New investments: Since the fund’s inception through the end of Q2 2025, investments have been made in four companies. As a result, approximately 23% of the fund is invested. The deployment pace is slightly ahead of our forecast.
Valuation development: As of the end of Q2 2025, the fund’s value increased to 1.2x gross MOIC, up from 1.0x a quarter earlier. Meyer Menu saw a solid write-up during the quarter. Three portfolio companies are still valued at cost.
Capital calls: The most recent capital call was sent in April for approximately 2–3% of commitments. In total, about 17% of commitments has been called. The next capital call is expected in September 2025 for roughly 10–12%.
