9. Net gains/(losses) from investments at fair value through profit and loss

2025

£’000

2024

£’000

Net change in unrealised gains/(losses) on investments at fair value through profit and loss:

Funds

88,506

73,130

Direct Investments

(45,201)

7,234

Total net change in unrealised gains/(losses) on investments at fair value through profit and loss

43,305

80,364

Net realised gains/(losses) on investments at fair value through profit and loss:

Funds

31,126

(41,966)

Total net realised gains/(losses) on investments at fair value through profit and loss

31,126

(41,966)