Key takeaways

Performance: approximately 22.5% across all share classes over our first 12 months of operations, and a 4.8% return during the third quarter of 2026.

Realisations: since launch, the Fund has recorded seven full or partial realisations within the underlying portfolio, including Primed, Integral Consulting, Cunova, Pharmacy2U, Medadom, dentalcorp and the redemption of the preferred equity investment in Certus Pest.

Capital and acquisitions: €87 million of committed capital. We reviewed more than 100 potential opportunities and maintained our discipline, completing no new secondary acquisitions. We intend to deploy circa €30 million in Q4, subject to satisfactory underwriting and completion.

Structure: the Fund was admitted to the Malta Stock Exchange’s official listing on 14 September 2026. We are targeting year-end to complete the Fund’s conversion into a Notified Alternative Investment Fund (NAIF).

NAV financing: work is underway on a facility to support additional acquisitions and enhance the Fund’s potential long-term returns.

Dear investors, friends, and colleagues,

Welcome to our Q3 2026 quarterly fund update. The quarter brought a positive return and substantial proceeds from our underlying funds as disposals reached settlement. We reinvested part of those proceeds to retain an existing investment. We also report on the Fund’s stock-exchange listing and progress towards its conversion into a Notified Alternative Investment Fund (NAIF), which we are targeting to complete by year-end. These developments combine progress in the portfolio with a stronger framework for its oversight.

Market commentary

Liquidity remains a defining issue in private equity. Investors need distributions and managers need credible routes to realise mature investments, sustaining activity in both sales of limited partner interests and continuation vehicles. Estimated global secondary transaction volume in the first half of 2026 was US$121 billion, up 19% year on year. The scale of that market creates a wider range of opportunities, but also brings more competition for attractive assets. The euro’s modest quarterly decline against the dollar provided a translation tailwind for unhedged dollar assets.

For GateVest, the opportunity continues to lie in assessing individual portfolios carefully: the quality of the companies, the credibility of their valuations, the remaining funding requirements and the likely path to realisation. A discount to reported NAV is only a starting point. Our experience this quarter reinforced the value of patience and of being prepared to pass when the price or the underlying evidence does not support the investment case.

Performance update

Across all share classes, the Fund generated 22.5% over its first 12 months of operations. For Q3 2026, from 30 June to 30 September, the blended Fund return was 4.8%.

For context, the MSCI All Country Private Equity Index had an estimated return of approximately 12.3% over the twelve months to 30 September 2026, in US dollar terms.¹ A single year remains too short a period from which to draw firm conclusions about performance.

However, we remain pleased with the Fund’s performance in its first 12 months, which exceeded our long-term net annual target return of 13% to 15%. We are particularly pleased that this has been achieved while spreading acquisition discounts over the entire remaining life of the underlying funds, rather than recognising the full uplift immediately upon acquisition. The vast majority of competing private equity funds of funds recognise such discounts immediately.

Realisations

Our realisation record includes Primed’s sale, which generated a reported gross uplift of 90% to GateVest’s acquisition cost, while Integral Consulting generated a 230% gross uplift over a holding period of approximately ten months. These figures reflect GateVest’s own entry prices and holding periods.

Since launch, we have recorded seven full or partial realisations. Across the six portfolio-company exits, reported gross uplifts to our acquisition cost range from 14% to 500%. The record includes Pharmacy2U at a 34% uplift, Medadom at 14% and dentalcorp at 54%. Separately, the Certus preferred equity investment was redeemed in September, with the associated distribution initiated in October.

No asset in this record has been sold below our acquisition price. At 30 September, cumulative distributions from the underlying funds stood at approximately €17 million. Of this, €14.8 million was recorded during Q3, including approximately €4.6 million reinvested through the Pharmacy2U continuation vehicle. This record provides evidence of our disciplined acquisition policy and of the value of acquiring seasoned portfolios with a clear path to realisation.

Capital and portfolio

Committed capital now stands at €87 million, with the Fund’s NAV at €77 million as at 30 September 2026. The private equity portfolio contained 15 funds diversified across 75 portfolio companies, managed by five general partners.

Acquisitions and deployment

We analysed more than 100 potential acquisition opportunities during the quarter. We remained diligent and cautious, and completed no new secondary purchases from that pipeline. Our priority is to deploy capital where the investment case and price justify it.

We intend to pursue larger acquisitions and a higher volume of activity in Q4, with a target of deploying circa €30 million, potentially more if a NAV facility is put in place. The same investment discipline will apply as we increase transaction size and activity.

Structural initiatives

The Fund was admitted to the Malta Stock Exchange’s official listing with effect from 14 September 2026. This completes a workstream described in our previous updates and provides a further public reference point for the Fund.

We are finalising the process of converting the Fund from a sub-threshold Professional Investor Fund into a Notified Alternative Investment Fund (NAIF), targeting completion by year-end.

NAV financing

We are working through the process of putting a NAV financing facility in place. Borrowing against the existing portfolio would give the Fund additional capacity to acquire investments and greater flexibility over the timing of deployment and portfolio cash flows. Used prudently, the facility could enhance long-term returns where investment returns exceed the all-in cost of financing. We are assessing the terms, costs and additional risks as part of that process.

We are grateful for the continued trust and engagement of our investors during our first year. Our focus for the coming quarter is to convert the pipeline into well-priced acquisitions and continue building a portfolio capable of generating both value and distributions over time.

Kind regards,

Michael Kollar

¹ The index return includes an estimate for October 2025 due to unavailable historical data.

IMPORTANT DISCLAIMER
This quarterly fund update may not be copied, reproduced, distributed or passed to any other person without GateVest's prior written consent. This quarterly fund update is provided for information purposes only. It does not constitute, and may not be used for the purposes of, an offer or invitation to subscribe for or purchase any Fund Shares or other securities, nor a recommendation or investment advice. The GateVest Global Private Equity Fund is a Professional Investor Fund regulated in Malta and may only be promoted to Qualifying Investors. The Malta Financial Services Authority has made no assessment or value judgement in respect of this communication, the Fund or the Fund Shares. Investors are not protected by any statutory compensation arrangements. Any NAV, performance, valuation or other portfolio information is based on underlying investments' reported information and, except at fiscal year-end, is generally unaudited and may be estimated and subject to revision. Performance figures presented in this quarterly fund update are calculated on a blended, time-weighted, chain-linked basis across all share classes of the Fund, and reflect Fund-level returns rather than the experience of any individual share class or investor. Index comparisons are provided for illustrative context only; the Fund is not managed to any index, and index returns may be measured over periods, and on valuation bases, that are not directly comparable to those of the Fund. Past performance is not a reliable indicator of future results. Investors should refer to the latest Offering Memorandum and Offering Supplement and obtain independent professional advice before making any investment decisions.