Listed private equity funds are continuing to retain strong valuations of their assets, contrary to public market and analyst expectations that they will have to write down their net asset values.

Lehman Brothers Private Equity Partners, a Euronext-listed captive fund of the US bank, has reported a 3.3% increase in net asset value to $10.85 per share or $587.4m (€380m) in the three months to the end of June. Listed rival Conversus Capital's discount declined only 1.1% in the period to $28 per unit, or $2.1bn.