As of 31 December 2025, the portfolio comprises 119 portfolio companies across 14 transactions in Europe and North America.
Constructed with one objective: long-term capital appreciation and consistent distributions, through high-quality private equity assets
accessed at attractive entry points. Every position rigorously underwritten — fewer than 3% of opportunities reviewed make it to closing.
The result is a carefully curated portfolio — diversified enough to protect on the downside, concentrated enough to generate alpha. Not an index, not a single bet. Each position earns its place.
The underlying businesses are established, cash-generative companies with median EBITDA of EUR 55 million, backed by GPs we know well and have followed over time.
14
Transactions
119
Portfolio Companies
€55m
Median EBITDA per Company
PORTFOLIO CONSTRUCTION PRINCIPLES
01
Quality Over Quantity
Every position in the portfolio has passed the same rigorous underwriting — sector fundamentals, asset quality, entry pricing, and GP track record assessed in full before any capital is committed.
02
Diversification by Design
The portfolio is deliberately balanced across geography, sector, vintage, and transaction type — not to replicate the market, but to ensure no single risk dominates. Diversification here is a tool for downside protection, not a substitute for conviction.
03
Built for Returns, Designed to Distribute
We target assets where cash flow generation is visible and near-term. The mix of GP-led and LP-led transactions, across mature and maturing vintages, creates a portfolio that drives capital appreciation while distributing consistently.
Sourcing Angle of 2025 deal flow
Europe
Rest of the world
North America
Overview of 2025 deal flow
Services
Industrials
Technology
Healthcare
Other
Case Studies
project ramus
Nordic multi-asset GP-led
Industrials
Services
Technology
Nordic multi-asset GP-led across four businesses in camp sites, B2B energy services, compressed air solutions, and IT infrastructure. Highly complementary portfolio of strongly performing assets.
Project Atlas
Global portfolio of 40+ companies across two mature funds
Technology
Healthcare
Portfolio of 40+ companies across two mature funds focused on technology and healthcare. Highly distributing portfolio of inflection assets managed by blue-chip GPs acquired at an attractive discount.
Project Ice
US single-asset GP-led
Services
Single-asset GP-led for a high-growth US residential HVAC service platform. A winning consolidator expanding in a large, fragmented market. Opportunity representing a battle-tested formula in a space the GP had proven highly successful in historically.
Project Silk
North American fund of 40+ companies
Healthcare
Technology
Portfolio of 40+ companies with strong exposure to technology and healthcare. Portfolio managed by long-term Jera relationships, sourced directly from a private investor and acquired at attractive entry discount.
Project Audio
Two complementary US buyout fund portfolios
Industrials
Services
Technology
Healthcare
Two complementary US buyout fund portfolios totalling 40+ companies across technology, services, industrials, and healthcare. Combination of mature and maturing assets offering attractive and diversified bundle of short-term distributions and long-term value creation.
Project Pipe
North American single-asset GP-led
Services
Industrials
Single-asset GP-led for North American leader in water & wastewater infrastructure service in a +$100bn fragmented market. Essential, non-cyclical services with strong contract retention and cash conversion.
