New investments: No new investments were made during Q2 2025, keeping the number of portfolio companies unchanged at eight. Invested capital increased from 75% to 82% following a follow-on investment in existing portfolio company IFS.
Valuation development: The fund’s value increased in Q2 2025, with the gross MOIC rising from 1.2x in Q1 to 1.3x. Visma, IFS, and IRIS were the main contributors to this stable upward trend in valuation.
Capital calls: As of Q1 2025, a net 61% of commitments has been invested, including the 6.5% distribution from December 2024. The next capital call is expected in Q2 2026 and is estimated at approximately 25–35% of committed capital.