- Full Year Investment Report 2025 REQ Capital argues that vertical-market software holdings remain defensible against AI disruption because of mission-critical workflows, switching costs and entrenched customer relationships, and it added to Constellation Software, Topicus and Lumine. The firm backed Röko’s IPO, exited Instalco, initiated Berner Industrier, and emphasizes decentralized acquisition-driven businesses with durable reinvestment runways. Full Year 2025 BEIA-B $1.6BBERNER-B $136MBRO $23B
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