In Q2 2025, no new fund investments were made. The fund is now allocated across a total of 29 venture capital funds, with room for one additional fund allocation. As of Q2 2025, approximately 28% of the fund is invested, in line with expectations for a fund whose investment period has recently begun. There were no exits in Q2 2025.
As of Q2 2025, several funds still need to begin investing (Lerer Hippeau, Point Nine, Felicis, Helloworld). Nebular, Giant, and StepStone VC Secondaries are progressing the fastest, with 78%, 58%, and 60% invested, respectively. The portfolio now comprises 283 companies, 67 more than in Q1.
The fund’s valuation remained stable in Q2 2025 at 1.2x gross MOIC. Seven funds recorded valuation increases during the quarter. One fund, DFJ Growth, declined slightly, mainly due to (follow-on) investments at cost, which put some pressure on the average valuation. The other funds were stable. Given the fund’s early stage, overall value development is in line with our expectations.
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.