In the first half of the 2025/26 financial year (as of September 30), Private Equity Holding reported a loss of EUR 23,1 million. In the same period last year, the company had posted a loss of around EUR 5,0 million.

The net asset value (NAV) per share stood at EUR 152,88 at the end of the reporting period, down 5,7 percent compared with the level at the end of March. Converted into francs, the NAV was CHF 142,95 — 7,7 percent lower. This figure includes the dividend payment of CHF 1,00 per share distributed in July.

The reporting period was marked by a challenging macroeconomic environment, characterized by volatile geopolitical developments, ongoing trade negotiations, and the resulting uncertainty in global financial markets. In private markets, subdued M&A and IPO activity combined with longer holding periods for investments led to lower-than-expected distributions and limited valuation gains.

Positive Performance in Respective Base Currencies

Despite these difficult conditions, most of PEH’s investments achieved positive performance in their respective base currencies. However, since a significant portion of PEH’s investments are denominated in US dollars, the roughly 8 percent depreciation of the dollar against the euro resulted in a negative portfolio performance for the first half of the year, the company said.

Several positive valuation adjustments of portfolio funds and direct co-investments confirmed the fundamental strength and solid operational performance of PEH’s core holdings. Some portfolio funds recorded «notable valuation increases,» including Left Lane Capital Partners II — a fund focused on early-stage internet and consumer technology companies in North America, Europe, and Israel; Highland Europe III — a fund specializing in expansion and growth investments in the European technology sector; and Procuritas Capital Investors VII — a lower mid-market buyout fund active in the Nordic region.

During the six-month period, the portfolio was cash flow negative. Distributions totaled EUR 13,4 million, while EUR 20,8 million was invested into the portfolio.

Lower investment activity

During the reporting period, PEH adopted a cautious approach to new investments, taking into account its liquidity position and the general market environment. Two new fund investments were made: one in a Canadian private equity fund focusing on mid-market transactions, including buyouts, growth capital, and corporate carve-outs; and another in a venture capital fund focused on life sciences companies primarily based in or originating from Europe.

After the end of the reporting period, PEH made an additional commitment to a US venture capital fund.