Very welcome to this slightly odd format of an AGM. My name is Lars Grönstedt. I'm Chairman of Vostok Emerging Finance, and with me I have Dave Nangle, our CEO. The reason we hold it like this is that, for obvious reasons, as all other companies, we hold a very restricted general meeting, and we'll rob you of the experience of asking questions either to Dave or to myself, and we thought, as many other Swedish companies, that this format, where we have a Q&A session about a week before the actual AGM, is one way of allowing you, as shareholders, to ask those questions you might have liked to ask at the actual AGM, had that been a normal AGM. That's the purpose of this, and we will spend about the first 15 minutes doing two brief presentations.
Dave will present what he would have said at the AGM about the company, and we do have, in connection with the AGM, we have a decision concerning what we call the redomestication of Vostok Emerging Finance. So we leave our Bermuda, our legal base in Bermuda, and go onshore here in Stockholm. And I'll briefly talk about the background to that. And after 15 minutes, we open for Q&As, and if you just use the raise your hand function in Zoom, we'll administer it as skillfully as we are able to do. With that, I thought I should leave to Dave to do your introduction, what you would have said had we had an ordinary AGM.
Super. Thank you very much, Lars, and welcome, everybody. I'm very happy to have you in this forum with us. I have shared my screen, so hopefully you can all see the presentation I'm going to run through, and it will be available on our website as well for your reading, and what I'll do in the presentation, because it's kind of the AGM format one, there'll be a little bit of a reminder of what we're all about, our history into the current trends. We had our results out today, our Q1 numbers, and then what's coming next or down the pipe, so I'll try and wrap that all up in about 10-1 5 minutes max, but as a reminder, what is VEF? VEF is the Emerging Market FinTech Investor.
What we're doing is we're crossing over two very strong trends in emerging markets, long-term underpenetrated financial growth, with a long-term structural growth story in FinTech, which is obviously the future of finance as finance becomes more digitized and online over time, and we're in the crosswinds of both of those two very forceful trends, and that's where we're investing into FinTech in markets like Brazil, India, Pakistan, to name but a few. We do this from a strong team based in Europe, and we do it via a share listed in Sweden on Nasdaq First North. We've been doing that for nearly six years now. Time has flown. We've gone from an idea, an inception, and a market cap, an NAV sub $100 million, and one investment to nearly $400 million, or approximately $400 million of NAV market cap today.
We've made 16 investments since inception, 14 in the portfolio. We've had two exits at IRRs of north of 60%, and our IRR for our NAV per share and our share price has been hovering around 27%, so we're turning what once was theory into a decent reality for both ourselves and for you, the investors, and how we look at it is we've always had a sector and geographic overlay. Sector, it's all things FinTech, and FinTech is a broad area of finance. You can be in credit payments, personal finance investments. Increasingly, it's Embedded FinTech as the world of finance encroaches into all areas like health, education, mobility, and the future of finance is realistically everywhere.
Geography, we've always had our eyes on the big scale emerging markets, the Indias, the Brazils, the Mexicos of this world, where we believe it's much easier, albeit still hard, to create value at a scale, single market, and harder again to do it across multiple geographies. Hence, most of our companies and most of our success has been in scale, single country plays. And then we take minority stakes in these companies and board seats for the most part. We're an active investor, very active in the stories that we are, both from an ESG perspective, from an economic perspective, and really part of their stories through to exit. And then we're quite a unique investment vehicle in what we are. Taking theory into reality, where are we today? As I said, we're in 14 companies across the emerging world.
We're heavy in Latin America, six of those 14 are in Brazil, two in Mexico, so it's eight out of 14 in the LATAM ecosystem, and Brazil is unique in many ways and the most attractive FinTech opportunity across the emerging world, if not the world in our view, but we're also in some of the up-and-coming countries across Africa, Pakistan, India. We had our second investment there this year, and then we're in East Europe and Russia, and we've exited out of Turkey. So we've got a great experience across multiple scale emerging markets, across multiple stages of investments, and multiple sectors of FinTech across the years of experience that we've done this. You look at it from a portfolio point of view, where is $403 million of NAV as of today's quarterly results?
In cash, there's $45 million, so we're sitting on a cash position after our successful placements in Q4 of last year. There's concentration around a couple of assets in Creditas, which I'll talk about because the directors are talking about, and Konfío, both of them account for nearly 60% of our NAV. It's the nature of an investment company like ours where some of the bigger assets start to break out. We put more capital in them. There becomes a concentration in them. Then we exit, and we do it all again, hopefully. That's the circle of fun that happens in a company like ours once we're succeeding and delivering, and that's obviously our mandate. I think the track record I can show on this slide, slide number six, is quite key.
Since inception, we had the number one FinTech asset, not just in our view, I think it's a market view in Russia, and we exited that at a 65% IRR. We moved into Turkey with iyzico, and we had the biggest FinTech exit in that market, an online payments company, a phenomenal asset at nearly 60% IRR. As of today, we're in top three FinTech names in both Mexico and Brazil. And we've got a growing quality portfolio in India, which I think you once again will have a top-tier name or top-tier names within India. So it's a growing track record where we can copy, paste, replicate our expertise into new, exciting scale emerging markets and add some of the best names in the private FinTech space and add value and create value for you, the shareholder, over time.
And this obviously feeds into our NAV per share and our share price, which is what everybody cares about at the end of the day, good quality, sustainable delivery in value over time. And that's partly through realized exits and partly through the mark to model of our portfolio companies as they grow. And then you can see from an NAV and share price development, they track each other naturally as they should, and it's been a gradual growth story over time. And within that, we obviously track, just as the chart on the right, the discounts to NAV. We're rewarded not for size. We're not $100 million or a billion dollars. What counts for us is NAV per share and share price as it does for you. So while we're driving that NAV per share, we're also trying to keep that discount as close to NAV as we can.
We'd like to think, and more and more it's happening, that the longer the track record we have of value creation and of exits in a space that we're playing in, we trade closer to NAV and even beyond as people start to look through, and we've seen instances of that in the recent past. And also, a key point here is just our size and scale today. I think at $400 million of NAV and market cap, we're a much more investable creature for you, the investor, much more liquid asset for our shares. And these are all important things that we think about, which we know are important for you and hence are important for us. And from a shareholder base, this is just public information.
It's been quite a sticky, solid shareholder base over time, and it's been great names and benchmark names, both locally in Sweden and globally. It stands as a testament to us as a company. We're proud of this shareholder base, and we show it off as much as we can. It's a real quality tick mark on us as a company, and we're very grateful for it, and we're very happy we can deliver value for it over time. From a team point of view, this would have been less in previous years. The quantum has grown in line with success. We're adding more assets, i.e., people, to the team in a diverse way across our different markets and different skill sets. It allows us to do more with more skill set on the team. I'm very happy.
It's one of the areas that I'm probably most proud of that we've built within the team over time. And I always say to Lars that this company is about the investors first and foremost. It's about investments. You've got to get that right. And it's about building the business. And building the business, the team is obviously an anchor point to that for the long term. And I'll say a couple of points on Creditas because it is now 42% of our NAV, and if you own a share in us, a very big part of that is Creditas. And the good thing or the great thing about Creditas is that it is becoming more transparent in its delivery. And that's not something that we can say about all of our companies because they're smaller private assets, and they tend to only open up over time.
But Creditas has got to that kind of series E stage. It's on a path towards IPO. It's comfortable in its own skin, and it's starting to share on a quarterly basis its highlighted numbers. So Creditas does secure lending in Brazil and now Mexico against homes, against cars, against salary. And it's been growing at a, excuse me, at two to three X clip per annum in originations and revenues over time. And that's coming true in the numbers, which are, as our CEO would say, up and to the right. And we're seeing that in the loan origination, in the revenues, and that's obviously feeding through to a very fast-growing asset, a very valuable asset. It was valued at $2 billion in their last investment round.
And you can see how the run rate revenues are about $100 million at this stage, but let's say growing to two to three X per annum as it goes. So this is one that's one of our it's our biggest asset. It's our most in-focus asset. It's our most transparent asset. And it's one that's moving towards IPO in 2022, and that's the plan as we currently stand. And I'm just going to mention Rupeek because it's one of the other 14 because it's our latest investment and moving to India. And India is a market we weren't in 12 months ago, and now you've got two quality names in that market in Juspay and Rupeek. And Rupeek actually reminds us a lot of Creditas in the secured nature of its products, secured against gold.
And one of the biggest financial opportunities in India today where people can borrow against their savings, which are mainly held in gold across the country, is the nature of that market. And they're moving into what is generally an informal space and formalizing it and giving people better loans at better rates and better durations. And so it's a very obvious space to be investing in for us in that market. I'll just skip forward to sustainability and ESG before I wrap up with my comments. But I think on the sustainability and ESG front, this is something that we've been generally talking about for years without formalizing. We've gone about formalizing it in the last 12-18 months. And I think I can grab two phrases here. I think one is from the sustainability side.
We've always had the view of it's not ethical, it's not scalable, and if it's not scalable, it's not good business or investing. So this has been very much at the forefront of every investment we've made. And our portfolio companies do us proud on that front in terms of financial inclusion, bringing down the cost of finance, and that comes across in Creditas, Jumo, Konfío to name but a few within our portfolio, and this is a key part of what we do, and I think on the G front, that's coming true in this presentation and also the redomestication, which Lars is going to talk about, and moving to a Swedish hold co, which very much sits on the governance front, and then finally, to wrap up in a few comments, we look for 2021 and beyond.
And what I'd say is our NAV track record is very strong. It's reaching new highs, and it's got a strong basis for continued growth from here. We know the downside risk, but we're very confident in the upside from here. And Creditas is our core asset today. It's not our only asset, but it's our core asset. And the exciting thing for us with that one is it's compounding from a larger base. So the position that it's compounding from and it's building two to three x from that base excites us even more. I'd keep an eye on Konfío, which is becoming the largest SME financial services play in Mexico.
And then our Indian holdings obviously are coming up now over the last 12 months. In Juspay in the mobile payment space and Rupeek in the gold-backed lending space are very interesting assets that can break out in the nature that Creditas did for us in the recent past. ESG is at the fore of everything we do now. We're going to talk about the Swedish move, but also our portfolio companies doing us proud on that front. And then the theme itself of FinTech is gathering momentum. We've been doing it for nearly six years. We're not getting carried away with the hype in the market, the amount of capital in that space chasing assets. We are very long a portfolio of quality EM FinTech assets, and that bodes well in an environment like this.
And then we're very structured in our approach to adding anything else to that portfolio. So I'll stop my commentary there, Lars, and I will pass back to you for a move into the redomestication space before we move to Q&A.
Thank you. As you know, we are currently a slightly odd beast in the sense that we are listed here in Stockholm on First North. We have a voluntary undertaking to, as far as is possible, behave like a Swedish company. But we have our legal base in Bermuda for historic reasons. We were spun off in 2016 from what is now called VNV Global, which at that time used to be a Bermudan company as well. It has last year been through the same redomestication process, so it's now a Swedish company also in the legal sense.
The advantages of being in Bermuda where nobody in the board is based in Bermuda, nobody in management is based in Bermuda, and Bermuda is not necessarily a location that investors look upon as very safe and healthy. All that has pointed to us moving either to Stockholm or to London. We made a very, very extensive study, and we found that moving to where we are listed here in Stockholm is the more advantageous move. So we will ask you in connection, not at the AGM itself, but in a special meeting, as we call a scheme meeting in connection with the AGM, we will ask you as shareholders to approve the move from Bermuda to Stockholm. It will mean in practice, it will not mean very much for you as investors.
The share that you have now in the Bermudan company will be exchanged one by one, one for one to shares in a Swedish company still listed on First North. If we should try a relisting to the Main Board, that's another process, but it is a process that is well-nigh impossible to do if you still have the Bermudan base, so we have not yet decided if and when we move to the Main Board, but we cannot do that out of Bermuda base, so this is a step that will allow us to potentially take that decision later. There is a legal process in Bermuda once this scheme meeting has approved the move, but we don't expect any particular blocks there, so in some time, one or two months after the scheme meeting, the actual redomestication will have taken place.
But in the meantime, we'll continue to work just as we do today. And the whole process will be hopefully of very little hassle to yourselves as investors. And I can say that also because, as I said, we've been through that VNV, and in the end, there was a lot of legal work. But in the end, it went quite smoothly, and I hope and expect and plan that we'll do it as smoothly here as at Vostok Emerging Finance. That is what I was going to say on the actual move of the legal base to Sweden. But of course, if there are further questions, I'll be happy to take those in the Q&A session, which means that we now come to the Q&A session, and I'll open up for questions.
As I said, if you do that by raising your hand, we'll let you in, ask you your questions, and either myself or Dave will, to the best of our efforts, try to answer them. So please feel free to take the floor where you want to take the first question. Okay. Everybody's sitting on their hands. If there are no questions, of course, we will not just then we will conclude here. But I'll give another minute or so for you to find the opportunity to ask if there's anything you want to ask.
Lars, we have a question from Klaus Gummerer. Klaus, you are now allowed to ask your question.
Yes. Hi, Lars. Hi, David. Thanks for the opportunity. I wanted to talk about or make a question about the increase of the investment team that you have made and announced recently. Where do you see the ideal size of the team going forward? Thank you.
I'd let you answer that, Dave.
Yeah. Super, Lars. Hi, Klaus, and how goes? Let me just. Did I have a slide in here with the team? And one second. Now I'll answer. There we go. Sorry. Yeah, so Klaus, the way we talked about team and resources was very much the way we like to build with success, so with our AUM or NAV going from $100- $200- $400 million, we felt a lot more comfortable building out resources post or with success as opposed to being one of those firms that built a team or built the resources ahead of success.
So as we grew, you can see that people have joined our team over time since 2015 when I effectively started this out from a spin-off from VNV. I'd say at the moment we have four people, if you include myself, Henrik, Alexis, and Karel on the investment manager side. And Henrik has a few hats, but he's on the investment team as well. And then we have the associates or the analyst pool, Arieh and Shashi. Now, Helena, obviously, from sustainability and counsel gets very much involved in the investments, and Elisabet handles all the stuff on the accounts side. I think the team of eight today is very well structured in terms of size, resources, abilities. It is across three countries already. I think we were the ultimate digital or remote team ahead of COVID.
We've been functioning very well through COVID. We haven't missed a beat. But I would say that I've always told Henrik, Helena, that we're always hiring. We're always looking for good people, and we're in no rush to add any more. But I think size and shape, we're in good position today in terms of mix and type and skill set for the assets that we're managing for the amount of positions that we have and for the pipeline and investor work that we do.
Thank you.
To me, the cost as percentage of net asset value is, for me, a very important metric when measuring the efficiency of our performance. And if we take an ordinary mutual fund with specialization like we have in emerging markets and the specific area of investment, you would usually pay between 1.5% and 1.8% in yearly management fee.
If we go to private equity, you would pay significantly more. So to me, it's always important to be below a cost base of 1.5% of NAV. Last year, we crossed that threshold with some margin. And that's a metric that I'm always looking at, of course. And of course, the size of the team impacts on that metric. And that metric puts a brake on expansion.
So as Dave said, what we want to do with that amount of money is we are looking to get the absolutely best and most skilled professionals and not skilled only in their personal capacity, but also skilled as a team, working together as a team. Okay. If we have no further questions, I thank you for joining this session. And I regret that we can't see you at an ordinary AGM. Hopefully, we'll be able to do that next year. We close the session. Thank you very much. Thank you.