Non-executive chair Peter McKellar stated there was hope at the start of the year that transactions in private equity would pick up but it was cut short by the uncertainties created by the conflict.

He said: “The geopolitical and macroeconomic environment in developed economies remains challenging, with elevated interest rates and concerns around growth, corporate profitability and inflation. This continues to have an impact on private equity transactional activity across the broader market.”

He reported that the €491million trust’s discount widened from 19.6% to 35.7% as its share price fell by 32.3% during the “challenging reporting period” and it was able to sell several of its investments, burdened by high levels of borrowing.

It raised €110.6m via the sales in the six months to June 2026, which was higher than the €39.6m made through realisations in the first half of last year.

Mr McKellar added that the trust “transacted cautiously” when it came to buying new positions given the market’s uncertain conditions, investing €12m into three additions over the period.

He said: “In this environment, selectivity remains critical. Rapid technological change, particularly the accelerating adoption of artificial intelligence, is widening the gap between likely winners and losers across industries.

“While geopolitical uncertainty and market volatility are likely to persist, improving private equity market conditions, a gradually normalising exit environment and the portfolio’s exposure to long-term structural growth themes provide conditions for future value creation.”

It is expected to launch its dual share class structure in September, which will mean 30% of its shares will not be involved in making new investments, giving an exit opportunity. Shares for the trust are down 41.5% over the past five years.