Business · Companies · 6 hrs ago
Del Vecchio’s Lmdv Capital posts €59.9m profit after portfolio revaluation
Leonardo Maria Del Vecchio’s family office, Lmdv Capital, made €59.9 million in 2025.
Much of the profit came from raising the estimated value of its investments, after the company switched to international accounting rules that value holdings at an estimated fair price.
Its 57 investments paid Lmdv just €1.5 million in dividends during the year.
Lmdv reported a net portfolio value of about €328.6 million, while its gross portfolio value included its debts.
The family office had €348 million in debt, most owed to Indosuez under a €350 million loan due in 2028, with interest close to 6%; the loan is secured against assets and backed by personal guarantees.
Lmdv continued investing after 2025, including buying 80% of the QN group, and in October 2026 sold its stake in an AI fund for a reported gain of $32.4 million.
Lmdv Capital reported net profit of €59.9 million for 2025, up from €25.6 million in 2024.
The company’s gross asset value rose 76.1% to €690.5 million, while its net asset value reached about €328.6 million.
Portfolio revaluations contributed to the profit after Lmdv Capital adopted international accounting standards and fair-value accounting.
The company made €175.9 million in net investments during 2025, including €85.8 million in hospitality.
In October 2026, Lmdv Capital sold its stake in Sound Ventures AI Fund, reporting a $32.4 million capital gain.
- Who
- Lmdv Capital, the family office of Leonardo Maria Del Vecchio.
- What
- It reported 2025 net profit of €59.9 million, supported in large part by portfolio revaluation.
- When
- The results cover 2025 and were reported on November 10, 2026.
- Where
- Not stated.
- Why
- The profit was largely driven by portfolio revaluations after the adoption of international accounting standards and fair-value accounting.
This story does not have two clearly opposing sides.
Indosuez granted Lmdv Capital a €350 million loan due in 2028.
Lmdv Capital’s portfolio comprised 57 positions and its net asset value was reported at €328.6 million.
Lmdv Capital acquired 80% of the QN group.
Lmdv Capital sold its stake in Sound Ventures AI Fund, recording a $32.4 million capital gain.
Reports on Lmdv Capital’s 2025 results were published.
- 2025 net profit
- €59.9 million
- Gross asset value
- €690.5 million, up 76.1%
- Net asset value
- €328.6 million, according to ANSA
- Net investments in 2025
- €175.9 million
- Portfolio positions at end-2025
- 57
- Sound Ventures AI Fund sale
- $32.4 million capital gain; proceeds equal to 8.1 times invested capital
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