Portfolio valuations outweighed earnings growthManagement said portfolio companies delivered positive earnings development overall, particularly among IT services, software and industrial technology holdings. Some earnings growth was supported by organic mergers and acquisitions, which also contributed to higher debt levels at certain portfolio companies. Deutsche Beteiligungs said it does not intend to increase exposure to the sector through new transactions at present, although continued strong earnings growth could push the allocation above 30% if valuation multiples stabilize. Fund services outlook improves as assets under management riseAssets under management increased to €2.9 billion, supported by the Solvares Continuation Fund. About Deutsche Beteiligungs (ETR:DBAN)Deutsche Beteiligungs AG is a private equity and venture capital firm specializing in direct and fund of fund investments.