PE Fund IV is fully committed across a total of 14 private equity funds and 11 co-investments.
As of Q2 2025, approximately 49% of the fund’s capital has been invested — a faster-than-expected pace. Most underlying funds are still in the early stages of their investment periods. The portfolio now includes 143 companies, an increase of 21 compared to Q1 2025. Ara III and Fortino II are investing rapidly, with 93% and 73% of their commitments deployed, respectively. In contrast, The Sterling Group VI is lagging behind and has yet to begin investing.
The average fund valuation remained stable in Q2 at a gross MOIC of 1.2x. Four funds recorded valuation gains during the quarter, two funds declined slightly, and the remainder stayed flat (see pp. 10–11 for details). Given the fund’s early stage, the overall value development remains in line with expectations.
Investors will shortly receive the Capital Account Statement showing the net asset value. Due to significant EUR/USD exchange rate fluctuations in Q2 2025, the figures reported therein may differ more than usual from the valuations presented in this update.