5E Holding, the private equity fund managed by Swiss Life Private Equity Partners, has delivered a small profit of Sfr3m (€1.9m) on its Sfr119.6m portfolio during the second quarter of 2001.

The fund has investments in 12 private equity funds and eight direct investments. Its total commitments increased to Sfr234.4m. For a fund of its size targeting central and eastern Europe, 5E Holding has had an unusually high profile courtesy of its dispute with Vontobel Group, its former manager. It settled earlier this week, as did its sister fund, Private Equity Holding, now also managed by Swiss Life. Its investment in Polish Private Equity Fund I, which it bought last year in a secondary purchase for Sfr5.9m, generated a cash return of Sfr8.3m, with more cash distributions to come. It wrote down two investments: Hungary Equity Partners, a fund investment, and a direct investment in World Leisure.