Deutsche Beteiligungs (DBAG) reported a 2.7% NAV return for the three months ended 31 December 2017, with the period characterised by a high level of transaction activity at existing portfolio companies. Two new management buyout investments alongside the DBAG ECF fund were completed after the quarter end, with DBAG investing a total of up to €9.1m in specialist aluminium and steel component manufacturer, Sjølund, and fibre optic network services provider, netzkontor nord. Management guidance for FY18 is unchanged, with net income expected to be above the five-year average and NAV return below the five-year average.

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