Summary Q2 2025
New investments: As of Q2 2025, approximately 30% of the fund has been invested across three portfolio companies. No new investments were completed during the quarter. After the reporting date, two additional investments were finalized, bringing the total number of portfolio companies to five and the invested capital to around 37%.
Valuation development: As the fund is still in an early stage, no revaluations have taken place; portfolio holdings continue to be valued at cost, resulting in a gross MOIC of 1.0x.
Capital calls: In July 2025, a capital call of approximately 15% of commitments was issued, bringing total called capital to around 46%. The next capital call is expected in the first half of 2026. No further calls are anticipated for 2025. We will provide an update once there is more clarity on timing and amount.
