers have since derated and this has resulted in a downward adjustment to Starling's valuation.

Nonetheless, Chrysalis adopts an upbeat tone in its trading update, pointing to a recent rebound in equity markets and performance of listed peer benchmarks post period end.

On Klarna, Chrysalis cites the recent rise in shares of Affirm (up 72%) and PayPal (+39%). At Wise, the money transfer firm's share price has rallied to above the 31 March level (495p), driven by a strong trading update, and closed on 18 August at 541.6p.

Richard Watts and Nick Williamson (co-portfolio managers) comment: "We are encouraged that our NAV outturn was in line with the 23% Nasdaq decline in Q2, particularly when our second largest holding, which represented 19% of the portfolio at the beginning of the period, was marked down by almost 80%.

"Equity markets have rebounded very strongly since the 30 June, and we note the very strong performance of some of the listed peers we benchmark our portfolio assets against. This has already been reflected in one of our portfolio assets raising primary capital at a premium to its previous funding round and should lead to future NAV progression, if these recent gains are sustained."