GateVest Q3 2026 Quarterly Update
Key takeaways
Audit complete: Deloitte has signed off the Fund’s first full audit cycle, covering the financial year ended 31 December 2025.
Performance: NAV growth of 4.3% in the first quarter of 2026 and a further 5.9% in the second (management estimate), taking the annualized performance to approximately 23%. The MSCI All Country Private Equity Index returned approximately 9.5% over the same period.
Realisations: Two further exits since the last update, at uplifts of 90% and 14% on holds of less than six months. Five realisations since inception, all at an uplift to acquisition cost, ranging from 14% to 500%.
Capital: Committed capital now stands at approximately €80 million.
Structure: Conversion from a sub-threshold Professional Investor Fund into a fully authorised AIF (Alternative Investment Fund) is underway; admission to listing on the Malta Stock Exchange is expected imminently.
Dear investors, friends, and colleagues,
Welcome to the third edition (Q3 2026) of the GateVest quarterly fund update. We completed our first full audit cycle with Deloitte, recorded two further realisations at material uplifts, and made decisive progress on the two structural workstreams that will define the Fund’s next phase: conversion into a fully authorised Alternative Investment Fund and admission to listing on the Malta Stock Exchange. We completed no new acquisitions during the period.
Audit
The audit of the Fund’s financial statements for the year ended 31 December 2025 has been successfully completed by Deloitte. This inaugural cycle carried a one-off burden of setup, classification and policy validation work alongside the audit itself. Completing it independently validates our valuation policy, removes the principal gating item on the timely circulation of investor account statements, and is a prerequisite for the regulatory and listing steps below. Audited financials are available to investors on request.
Market commentary
The structural conditions described in our last letter remain in place. A higher-for-longer cost of capital continues to suppress M&A and IPO exit channels, leaving institutional limited partners structurally overallocated to illiquid private equity and increasingly compelled to sell established positions to rebalance. That pressure remains the engine of our deal flow. Retail and semi-liquid capital keeps flowing into the asset class but stays concentrated in large-cap managers and mega funds, leaving mid-market pricing largely insulated while ensuring the largest players remain well-capitalised off-takers for assets graduating out of our underlying funds. The mid-market accordingly remains a pronounced buyer’s market, where we are regularly one of very few bidders and occasionally the only one.
Performance update
The Fund’s NAV, blended across all share classes, increased by approximately 4.3% in the first quarter of 2026 and by a further 5.9% in the second quarter (management estimate). Taken together with the audited return for the inaugural period from 30 September to 31 December 2025, this brings performance to approximately 23% on an annualised basis.
Over the same nine-month period, the MSCI All Country Private Equity Index returned approximately 9.5%. We include this for context rather than as a claim of skill: nine months is too short a window from which to draw conclusions, and private market benchmarks carry their own reporting lags and smoothing effects.
Realisations
Since our last update, two further portfolio companies within our underlying funds have been exited, at uplifts of 90% and 14% respectively to our acquisition cost. Both were achieved on holds of less than six months from our own entry, a direct consequence of acquiring seasoned, mid-life fund positions where value has already been created and the path to liquidity is short.
This brings the Fund’s realised track record to five exits since inception, every one sold at an uplift to acquisition cost, ranging from 14% to 500%. Five realisations remain a small sample, and an unbroken run of positive outcomes should not be expected to continue indefinitely. What the record does support is that our entry discounts, and the discipline applied in selecting these positions, are producing entry points with genuine margin of safety.
Capital and portfolio
Committed capital stands at approximately €80 million. The Fund remains invested across fifteen underlying funds managed by five general partners, collectively holding more than 70 portfolio companies, unchanged from our last letter.
There were no new acquisitions during the period. Capital raised since our last update is being accumulated so that we can approach the next transaction with the firepower to take a position of meaningful size, which in the secondary market is frequently the difference between being taken seriously by a seller and not. Converting that capital into a well-priced transaction is our principal operational priority for the coming quarter.
Structural initiatives
GateVest is converting from a sub-threshold Professional Investor Fund into a fully authorised Alternative Investment Fund with a fully authorised Alternative Investment Fund Manager. Under the harmonised European Alternative Investment Fund Managers Directive, a manager operating below defined asset thresholds may run a de minimis regime; once assets under management pass €100 million, full authorisation becomes mandatory. With committed capital at approximately €80 million and growing, we have chosen to begin that conversion now.
The Fund will accordingly be subject to materially higher regulatory standards, including enhanced governance, risk management, liquidity management, depositary and reporting obligations. We regard that as a worthwhile trade: full authorisation brings the Fund within the framework most institutional allocators treat as a minimum standard, and opens the marketing passport allowing us to distribute across the European Union as we scale.
In parallel, the listing application submitted earlier this year is in its final stages, and admission to listing on the Malta Stock Exchange is expected in due course. It will add a further layer of transparency and independent oversight, provide a publicly visible reference point for the Fund, and expand the universe of allocators able to invest, particularly those with a listed-security eligibility requirement.
We are grateful for the continued trust, partnership and engagement of our investors as the platform moves from its launch phase into a more institutional and more heavily regulated structure. Our focus is unchanged: deploying capital with discipline, completing the conversion and listing workstreams cleanly, and keeping our communications honest and substance-driven. We will be in touch again next quarter.
Kind regards,
Michael Kollar