2025-06-16-Jefferies-另类基金周报_11页_158kb

Summary of UK Investment Companies Equity Research Report

Date: June 16, 2025
Source: The Alt-Fund Weekly, Jefferies Investment Companies Equity Research

Overview and Key Events

• Upcoming Events: Scheduled activities include finals for NESF, CORD, and SYNC on Monday and Thursday, along with FSFL's AGM/discontinuation vote on Tuesday.

News Flow and Company Updates

• Augmentum Fintech (AUGM): Tide, an SME digital bank, is in advanced talks for new funding at a $1bn valuation (Hold rating). Tide represents 21.7% of AUGM's NAV.
• Oakley Capital Investments (OCI): Affinitas Education is seeking new minority investors; Oakley plans to consolidate its fund investment (Buy rating). Affinitas Education accounts for 5.1% of OCI's NAV.
• HarbourVest Global Private Equity (HVPE): Meta invested $15bn in Scale AI, a data labelling startup, valued at $29bn (Buy rating). Scale AI is 0.4% of HVPE's NAV.
• Tide Talk: Nesf's SME digital bank is raising funding, impacting AUGM indirectly.

Further Thoughts and Market Insights

• Infrastructure Strategy: The UK government's impending infrastructure plan may drive new private investment; funds like HICL and INPP could engage if the funding model supports their capital constraints and return thresholds.
• Market Dynamics: Meta's investment in Scale AI highlights AI sector growth, while PFI-like initiatives by NHS could influence infrastructure funds' portfolio decisions.

Analyst Coverage and First Views

• Matthew Hose and Fiona Huang provide ratings on companies like SDCL Efficiency Income (Buy), Foresight Environmental Infrastructure (Hold), and 3i Infrastructure (Hold).
• Ratings include Buy, Hold, Underperform, with Buy recommended for high-return potential.

Valuation and Risks

• Ratings Methodology: Based on metrics like market cap, growth, and discounted cash flow for 12-month returns.
• Conflicts: Analysts have market-making activities with firms like Meta and others, potentially affecting objectivity; disclosure notes these ties.
• Key Risks: Currency fluctuations, regulatory hurdles, and economic factors may impact investments.

Analyst Certifications and Company Disclosures

• Analysts certify recommendations reflect personal views and disclose personal holdings (e.g., Matthew Hose has a long position in Syncona).
• Investors are advised to review company-specific disclosures due to potential conflicts and market risks.

Disclosures Note

Jefferies ensures independence under SEC/FINRA rules, but equity research may conflict with investment banking services. Past performance ≠ future results; this report is for informational purposes only.