Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 244

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 8
Chunk 244
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 of certain investments, which constitute 56.7% of our total alternative assets as of March 31, 2025. Excluding the investments still carried at cost, the internal rate of return was 8.8% with a multiple on invested capital of 1.21. 

Total returns on our alternative investments by asset class from inception are discussed in detail as of March 31, 2025 in the table below:

Asset ClassMarch 31, 2025TotalDirectFund($ in thousands)Carrying ValueIRRMOIC (x)IRRMOIC (x)IRRMOIC (x)Private Equity$58,922 10.5 %1.36 10.4 %1.42 10.8 %1.25 Private Credit1,808 5.3 %1.11 12.3 %1.21 5.0 %1.10 Hedge Funds— 5.2 %1.12 5.2 %1.12 — %— Alternatives103,597 2.9 %1.08 3.0 %1.08 (12.3)%0.83 Venture Capital26,196 7.9 %1.22 12.0 %1.45 (2.5)%0.95 Real Estate63,726 (3.1)%0.93 (3.1)%0.93 — %— Total$254,249 4.9 %1.12 4.2 %1.11 6.3 %1.12 

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•Private Equity – investment returns in this asset class reflect both dividends and distributions received as well as unrealized gains or losses from adjustments to net asset values in the case of fund investments and market value adjustments in the case of direct equity investments. During the three months ended March 31, 2025, private equity investments produced a total investment return of $2.4 million with fund investments earning $0.2 million while direct investments produced a total investment return of $2.3 million. Inception to date, private equity investments have produced an internal rate of return of 10.5% and a multiple on invested capital of 1.36; fund investments produced an internal rate of return of 10.8% and a multiple on invested capital of 1.25, and