Investment Companies Weekly Wrap: Bain PE report, growing tailwinds for Molten Ventures

Research evidence excerpt

Investment Companies Weekly Wrap: Bain PE report, growing tailwinds for Molten Ventures

Barclays | Investment Companies Weekly Wrap

Company news

Private Equity and Growth Capital

Private Equity Funds: Takeaways from Bain's mid-year private equity market report

Bain's 2026 Global Private Equity Midyear Report highlights a slowdown in deal activity, led by a

sharp retrenchment in software, as valuation uncertainty and wider bid-ask spreads delay

activity. Exits remains constrained, with LP tolerance for markdowns limited and holding

periods extending. Takeaways from Bain's mid-year private equity market report, 8 Jun 2026

Molten Ventures: Significant ICEYE uplift follows strong FY26, follow-on investment in Isar

Market Cap: £1,0824m | Prem/ (Disc) to NAV: -29.1% | Div yield: n.a.

13% FY26 NAV return superseded by additional 15% NAV gain from ICEYE's latest funding round.

FY26 performance demonstrates broad portfolio progress. Steady realisation activity leaves the

balance sheet in a strong place. Scaled investments offer near-term catalyst potential. Fore

more, please see

Molten Ventures: Significant ICEYE uplift follows strong FY26, 9 June 2026

Post-results, Molten confirmed a follow-on €30m investment in Isar Aerospace (2.6% of March

2026 portfolio value) as part of its €270m funding round. Isar was founded in 2018 and Molten's

initial investment was through an investment in Earlybird funds. The fair value of Molten's

investment was £40m at March 2026, reflecting a 10.1x gross multiple. The funding round value

has not been disclosed by Isar.

HgCapital Trust (EW): Potential sale of Gen II

Market Cap: £1,744m | Prem/ (Disc) to NAV: -27.1% | Div yield: 1.3%

The FT has reported that fund administrator Gen II (portfolio company of HgCapital) is exploring