November 2025 Holdings Report

In this report, we're sharing fresh insights on Europe's listed private equity landscape. Invest Europe's 2025 report shows listed PE vehicles realised average exit uplifts of +36% (direct) and +47% (FoF) over 2019–2024, proving highly conservative NAVs despite persistent 15–45% discounts to NAV. In addition, Solvac's discount has widened to ~44% post-spin-off, but the holding structure has lost its former yield advantage and suffers from registered-share friction. We downgrade to Hold and no longer expect a quick return to historical levels. Lastly, Quest for Growth is pivoting away from its outperforming listed book toward an underperforming private/VC portfolio while shrinking via a €18.7m capital return. We also downgraded to Hold. Click below for the full analysis.