PE Fund I is fully committed across a total of ten private equity funds.
As of Q2 2025, 76% of the fund’s capital has been invested. All underlying funds are in an advanced stage of their investment period. The co-investment and secondaries funds managed by AlpInvest are now fully invested, while GHO and THL are expected to complete their investment periods later this year. The remaining funds are also approaching the end of their investment phases, after which we expect an acceleration in value creation.
The fund’s valuation increased this quarter, with the gross MOIC rising from 1.3x in Q1 to 1.4x in Q2 2025. Five underlying funds recorded valuation gains during the quarter. Two funds — GHO Capital and AlpInvest Secondaries — saw a slight decline in value, while three funds remained stable. Despite the recent uplift and the nearing end of the investment period, the overall fund still trails initial expectations. Nevertheless, performance has been improving steadily, and the fund is gradually gaining momentum. Bencis achieved two successful exits in Q2 2025: Equine Care Group and Elbfrost.
Investors will soon receive the Capital Account Statement reflecting the net asset value. Due to significant EUR/USD exchange rate fluctuations in Q2 2025, the figures in that statement may differ more than usual from the valuations reported in this update.
