Literacy Capital (LSE:BOOK) announced it has sold its entire minority stake in Cubo Work to the business's majority shareholder.
The London-listed investment trust, which backs direct buyouts and fund interests in profitable UK businesses, did not disclose the financial terms of the sale.
"Whilst the proceeds received are modest relative to the 30 June carrying value, it allows us to focus on the future without further distraction, and is an improvement on the valuation guidance we gave earlier this month," Pindar said.
The exit adds to a string of disposals this year through which Literacy Capital has been rebalancing its portfolio away from third-party fund interests and minority positions toward direct, income-generating buyouts.
Management has said proceeds from these sales will be prioritised for bolt-on acquisitions within the existing portfolio, while remaining open to new direct investments.