A sharp fall in Hugo Boss's share price saw SVG Capital, the quoted proxy for giant private-equity group Permira, go into reverse in the third quarter.
Troubled by Burberry's profit warning and caution over the luxury goods sector, shares in Hugo Boss, which is SVG's largest single holding, fell by 12 per cent in the three months.
That helped to dent SVG's net asset value, which fell 4.4 per cent to 361.8p a share. But the firm said that since the end of September share prices, including Boss's, had moved up, adding another 8p a share to the net asset value.
SVG said it had received £102m from the sale of companies or stakes in companies during the quarter with the largest being £70.8m from the partial sell-off of the Far East casinos group Galaxy.