Holdings Report February 2026

In this Holdings report we review the European private equity landscape following a landmark 2025. We saw record deal values, improved exits, and strong mid-market activity in France & Benelux, which continues to support a constructive backdrop for our covered names. We discuss recent developments at GBL (downgraded to Accumulate as most catalysts now appear priced in after sharp discount compression) and HAL Trust (target reached, re-evaluating while maintaining Accumulate amid portfolio strength). Across the broader holdings universe, discounts to NAV have narrowed to multi-year lows, reflecting solid sector performance and renewed investor confidence.