Cobalt Early Stage
Concentrated UK pre-seed and seed fund — 25 companies, £1–3m initial cheques, with disciplined reserves for follow-on.
| Quarter | Net IRR | Net TVPI | Net DPI |
|---|---|---|---|
| 2025 Q1 | 1.0% | 0.89x | 0.00x |
| 2025 Q2 | 1.2% | 0.84x | 0.00x |
| 2025 Q3 | -0.3% | 0.85x | 0.00x |
| 2025 Q4 | -14.0% | 0.88x | 0.00x |
| 2026 Q1 | -8.8% | 0.90x | 0.00x |
| 2026 Q2 | -9.2% | 0.92x | 0.00x |
| 2026 Q3 | -10.8% | 0.86x | 0.00x |
| 2026 Q4 | -8.9% | 0.77x | 0.00x |
Closed-ended.