PE Fund III is fully committed across a total of 15 private equity funds and 9 co-investments.
As of Q2 2025, 51% of the fund’s capital has been invested. With the exception of EOS, all underlying funds have started their investment periods; EOS is therefore lagging behind expectations. The secondaries funds AlpInvest ATOM and Hollyport are already fully committed, while BVIP and Quadrum are well advanced in building their portfolios. Overall, the investment pace is ahead of forecast.
During Q2 2025, Waterland, Summit, Alpine, DUBAG, and Quadrum each completed new investments. Summit and DUBAG, which experienced a slower start due to high deal competition, are now catching up and showing a positive trend. As of the end of Q2, the portfolio comprised 130 underlying companies.
The fund’s valuation increased slightly in Q2, with the gross MOIC rising from 1.4x to 1.5x. Six funds and all co-investments recorded valuation gains, and no funds declined in value. This positive trend means the overall value development is currently slightly above expectations. No exits took place in Q2, which is consistent with the current stage of the investment cycle.
Investors will shortly receive the Capital Account Statement reflecting 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 reported in this update.