As of Q2 2025, approx. 53% of the fund is invested, in line with expectations. All funds have begun investing, with Tiny and Cherry moving the fastest at 88% and 70% invested, respectively. The portfolio now comprises 928 companies, an increase of 92 compared to Q1 2025.
The fund valuation rose slightly in Q2 from a 1.18x gross MOIC to 1.23x. Nine funds saw valuation increases during the quarter. Three funds declined slightly, mainly due to (follow-on) investments at cost, which modestly weighed on the average valuation. The remaining funds were stable. Given the fund’s early stage, overall valuation development is largely in line with our expectations. In Q2 2025, Visionaries’ fund realized an exit by selling a significant portion of its stake in Accountable to Visma.
The fund is fully committed across a total of 27 VC funds.
Investors will soon receive the Capital Account Statement with the net investment 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 in this update.