Welcome to the first edition of the GateVest newsletter.

Over the past twelve months, we have successfully transformed a shared interest in investing in private equity among a handful of friends into a fully regulated, institutional-grade investment fund. We now stand at €60 million of committed capital, supported by a diverse base of nearly sixty investors, including individuals, family offices, and institutional investors. With this capital deployed across 11 funds and 41 portfolio companies, we have moved swiftly from formation to active management. Your support has been the catalyst for this growth, and the foundation of this platform is the trust you have vested in GateVest. We do not take this lightly; protecting that trust through disciplined execution and transparent communication remains our central focus.

Current Status
GateVest has moved from launch into execution mode. Since receiving our regulatory licence on 4 September 2025, we completed our first fund subscriptions on 30 September 2025 and, on the same day, also closed our first acquisition, thereby minimizing the time between the initial capital subscription and deployment to zero. We have continued to welcome investors throughout the quarter and, as of 31 December, stand at €60 million of committed capital. The combination of regulatory approval, a clean launch process, and immediate deployment has put us in a strong position to build a portfolio deliberately rather than opportunistically.

Performance Update
Following the receipt of the first set of valuations of the underlying funds, GateVest had its first NAV calculated on 28 November 2025. Over the first two months of operations, the fund was up 3.7% since launch on 30 September 2025. While this is an initial data point based on the underlying funds’ reported marks, and should not be extrapolated from what is only a short period, it is nonetheless an encouraging early indication that the portfolio is behaving as intended, with initial NAV growth coming through.

On 3 February 2026, GateVest received its first distribution from a realised investment. The last remaining asset of Imperial Capital Fund V was sold to private equity group GTCR. We received a distribution of ca. $800,000 from an initial investment of $500,000 made on 30 September 2025, representing a value uplift of 54%. While too small in absolute volume to impact the overall performance of GateVest in any meaningful way, this transaction validates our underwriting and valuation discipline.

Acquisitions Update
To date, we have closed acquisitions spanning three managers and 11 funds, with a total deployed value of approximately €40 million. The portfolio has been assembled with a clear intention: concentrate exposure in managers and strategies where there is already a meaningful base of realised value creation, sector or thematic edge, and a credible path to the remaining liquidity and distributions. At the same time, we have deliberately diversified by geography and end-market to avoid a portfolio that is a single macro bet. These transactions align with our strategy of disciplined deployment and immediate diversification.

Imperial Capital (Canada, diversified)
Imperial Capital is a Canadian private equity manager with an exceptionally strong track record across its realised funds, reporting a median 31% net IRR and a 3.8x net multiple across all realised funds. This transaction, completed on 30 September 2025, involved an investment of $17 million across eight Imperial Capital funds, providing immediate broad exposure to a disciplined manager with historically carefully managed growth and strong alignment with its LPs.

G Square Capital (United Kingdom, healthcare)
G Square Capital is a UK-based specialist manager focused on healthcare, with a 24% gross realised track record. The strategic logic here is sector depth, repeatability, and the defensive nature of the investment. Healthcare is one of the few end-markets where thematic tailwinds can persist across cycles, with wide dispersion between specialist and generalist investors. The main thesis of the acquisition revolves around acquiring a stable existing portfolio with substantial upside at a meaningful discount to current NAV

Renovus Capital Partners (United States, education)
Renovus is a US-based education specialist that has been ranked #1 as the best-performing lower midmarket private equity manager globally for the past three years by HEC and Dow Jones. The core attraction here is specialisation paired with a consistent framework for investing and scaling within a clearly defined domain. Education, talent, and education-adjacent services tend to reward operators and specialist investors who understand regulatory dynamics, customer acquisition channels, unit economics, and the organisational realities of scaling service-heavy businesses. In underwriting this acquisition, the focus was on the durability of the manager’s edge and the extent to which past performance reflects repeatable operational value creation rather than one-off tailwinds, expanding our footprint into the high-growth US education vertical.

Valuation Policy
We have implemented a new valuation policy, approved by our auditor Deloitte and an independent expert advisor KPMG, with guidance from professor Peter Pope from the London School of Economics. GateVest is now one of the few private equity funds-of-funds globally to unwind acquisition discounts over the remaining duration of the underlying fund, rather than recognizing the gain immediately upon acquisition. While immediate recognition is standard industry practice, it is often rightfully criticised in the media for artificially inflating early returns and creating volatility. Our approach aligns better with long-term investor interests by matching value recognition with actual value creation over a longer period.

Senior Advisory Board Expansion
We have expanded the senior advisory board with four members who meaningfully upgrade the platform’s experience base and decision support. Stephen Mehos brings three decades across Lehman Brothers and Macquarie in New York and now lectures finance at MIT, which strengthens our capital markets perspective and governance maturity. Claudia Zeisberger has spent over 20 years as Professor of Entrepreneurship and Family Enterprise at INSEAD and founded the Global Private Equity Initiative, which adds depth on private equity best practices, long-term value creation, and the perspective of sophisticated limited partners and family capital. Raj Chall, former Managing Director at Hamilton Lane, is a career-long private equity secondaries specialist and is directly supporting our acquisitions work, particularly around transaction structuring, process discipline, and market pattern recognition. Finally, Kevin Kaiser is a professor of finance at Wharton Business School at the University of Pennsylvania, whose research and teaching focus on private equity, corporate restructuring, financial distress, corporate governance, and value-based management. The practical intent is straightforward: better decision quality, fewer blind spots, and a more scalable investment process as the portfolio grows.

Reporting Calendar
Reporting will be quarterly henceforth. The first quarterly report will cover Q4 2025 as of 31 December 2025. Because we must wait for the underlying funds’ financial statements, which are expected to be delivered in March, we expect to publish our own Q4 report in late April to early May. For interim quarters, the reporting delay should be shorter, typically 2-3 months instead of 4-5 months for Q4. The constraint is structural in private markets: we cannot responsibly finalise a fund-level report until we have the underlying funds’ validated numbers. Our priority is decision-grade reporting, even if that means accepting the reality of private market timelines. Meanwhile, newsletters such as this one will also be published on a regular basis.

Structural Initiatives
We are in the process of setting up a Luxembourg feeder to expand the available options for investing into GateVest and to better serve investors who prefer Luxembourg-based structures. In parallel, we are working towards converting the fund from a Professional Investor Fund into an Alternative Investment Fund. The strategic purpose is to obtain the passporting capability that comes with an AIF structure, enabling us to market across the European Union in a fully compliant way as we scale.

Referral Program
If you know individuals, family offices, or institutions who are actively allocating to private markets and value disciplined access to midmarket private equity, an introduction is always welcome. The cleanest way to do this is to first confirm that the prospective investor is open to being contacted and then connect us by email. Introductions to potential investors are eligible for a commission of 5% of the invested amount, subject to terms and conditions outlined on our website.

Thank you for the continued trust, support, and engagement. We will keep communications consistent and substance-driven as the portfolio and the investor base expand.

Kind regards,
Michael Kollar