As of Q2 2025, PE V has committed to 11 private equity funds and 6 co-investments, with additional commitments likely to follow.
Approximately 24% of the fund has been invested, broadly in line with the planned rollout and increased deal flow. All portfolio funds have already started investing. The portfolio expanded compared to the previous quarter, with the number of underlying companies increasing from 35 to 49.
The investment pace is consistent with our initial expectations, and we are very satisfied with the early value developments within the portfolio.
The gross MOIC¹ remained unchanged at 1.3x. Four funds were revalued upwards in Q2 2025, while the August fund declined slightly, mainly due to dilution following recent (co-)investments that are initially booked at cost — a common phenomenon during the build-up phase.
Investors will soon receive the Capital Account Statement with the net investment value. Due to significant exchange rate fluctuations between the euro and the U.S. dollar in Q2 2025, the figures reported therein may deviate more than usual from the valuations in this update.