December liquidity events related to portfolio companies in which PIF invests through its private equity holdings.
Potential benefits of secondaries
A key potential benefit of a private equity strategy focused on secondaries is its potential to provide an enhanced liquidity profile compared to a primary-focused strategy. Because secondary investors enter after the investment period is complete, the underlying portfolio is much closer to the point of realization. This typically allows investors to mitigate the J-curve and shorten the duration of their investment.
Pomona enhanced liquidity
Pomona typically purchases seasoned funds well into their 10-year life cycle whose commitments are 70–90% called. Pomona manages the Pomona Investment Fund (PIF) portfolio to receive cash distributions as the more mature assets are realized, while also adding younger assets to the portfolio that are expected to enter the growth phase. This maturity profile has led to an enhanced liquidity profile and, in our view, puts PIF in a strong position to comfortably meet its outstanding commitments and to nimbly respond to new investment opportunities.
26% Average annual portfolio liquidity1 (as % of NAV)
8% Average annual distribution2,3 to shareholders (as % of NAV)
Notable liquidity events
Below is a list of articles that discuss companies that were recently liquidated from the fund. Please refer to the recent headlines and corresponding links below for more information on these liquidity events.
Montagu, a mid-market private equity firm, announced the successful close of a €2 billion single-asset continuation vehicle to extend its partnership with Wireless Logic, a global internet-of-things platform provider.
The fund, the largest SACV completed in Europe this year, will be managed by Montagu, with TPG GP Solutions as lead investor and CVC Secondary Partners and Partners Group as co-leads. The vehicle was heavily oversubscribed, reflecting strong demand from both existing and new institutional investors and underscoring Wireless Logic’s performance, as well as Montagu’s track record of executing transactions and delivering value through active ownership.
Since Montagu’s initial investment in 2018, Wireless Logic has delivered exceptional growth, transforming from a UK-centric business into a global leader. Over this period, Wireless Logic has increased its employee count more than seven times, increased its revenue more than sixfold, and its EBITDA over sevenfold. Under Montagu’s ownership, Wireless Logic has completed 15 strategic acquisitions, supported by Montagu’s network, execution support, and integration expertise. These acquisitions have expanded the Company’s addressable markets, deepened its product portfolio, and strengthened its international footprint.
H.I.G. Capital completes the sale of United Flow Technologies
H.I.G. Capital, a global alternative investment firm with $70 billion of capital under management, announced the sale of its portfolio company, United Flow Technologies, to an affiliate of Berkshire Partners. H.I.G. will maintain a minority stake and continue to support the company’s next phase of growth. Terms of the transaction were not disclosed.
H.I.G. established the UFT platform in 2021 to serve the municipal and industrial water and wastewater market. During H.I.G.’s ownership, the Company completed and integrated several add-on acquisitions, expanding its geographic presence, introducing new product lines, and growing its customer base. Through numerous strategic initiatives, investments, and synergistic add-on acquisitions, the Company achieved significant growth during H.I.G.’s ownership period.
Providence agrees to sell La Centrale
Providence Equity Partners L.L.C. entered into an agreement to sell La Centrale, a French autos classifieds platform, to OLX Group, a global online classifieds leader platform wholly owned by Prosus, for EUR 1.1 billion. Closing is expected by year-end, subject to a customary employee consultation process.
OLX operates fast-growing and highly profitable online marketplaces for motors, real estate, jobs, and goods with 29 million monthly users in eight countries, primarily in Central and Eastern Europe. The acquisition marks OLX’s entry into Western Europe and France’s structurally attractive autos market. La Centrale is recognized as France’s most specialized autos platform, with strength in higher-value vehicles and deep trust among sellers and consumers.
The transaction combines two leaders in classifieds, strengthening OLX’s European autos portfolio, in a compelling and attractive market while bringing on a strong leadership team to help build Prosus’s ambition to become the leading European ecommerce ecosystem.
Latham & Watkins advises Clario in US$8.875 Billion sale to Thermo Fisher Scientific
Astorg, a pan-European private equity firm, and Nordic Capital, an international private equity investor, have announced that they have entered into a definitive agreement to sell their co-controlling stakes in Clario, a provider of digital endpoint solutions to the clinical trial industry, to Thermo Fisher Scientific.
Novo Holdings, a healthcare investment firm, and Cinven, an international private equity firm, will also exit their investment as part of the transaction. The transaction, valued at US$8.875 billion, represents the largest full healthcare private equity exit announced globally in 2025–a milestone reflecting Clario’s growth and strategic positioning, and the value created through a strong partnership between shareholders and management.
EQT exits Pioneer in $1.1bn sale to CarUX after five-year transformation
EQT has agreed to sell Pioneer Corporation, its Japan-based automotive tech portfolio company, to CarUX for $1.1bn. CarUX, a smart cockpit solutions provider and subsidiary of Taiwan’s Innolux, will acquire 100% of the business in a deal expected to close in 4Q25.
The transaction marks the conclusion of a transformative five-year ownership period under EQT’s BPEA Private Equity Fund VI and VII. Since acquiring Pioneer in 2019, EQT repositioned the business as a focused automotive technology leader by enhancing corporate governance, installing a new leadership team, executing operational discipline, and investing in core product innovation.
Pioneer, established in 1938, now delivers in-car sound, navigation, and multimedia systems to global OEMs and the aftermarket. Under EQT, it expanded into software-driven verticals such as AI-based dash cams and navigation services under its Mobility Services and Mobility AI Connectivity platforms. The company reported double-digit EBITDA margins and strong cash flow for the fiscal year ending March 2025.
Risk of investing Discussed below are the investments generally made by Investment Funds and the principal risks that the Adviser and the Fund believe are associated with those investments and with direct investments in operating companies. These risks will, in turn, have an effect on the Fund. In response to adverse market, economic or political conditions, the Fund may invest in investment grade fixed income securities, money market instruments and affiliated or unaffiliated money market funds or may hold cash or cash equivalents for liquidity or defensive purposes, pending investment in longer-term opportunities. In addition, the Fund may also make these types of investments pending the investment of assets in Investment Funds and Co-Investment Opportunities or to maintain the liquidity necessary to effect repurchases of Shares. When the Fund takes a defensive position or otherwise makes these types of investments, it may not achieve its investment objective. The value of the Fund’s total net assets is expected to fluctuate in response to fluctuations in the value of the Investment Funds, direct investments and other assets in which the Fund invests. An investment in the Fund involves a high degree of risk, including the risk that the Shareholder’s entire investment may be lost. The Fund’s performance depends upon the Adviser’s selection of Investment Funds and direct investments in operating companies, the allocation of offering proceeds thereto, and the performance of the Investment Funds, direct investments, and other assets. The Investment Funds’ investment activities and investments in operating companies involve the risks associated with private equity investments generally. Risks include adverse changes in national or international economic conditions, adverse local market conditions, the financial conditions of portfolio companies, changes in the availability or terms of financing, changes in interest rates, exchange rates, corporate tax rates and other operating expenses, environmental laws and regulations, and other governmental rules and fiscal policies, energy prices, changes in the relative popularity of certain industries or the availability of purchasers to acquire companies, and dependence on cash flow, as well as acts of God, uninsurable losses, war, terrorism, earthquakes, hurricanes or floods and other factors which are beyond the control of the Fund or the Investment Funds. Unexpected volatility or lack of liquidity, such as the general market conditions that prevailed in 2008, could impair the Fund’s performance and result in its suffering losses. The value of the Fund’s total net assets is expected to fluctuate. To the extent that the Fund’s portfolio is concentrated in securities of a single issuer or issuers in a single sector, the investment risk may be increased. The Fund’s or an Investment Fund’s use of leverage is likely to cause the Fund’s average net assets to appreciate or depreciate at a greater rate than if leverage were not used. The Fund is a non-diversified, closed-end management investment company with limited performance history that a Shareholder can use to evaluate the Fund’s investment performance. The Fund may be unable to raise substantial capital, which could result in the Fund being unable to structure its investment portfolio as anticipated, and the returns achieved on these investments may be reduced as a result of allocating all of the Fund’s expenses over a smaller asset base. The initial operating expenses for a new fund, including start-up costs, which may be significant, may be higher than the expenses of an established fund. The Investment Funds may, in some cases, be newly organized with limited operating histories upon which to evaluate their performance. As such, the ability of the Adviser to evaluate past performance or to validate the investment strategies of such Investment Funds will be limited. In addition, the Adviser has not previously managed the assets of a closed-end registered investment company. Closed-End Fund; Liquidity Risks. The Fund is a non-diversified closed-end management investment company designed principally for long-term investors and is not intended to be a trading vehicle. An investor should not invest in the Fund if the investor needs a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on net asset value. |