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Net assets stood at £766.1m, an increase from £736.1m as of the middle of this year.

However, the majority of valuations, representing roughly 94 per cent of the fund, dated back to 30 June, when the MSCI USA, MSCI United Kingdom and MSCI Europe indices were all higher.

Private equity funds take the worth of rival public companies into account when they value individual holdings.

Sixty-six per cent of the fund reported in US dollars, 27 per cent in euros and 7 per cent in sterling.

Andrew Lebus, managing partner, said the numbers showed the trust's holdings were stable to the end of June. He said the trust's diversification across regions, sectors and ages of the underlying assets would soften any difficulties with particular firms or peer groups.

The managing partner previously said firms should avoid too many refinancing difficulties, as many of them already agreed new deals under the "charmed conditions" before the credit crunch.

He added covenants did not typically tie firms to particular debt-equity ratios. Index falls would have little impact on firms' need to refinance their holdings, he said.