New investments: In Q2 2025, seven new platform investments were completed — four in MC VIII and three in MF II. As of the end of Q2, the portfolio comprised eighteen companies, evenly split between both funds (nine in MC VIII and nine in MF II), representing approximately 25% invested capital. After the reporting date, two additional investments were finalized, bringing the totals to eleven companies in MC VIII and nine in MF II.
Valuation development: The fund’s valuation declined slightly in Q2, with the gross MOIC decreasing to 1.25x (-0.05x). The modest drop reflects the recent additions of seven new portfolio companies, which are recorded at cost, thereby lowering the average valuation across the portfolio.
Capital calls: The most recent capital call was issued in July 2025, amounting to roughly 4% of commitments. In total, around 29% of committed capital has been called to date. An additional 10–15% is expected to be called during the remainder of 2025.
