Deutsche Beteiligungs, Germany's oldest private equity fund, has posted €20m ($26.6m) in profits for the three months to January 31 after recording €6m losses in the same quarter of the previous year.

The net asset value - the key indicator commonly used to assess the performance of private equity companies - improved from €12.57 to €13.62 a share in the first quarter, an increase of 8.4%.