The Net Asset Value (NAV) per registered share of the investment company Private Equity Holding (PEH) amounted to EUR 152.88 or CHF 142.95 as of September 30, 2025. This represents a decrease of 0.4 percent in euros and 0.5 percent in Swiss francs compared to the end of August.

Year-on-year, this corresponds to a decline of 2.4 percent in euros and 3.1 percent in Swiss francs.

In a statement released on Tuesday, the bank said portfolio performance had turned negative during the reporting month, citing unfavorable currency movements and declines in the value of certain listed positions. The most notable among them was the Kazakh fintech company Kaspi. Positive valuation adjustments in several portfolio funds, including in the Life Sciences Fund, could not offset these negative effects, the statement added.

The portfolio generated a positive cash flow in September, with distributions totaling EUR 4.43 million outweighing capital calls of EUR 0.6 million.

The Alpha CEE Opportunity IV fund distributed the largest amount following the sale of a leading Central European operator of radiation therapy centers for cancer treatment. In addition, PEH received a significant distribution from the Mid Europa Fund IV from the partial sale proceeds of Allegro, a Polish e-commerce platform.

During the reporting period, PEH made a capital commitment of EUR 5.0 million to a venture fund focused on life sciences companies in Europe.

The company will publish its half-year report on November 6.