0.31x
DPI
Almost entirely the Kiln exit
Halden Capital · Fund II · as of 16 Oct 2026
2 companies need a decision this quarter. Seed to Series A in applied AI. We back teams selling a workflow, not a model. Europe first, with the right to follow winners into the US.
2.01x
Gross TVPI
Net of fees, gross of carry. Net TVPI 1.80x.
0.31x
DPI
Almost entirely the Kiln exit
29.4%
Net IRR
Gross 34.9% before carry
€84m
Dry powder
€54m not earmarked
€264.4m
NAV
10 active companies
€m · fair value plus cash
Portico and Northwind need a decision, not a status update
Both are inside nine months of cash. A reserve cheque now is a new investment. Put it on a committee agenda before it happens by inertia.
Open the bookFoundry Runtime is in front of IC
Invest, conditional. Confirm the two logos that are 38% of revenue are not walking inside a year, and cap the first cheque at €8m.
Read the memoDeployment is €40m behind the straight line
The gap opened after Q4 2025, when Series A prices outran the ownership we would take. Unallocated dry powder is not a mandate to catch up.
Ask the Fund BrainSable Bio sits on top of Cinder’s labs
Same Oxford buyers. Walk the account list before the partner meeting. One workflow in that cluster is enough.
Sable screenSample feed
Actual cost vs straight-line plan
Plan reaches €192m invested over the period. Q3 2026 plan was €168m. Actual cost is €128m.
NAV is fair value of active companies plus cash. Cash is paid-in capital minus invested cost minus fees accrued (€156m − €128m − €16.4m = €11.6m). Gross TVPI is (NAV + distributions) / paid-in. DPI is distributions / paid-in.
Gross IRR is the XIRR of LP drawdowns, distributions, and today’s NAV. Net IRR uses the same flows with NAV reduced by an illustrative European waterfall: 8% compound preferred return, full catch-up, then 20% carry. Carry accrued in this illustration is €31.4m. This is not an administrator report.