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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"MPD SME Capital One is a European small-cap PE vehicle with limited deployment capacity. Primary holding La Centrale de Prévoyance, a Swiss insurance broker, completed financial reconciliation and positions for potential service provider role to future fund portfolios."
MPD Partners manages MPD SME Capital One, a private equity vehicle targeting European small and mid-sized enterprises with an innovative governance structure involving 31 Class A shareholders who are international executives and entrepreneurs. During Q2 2026, the primary portfolio company La Centrale de Prévoyance (LCP), a Swiss insurance broker, successfully completed financial reconciliation for 2021-2025 and implemented standardized accounting processes. LCP is positioned as a candidate to provide insurance, advisory, and accounting services to portfolio companies in MPD Partners' upcoming investment vehicle, representing a potential recurring revenue opportunity. The fund currently lacks sufficient capital to allocate toward portfolio development. Sell-Plast, a thermoforming company, remains in liquidation with the investment fully written off. The proprietary lead generation software R&D program was cancelled due to market landscape changes. Management maintained lean operations at LCP while directing liquidity toward repaying long-term liabilities. Strategic initiatives under evaluation include potential expansion into wealth management services and alternative exit options. The shareholders meeting in April 2026 approved 2025 financial statements showing a EUR 14,979 loss covered by share premium reserves.
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