Raison's venture portfolio more than doubled

We continue our reporting and audit season. Raison Asset Management has prepared the 2025 valuation report for the Element Global Technologies Private Portfolio Ltd. (EGTPP) fund. Through this fund, Raison runs its venture business — investments in private technology companies.

About the fund

EGTPP is a multi-stage, vertical-agnostic venture fund managed by Raison Asset Management. The fund invests in private companies at stages from seed to pre-IPO. Today, its portfolio holds stakes in a number of well-known private-market companies, including Anthropic, Groq, Kraken, Klarna, and Mercury.

Valuation results for 2025

The fund's net asset value (NAV) reached $137.5M, up from $64M a year earlier — more than double. Total gross assets stood at $146.1M, and the fund's non-cash property amounted to $135.5M.

The trend of recent years shows steady growth: the fund's net assets rose from $45.7M at the end of 2023 to $64M in 2024 and $137.5M by the end of 2025. This growth reflects both capital inflows and the revaluation of portfolio companies driven by new funding rounds and private-market transactions.

Portfolio expansion

Over the year, the fund's direct venture investment portfolio grew almost 2.5 times. The total value of direct holdings and SPV positions rose from $53.7M to $131.6M. New technology companies joined the portfolio, including Apptronik, Crusoe, and Lambda. As of the end of 2025, the fund holds stakes in more than 30 private companies across artificial intelligence, fintech, and technology infrastructure.

Valuation methodology

The valuation was carried out in accordance with IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines (IPEV Guidelines). It is based on data from independent third-party counterparties: regulated financial institutions, brokers, and virtual-asset service providers. Publicly traded securities were valued at market quotes, while private assets were valued based on recent verifiable transactions, periodic reports from co-investing funds, and funding-round data.

The full valuation report for 2025 is available here. All reports of the Raison group companies are collected in the Reports section.