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

6 months ended 30 June 2025

£’000

6 months ended 30 June 2024

£’000

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

Funds

103,941

69,964

Direct Investments

(39,788)

2,916

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

64,153

72,880

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

Funds

18,687

(21,425)

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

18,687

(21,425)