PE Fund II is fully committed across a total of fourteen private equity funds.
As of the end of Q2 2025, 63% of the fund’s capital has been invested, in line with expectations.
During Q2 2025, six new investments were made — three by Waterland, and one each by Paragon, Nordic, and Nimbus. The portfolio now comprises 121 underlying portfolio companies. Nimbus invested in Interchemie to accelerate international growth, drive innovation, and strengthen its global market position (see p. 12 for more details). No exits occurred in Q2 2025.
The fund valuation remained stable in Q2 at a gross MOIC of 1.4x. Seven funds recorded valuation gains, while two declined slightly (see pp. 9–10). Although most underlying funds showed positive progress, the overall value development of the fund remains slightly below expectations. We anticipate an acceleration in value creation once the investment periods of the underlying funds are completed.
Investors will soon receive the Capital Account Statement showing the net asset value. Due to significant EUR/USD exchange rate fluctuations in Q2 2025, figures in that statement may differ more than usual from the valuations presented in this update.