As at 30 June 2025, the net assets of the Company were £482.0m, giving a Net Asset Value (‘NAV’) per share of 674.16p, which taking into account the dividends paid, gives a total NAV return for the six-month period of -2.5%. The share price total return for the quarter was 0.1%. At 30 June 2025 the Company had outstanding undrawn commitments of £177.9m, including £26.4m to funds where the investment period has expired.
Two new fund commitments and one new co-investment were made during the first six months of 2025. €10m commitment to Castle Mount Impact Partners LP (‘CMIP’), a global mid-market co-investment fund with an impact mandate managed by Columbia Threadneedle Investments Private Equity. €5m commitment to Queka Real Partners II, a Spanish lower mid-market buyout fund. €2.1m co-investment, alongside Procuritas, in the Finnish IT services company Frendy.
There were a number of drawdowns for new investments and follow-ons by the funds in our portfolio.
Axiom called £1.8m for BlackRainbow (UK based investigation management and intelligence platform). SEP VI called £1.4m for two companies; Springtime (Austrian accounts payable software company) and Restrata (UK based critical event and business resilience software provider). Volpi III called £1.2m for two companies; Bluestar (Danish product life cycle software company) and Telematrix (Austrian provider of software for public transport). Kester Capital Fund III called £1.0m for Re-flow (provider of field service management and software largely used for applications related to critical infrastructure). Inflexion Partnership Capital Fund III called £1.2m for Easy Fairs (international events company headquartered in Brussels) and Global Data (UK healthcare data and analytics company). August Equity VI called £1.5m for two UK investments, Impact Futures (training in healthcare and education sectors) and Fargo (intermodal transport management software). CMIP drew £1.1m for Kee Safety (fall from height safety equipment and protection systems), the first investment in the fund, which is led by Inflexion. Magnesium I called £0.7m for ABEC Group (UK headquartered energy efficiency and building management services provider for data centres). Verdane Edda invested £0.5m in Eversports (DACH focused software and bookings platform for sports facilities). Piper Private Equity called £0.6m for Yard Sale Pizza (chain of 14 shops in London that also delivers by e-bike and partners with 160 pubs and bars across the city). An additional investment of £0.7m was made in 1Med the Apposite-led co-investment to fund the add-on acquisition of Italian clinical research organisation LB Research which specialises in pharmaceuticals and medical devices. In Finland, Vaaka IV called £0.7m for Axitare (medical dispensing robots) and Lemon Tree (accounting services and software for small businesses). In Norway, Procuritas VII called £1.0m for Energima (HVAC and energy efficiency services).
In North America, MidOcean VI called £0.5m mainly for Arnott’s (suspension systems for light passenger vehicles). Corsair called £0.7m for follow-ons in two financial services companies; MJM (Polish insurance broker and MGA) and Composition Wealth (US wealth management). Level 5 Fund II and Purpose Brands called £0.8m for Heyday (medical spa company). TorQuest VI called £1.0m for its first two investments Mevotech (engineering, design and distribution of driveline, steering and suspension parts for the auto aftermarket) and Athos (funerary services company based in Quebec).
The total drawn in the six months was £31.2m, which is 13% below the £35.9m drawn in the first half of 2024. The major realisations in the quarter were diverse in nature.
