EGTPP Fund's profit for 2025 grew 4.6 times

Element Global Technologies Private Portfolio (EGTPP) published its audited financial statements for 2025. In August, Raison also published the fund valuation report for 2025.

EGTPP is managed by Raison Asset Management Corp. and invests in late-stage private technology companies before they go public.

The independent audit was conducted by Baker Tilly (Montevideo, Uruguay) in accordance with International Standards on Auditing. The auditor’s report was signed on 29 September 2026.

How profit changed

EGTPP’s profit for 2025 amounted to $39.5 million, 4.6 times higher than a year earlier, when the figure was $8.7 million.

Assets and investments

As of 31 December 2025, the fund’s net assets attributable to unitholders amounted to $137.7 million, compared with $64.0 million at the end of 2024. Over the year, they increased by 115%.

The increase was driven in part by a portfolio revaluation of $43.5 million and net investor capital inflows of $34.1 million.

Total fund assets increased by 107% to $146.1 million. Investments in companies and funds rose from $54.1 million to $131.9 million — 2.4 times.

Cash on the fund’s accounts at year-end amounted to $10.7 million, compared with $6.9 million a year earlier.

Fund portfolio: AI, space and fintech

EGTPP invests in shares of fast-growing private companies before they go public — directly, as well as through funds and SPVs.

The portfolio spans artificial intelligence and computing infrastructure, space and defense technologies, fintech and crypto platforms, robotics, and data storage and processing.

In 2025, the portfolio added Lambda, Crusoe, Cohesity and Apptronik.

EGTPP also invests through venture funds, including Quantum Light and DVC AI Growth Fund I.

2025 was a year of scaling for EGTPP: the fund more than doubled its capital, and the portfolio was expanded with companies building artificial intelligence infrastructure. We continue to give private investors and family offices access to technology leaders long before they go public.

Co-founder of Raison

Alexander Zaitsev

Valuation methodology

The financial statements were prepared in accordance with International Financial Reporting Standards (IFRS).

The fund values its portfolio using the IPEV methodology — based on recent secondary market transaction prices, fund manager reports, and data on the latest financing rounds.

The full audited financial statements and auditor’s report are available here. Other reports and audit results are available on the Raison website in the reports section.