Pre-IPO FiscalNote result: -77%

The investment turned out to be a loss. We offered an investment in FiscalNote on March 30, 2021. The company raised convertible loans before going public, which resulted in a lot of dilution of early investors' stakes.

FiscalNote went public on Aug. 1, 2022, following the merger with SPAC. Its stock was converted into shares of the new public company with NOTE ticker symbol. Including the conversion, the entry price was $11.17.

In June, the fund we invested in FiscalNote through decided to close the investment and distribute the funds. The sale of shares took place from June 1 through June 10. Based on the weighted average price over that period, the fund calculated the closing value of the investment at $2.52 per share. Thus, excluding commissions, the investment result was -77.43%.