Executive summary
The label ZEN CAPITAL does not map neatly to a single global firm. The most verifiable current operating business behind the live zen-capital.es website is a Spain-based private group centered on ZEN CAPITAL EUROPA, S.L. and its wholly owned subsidiary ZEN SERVICIOS PM, S.L. The website’s privacy text identifies ZEN CAPITAL EUROPA, S.L. as the website controller, while commercial-registry-derived records tie ZEN SERVICIOS PM, S.L. directly to ZEN CAPITAL EUROPA, S.L. as sole owner. I therefore treat the Spain group as the main subject of this report and separately distinguish other same-name uses to avoid entity confusion. citeturn27view0turn40view0turn41view0turn13search1turn28search0
For the Spain group, the strongest high-confidence findings are these. ZEN CAPITAL EUROPA, S.L. is a Madrid-registered holding/promotions company with CIF B83068056, formerly LA UTRERA GRUPO INMOBILIARIO, S.L.; Francisco Javier Peláez Martín is identified as its sole owner and administrator. ZEN SERVICIOS PM, S.L. has CIF B18404269, is wholly owned by ZEN CAPITAL EUROPA, S.L., and is also administered by Peláez. In March 2026, both entities moved their registered office to C/ Lagasca 96, Madrid, even though the public website still markets offices in Málaga, Granada, and Loja, and the company LinkedIn page still frames Málaga as headquarters. citeturn40view0turn41view0turn21search0turn35search32turn48view0turn47search3
Commercially, Zen Capital markets financial planning, investment advice, co-investment, and corporate-transaction / investment-vehicle design. The website presents self-reported track-record cards stating roughly 30+ co-investment operations, 20+ employees, €14m+ invested, 3 launched projects, 10%+ average return, 3 offices, 20+ advisory agreements, and a 2013 activity start. It also says co-investment is open even to non-professional investors, that Zen invests its own money alongside clients, that financial planning is charged at a fixed price, and that co-investment economics include a results-based management fee. However, I did not locate named public funds, prospectuses, KIIDs/KIDs, audited AUM reports, or a public methodology explaining the stated “average return.” citeturn42search3turn48view0
The main analytical conclusion is that the Spain group looks like a small, founder-controlled advisory-plus-co-investment platform with a meaningful tilt toward real estate, project incubation, and entrepreneurial finance, but with limited public disclosure by institutional standards. The upside is alignment, flexibility, and local operating reach across Málaga/Granada/Loja plus affiliated project platforms such as Re-Activa. The downside is the lack of readily verifiable fund documentation, licensing disclosure, audited performance presentation, public client list, or robust investor-reporting materials in the sources retrieved. citeturn48view0turn36search0turn40view0turn41view0turn26view0turn26view1turn26view2turn26view3
Identity and naming
The first analytical issue is identity. At least three different public uses of the name “Zen Capital” surfaced in the retrieved material, and one of them is explicitly the subject of a regulator warning. The table below separates them.
| Public name | Best-verified evidence | Base / headquarters in retrieved material | Verified legal or regulatory status | Analytical note |
|---|---|---|---|---|
| Zen Capital on zen-capital.es | Website controller is ZEN CAPITAL EUROPA, S.L.; group records also show ZEN SERVICIOS PM, S.L. owned by that entity. citeturn27view0turn40view0turn41view0 | Registered office moved to Madrid in March 2026; public-facing offices remain Málaga, Granada, Loja. LinkedIn still presents Málaga as HQ. citeturn21search0turn35search32turn48view0turn47search3 | Corporate registration is well evidenced through BORME/registry-derived records; investment-services licensing was not evidenced in the retrieved public materials. citeturn40view0turn41view0turn26view0turn26view1turn26view2turn26view3 | Main subject of this report. |
| Zen Capital Web3 / frontier-tech venture brand | Historical zencapital.vc cached page described a Web3 investor; current LinkedIn describes a Gibraltar-based partnership focused on frontier tech, digital assets, and AI, with website zencapital.ai. citeturn13search0turn13search3turn13search1turn16search0 | Gibraltar on LinkedIn. citeturn13search1turn16search0 | In the retrieved materials, I did not verify a Gibraltar company-registration or GFSC-regulatory record for this brand. | Relevant because it shares the name, but it appears unrelated to the Spain group. |
| zen-capital.co | New Zealand FMA warning states the site may be operating a scam, offered unrealistic returns, misused NZ company details, and was not authorised to provide financial services in New Zealand. citeturn28search0 | Claimed New Zealand address in the warning notice, but FMA says it was not operating from the claimed address. citeturn28search0 | Negative regulatory status: explicit official warning by NZ FMA. citeturn28search0 | This is an imposter / warning-listed use of the name, not evidence against the Spain group itself. |
The most important name-confusion risk is that the old Web3 “zencapital.vc” identity is not stable today: historical search results still describe it as a blockchain investor, but the current live domain resolves to a Thai gambling / casino page branded WINNOW168. That is a major counterparty-diligence red flag for anyone using stale links, cached webpages, or old social posts to identify the right Zen Capital. citeturn13search0turn12view0
Spain group profile
The Spain group’s legal and structural picture is clearer than its regulatory picture. ZEN CAPITAL EUROPA, S.L. was incorporated in 2001, later renamed from LA UTRERA GRUPO INMOBILIARIO, S.L. in March 2018, and its object was changed to function as a holding / supervision / management vehicle, with a registered capital increase to €108,168. Francisco Javier Peláez Martín became sole owner of the predecessor entity in March 2018 and administrator in December 2013. citeturn40view0turn21search6
ZEN SERVICIOS PM, S.L. predates the holding vehicle, having been incorporated in 1995. Registry-derived records show that it became wholly owned by the predecessor to ZEN CAPITAL EUROPA in March 2018, and it remains owned by ZEN CAPITAL EUROPA, S.L. Peláez has served as its administrator since October 2013. In March and April 2026, the company added two powers of attorney, appointed AFIANZA AUDITORES, then replaced that firm with INURE AUDIT SLP as auditor. citeturn41view0turn22search2turn35search1turn35search32
The website and team pages show a blended operating model spanning financial advisory, analysis, architecture, rehabilitation, real estate, and project incubation. The named leadership visible on the public team pages is led by Javier Peláez Martín as Head of Investments, with Laura López as Controller and Eric Popperl as Head of Analysis; the broader project team includes architecture, rehabilitation, administration, accounting, and business-development roles. Those pages do not provide conventional full executive biographies, so public bio depth is limited. citeturn47search1turn47search4
The public registry trail also suggests a broader founder-controlled perimeter around the core entities. REACTIVA ARQUITECTURA, S.L. became wholly owned by ZEN CAPITAL EUROPA in 2020; KERMES INVERSIONES 2008, S.L. became wholly owned by ZEN CAPITAL EUROPA in 2022; and RE-ACTIVA SWEDEN, S.L. became wholly owned by ZEN SERVICIOS PM in 2018. Separate privacy text for Re-Activa Rehabilitación, S.L. says its majority shareholder is Francisco Javier Peláez Martín, which reinforces the impression of a founder-centered group rather than a single neatly disclosed fund complex. citeturn40view0turn41view0turn36search0
Entity overview
| Legal entity / brand | Role | Jurisdiction / registry evidence | Current registered office in retrieved material | Ownership / control | Notes |
|---|---|---|---|---|---|
| ZEN CAPITAL EUROPA, S.L. | Main holding / website controller / parent vehicle | CIF B83068056; Registro Mercantil trail via BORME/registry summaries. citeturn40view0 | C/ Lagasca 96, Madrid after March 2026. citeturn21search0turn40view0 | Sole owner and administrator: Francisco Javier Peláez Martín. citeturn40view0 | Formerly LA UTRERA GRUPO INMOBILIARIO, S.L.; object includes acting as a holding company. citeturn40view0turn21search6 |
| ZEN SERVICIOS PM, S.L. | Operating subsidiary historically tied to advisory / real-estate agency activity | CIF B18404269; Mercantile-record summaries. citeturn41view0 | C/ Lagasca 96, Madrid after March 2026. citeturn41view0turn35search32 | Sole owner: ZEN CAPITAL EUROPA, S.L.; administrator: Francisco Javier Peláez Martín. citeturn41view0 | Auditor shown as INURE AUDIT SLP after April 2026. citeturn41view0turn35search1 |
| Re-Activa Rehabilitación, S.L. | Operating / project affiliate presented on site | Privacy text on its own site. citeturn36search0 | Loja, Granada in the privacy text retrieved. citeturn36search0 | Majority shareholder said to be Francisco Javier Peláez Martín. citeturn36search0 | Strong operating overlap with Zen Capital team pages. citeturn47search1turn43search3 |
| REACTIVA ARQUITECTURA, S.L. | Architecture affiliate | BORME / registry-derived summary shows unipersonal ownership by ZCE in 2020. citeturn40view0turn33search17 | Málaga after 2026 transfer. citeturn33search1 | ZEN CAPITAL EUROPA, S.L. since 2020. citeturn40view0 | Public team pages list multiple architecture employees under Re-Activa Arquitectura. citeturn47search1 |
| KERMES INVERSIONES 2008, S.L. | Publicly evidenced investee / affiliate | BORME summary shows ZCE became sole shareholder in 2022. citeturn40view0turn21search5 | Madrid in the cited filing context. citeturn21search5 | ZEN CAPITAL EUROPA, S.L. since 2022. citeturn40view0 | No public economics found in retrieved materials. |
graph TD
Brand["Zen Capital brand / zen-capital.es"]
ZCE["ZEN CAPITAL EUROPA, S.L.\nCIF B83068056\nSole owner/admin: Francisco Javier Peláez Martín"]
ZSPM["ZEN SERVICIOS PM, S.L.\nCIF B18404269\nSole owner: ZEN CAPITAL EUROPA"]
RA["REACTIVA ARQUITECTURA, S.L.\nwholly owned by ZCE since 2020"]
KI["KERMES INVERSIONES 2008, S.L.\nwholly owned by ZCE since 2022"]
RS["RE-ACTIVA SWEDEN, S.L.\nwholly owned by ZSPM since 2018"]
RR["RE-ACTIVA REHABILITACION, S.L.\nproject / operating affiliate on website"]
Brand --> ZCE
ZCE --> ZSPM
ZCE --> RA
ZCE --> KI
ZSPM --> RS
Brand --> RRThis chart combines formal shareholding links evidenced in Mercantile Registry material with one brand / operating-affiliate link from the website. The formal ownership lines are well supported for ZCE → ZSPM, ZCE → Reactiva Arquitectura, ZCE → Kermes Inversiones 2008, and ZSPM → Re-Activa Sweden; the brand-to-Re-Activa Rehabilitación line reflects website/team integration rather than a retrieved explicit shareholding filing. citeturn40view0turn41view0turn36search0turn47search1
Regulation, products, and economics
The public website clearly markets activities that matter to regulated-finance diligence: financial planning, investment advice, co-investment, investment-vehicle design, seed/growth/venture/private-equity transactions, and advice on due diligence, shareholder agreements, and complex corporate restructurings. It also says Zen Capital builds client proposals using investment funds, real-estate assets, and start-up investments. citeturn48view0
That said, the retrieved public materials do not provide a clean institutional-regulatory package. On the homepage I did not surface references to CNMV, MiFID, license, or regulator. I likewise did not retrieve a public fund prospectus, SFDR disclosure set, ADV-style disclosure, or regulator ID for an investment-firm license attached to the Spain group. That does not prove the absence of regulated permissions, but it does mean the licensing case was not verifiable from the materials retrieved here. citeturn26view0turn26view1turn26view2turn26view3
Economically, Zen Capital’s public disclosures are thin. The website presents self-reported marketing metrics and says co-investment is available even for non-professional investors who lack time, that Zen Capital invests its own money alongside clients, and that the model uses a results-based management fee. Separately, the company’s LinkedIn page says the team typically pursues investments between €200K and €2 million, although that looks like a firm investment target range, not a retail minimum subscription. I found no public minimum ticket, no numeric fee schedule, and no published AUM. citeturn48view0turn47search3
On financial statements, there is partial but incomplete evidence. Registry-derived commercial-information pages indicate that annual accounts have been filed historically for both entities, but the underlying statements were not freely retrievable in the materials I reviewed. ZEN CAPITAL EUROPA is shown with last deposited accounts at 2022 in one registry-derived source; ZEN SERVICIOS PM is shown with historical deposits and, in another reseller, a latest deposit available in the registry at 2024. Because I did not retrieve the actual account PDFs or an audit opinion, I do not treat any unaudited reseller summaries as a substitute for audited financial statements. citeturn40view0turn41view0turn44search2
Regulatory status by jurisdiction
| Jurisdiction | Entity / brand | What I could verify | Regulator / registry | Public ID(s) retrieved | Assessment |
|---|---|---|---|---|---|
| Spain | ZEN CAPITAL EUROPA, S.L. | Corporate existence, ownership, administrator, domicile, and corporate-object changes are evidenced in Mercantile Registry / BORME-derived records; website naming is also clear. citeturn27view0turn40view0turn21search6 | Registro Mercantil / BORME | CIF B83068056; historical registry ref H GR 43935, later Madrid ref H M 286832. citeturn40view0turn21search0 | Corporate registration verified; investment-services authorization not verified in retrieved materials. |
| Spain | ZEN SERVICIOS PM, S.L. | Corporate existence, sole ownership by ZCE, auditor appointment/change, and domicile move are evidenced. citeturn41view0turn35search1turn35search32 | Registro Mercantil / BORME | CIF B18404269; historical registry ref H GR 10471, later Madrid ref H M 881423. citeturn41view0 | Corporate registration verified; investment-services authorization not verified in retrieved materials. |
| Spain | Public-facing Zen Capital website | No homepage references found for CNMV, MiFID, license, or regulator. citeturn26view0turn26view1turn26view2turn26view3 | N/A | N/A | Disclosure gap from a diligence perspective. |
| Gibraltar | Web3 “Zen Capital” brand | LinkedIn says Gibraltar-headquartered partnership using zencapital.ai. citeturn13search1turn16search0 | GFSC / Companies House Gibraltar | No ID retrieved | Could not verify a regulator or company ID in the materials retrieved. |
| New Zealand | zen-capital.co | NZ FMA warning says site is an imposter, not operating from claimed address, and not authorized to provide financial services in NZ. citeturn28search0 | Financial Markets Authority | N/A | Official warning-listed site. |
Fund and product list
No named public funds or downloadable prospectuses were located in the retrieved material for the Spain group. What is public is a product / service stack rather than a classic asset-manager catalog.
| Product / service line | Public description | Strategy / asset exposure indicated | Fees / minimums disclosed publicly | Confidence |
|---|---|---|---|---|
| Financial planning | Multi-phase planning process around retirement, education, second homes, and wider family objectives. citeturn48view0 | Holistic household balance-sheet planning. | Fixed price disclosed qualitatively; no numeric tariff found. citeturn48view0 | High |
| Investment advice | Tailor-made proposal after global asset planning. citeturn48view0 | Mainly investment funds, real estate, and start-ups according to risk profile. citeturn48view0 | No public percentage/advisory fee schedule found. | High |
| Spearheaded co-investment | Co-investment offered even to investors “who are not professionals or do not have time.” Zen says it invests its own money alongside clients. citeturn48view0 | Opportunistic co-investment; startup and real-estate exposure implied. | Results-based management fee disclosed qualitatively; no minimum ticket or waterfall found. citeturn48view0 | High |
| Corporate finance / vehicle design | Creation of investment vehicles, business-plan appraisal, partner agreements, seed/growth/venture/private-equity financing, due diligence, M&A / restructurings. citeturn48view0 | Advisory / structuring rather than pooled-product manufacturing. | No public pricing found. | High |
| Re-Activa / architecture / real-estate platform | Website calls Re-Activa “a new concept” in architecture and real-estate services; public team indicates architecture, rehab, and real-estate operating staff. citeturn48view0turn47search1 | Real-estate development / rehabilitation / architecture. | No public economics found. | Medium |
| Named public funds | None located in retrieved materials. | N/A | N/A | High confidence in this gap, not in non-existence outside retrieved materials. |
Recent developments and market context
The most recent official developments I found for the Spain group were registry events, not press releases. In early 2026, the group split its formal footprint: ZEN CAPITAL EUROPA and ZEN SERVICIOS PM moved to Madrid, while Re-Activa Rehabilitación and Zen Global Trading show moves to Málaga. That pattern suggests a likely distinction between registered corporate center and operating / project execution footprint, although that is an inference from filings plus the still-live office list on the website. citeturn21search0turn35search32turn34search8turn33search1turn48view0
Other recent items matter because they show the group is not dormant. Eric Guy Popperl Contrera was appointed attorney-in-fact of ZEN CAPITAL EUROPA in November 2025. ZEN SERVICIOS PM joined the partner roster of Emotional Music AIE in December 2025. In March-April 2026, ZSPM added two new powers of attorney and changed external auditors. These are not transformational by themselves, but together they indicate continued corporate activity and some institutionalization of controls and delegations. citeturn40view0turn41view0
For negative events, the critical distinction is by entity. I did not retrieve a sanction notice or public litigation file for ZEN CAPITAL EUROPA or ZEN SERVICIOS PM in the materials reviewed. But the broader “Zen Capital” name-space does include the NZ FMA warning against zen-capital.co, and it includes the unstable zencapital.vc domain history discussed earlier. That makes brand contamination / mistaken identity a real due-diligence issue for anyone searching the name quickly. citeturn28search0turn13search0turn12view0
timeline
title Selected documented events in the Spain-based Zen Capital group
1995 : ZEN SERVICIOS PM incorporated
2001 : ZEN CAPITAL EUROPA incorporated as LA UTRERA GRUPO INMOBILIARIO
2013 : Francisco Javier Peláez Martín becomes administrator of ZCE and ZSPM
2018 : ZCE renamed from LA UTRERA; business object changed to holding/supervision
: ZSPM becomes wholly owned by the holding
: RE-ACTIVA SWEDEN becomes wholly owned by ZSPM
2020 : REACTIVA ARQUITECTURA becomes wholly owned by ZCE
2022 : KERMES INVERSIONES 2008 becomes wholly owned by ZCE
2025 : Eric Popperl appointed attorney-in-fact of ZCE
: ZSPM appears as partner in Emotional Music AIE
2026 : ZCE and ZSPM move registered office to Madrid
: Re-Activa Rehabilitación and Zen Global Trading move to Málaga
: ZSPM appoints then changes external auditor; new powers grantedThe timeline above is synthesized from the company website plus BORME / registry-derived records, with the highest-confidence milestones concentrated around ownership changes, renamed entities, and 2025-2026 corporate moves. citeturn40view0turn41view0turn21search6turn33search1turn34search8turn35search1turn35search32
A sensible peer set for Zen Capital Spain is not the mega-global asset managers. The more relevant comparables are Spanish or Spain-adjacent firms combining independent advice, private-markets access, and entrepreneur / family capital positioning. On that basis, three useful benchmarks are Abante, Diaphanum, and MCH Private Equity. Abante is a much larger independent advice-and-asset-management platform; after integrating atl Capital, it reported more than €18bn managed and advised at year-end 2025. Diaphanum positions itself as an independent wealth manager with open architecture, multi-custodian access, and explicit CNMV supervision as a securities firm. MCH is a more institutionally scaled private-equity peer rather than a wealth advisor, but it is useful as a benchmark for private-markets rigor: it is CNMV-registered as MCH Private Equity Investments, S.G.E.I.C., S.A., registration number 41, and has reported around $1.3bn in private-equity capital under management. citeturn45search4turn45search5turn45search2turn45search3turn46search3turn46search4
Comparable peers
| Peer | Why it is comparable | Public scale / regulatory signal | Analytical implication versus Zen Capital |
|---|---|---|---|
| Abante | Independent Spanish advice + asset-management model, real-estate advisory capability, wealth-planning orientation. citeturn45search5turn45search6 | Official press release reports >€18bn managed and advised after atl Capital integration. citeturn45search4 | Much larger and more institutionalized; highlights Zen Capital’s subscale / boutique position. |
| Diaphanum | Independent wealth manager with multi-custodian, multi-jurisdiction, no-kickback positioning. citeturn45search2turn45search3 | Diaphanum states it is a Sociedad de Valores under CNMV supervision. citeturn45search2 | A useful comparator for what stronger regulatory disclosure looks like in Spain. |
| MCH Private Equity | Spain-focused private-markets and mid-market investment comparator. citeturn46search2 | Official legal notice states CNMV registration no. 41; official release states about $1.3bn private-equity capital under management. citeturn46search3turn46search4 | Not a direct wealth-advisory peer, but a strong benchmark for private-equity process, disclosures, and institutional scale. |
Risks and opportunities
The core opportunity is that Zen Capital Spain appears built around founder alignment and direct operating involvement. The website explicitly says Zen invests its own money in co-investments and monetizes through a results-based management fee, which can create a tighter incentive structure than pure distribution-led advice. The group also looks multidisciplinary rather than purely financial: architecture, rehabilitation, real estate, analysis, and corporate structuring sit inside the same visible ecosystem. For clients seeking a hands-on, local, entrepreneurial advisory counterparty, that is a meaningful differentiator. citeturn48view0turn47search1
The most important risk is disclosure insufficiency. The public materials retrieved do not provide a verified license ID, public fund documentation, audited AUM, audited performance history, investor minimums, or a numeric fee schedule. The site’s track-record cards are self-reported and not accompanied by methodology, denominator definitions, or audit support. For small private groups this is common, but from an allocator’s perspective it sharply increases the diligence burden. citeturn48view0turn26view0turn26view1turn26view2turn26view3
A second material risk is key-person concentration. Peláez is visible as sole owner / administrator of the parent and administrator of the main subsidiary, appears as majority shareholder in a related operating affiliate, and is publicly presented as Head of Investments. That suggests substantial decision concentration around one founder. Concentration is not inherently bad, but it raises succession, governance, and control-key-person risk. citeturn40view0turn41view0turn36search0turn47search1
A third risk is brand fragmentation / mistaken identity. Searches for “Zen Capital” can lead to the Spain group, a Gibraltar Web3 brand, historical cryptoVC content on a recycled domain, or an outright FMA warning-listed imposter. That means every document request, website review, email domain, counterparty call, and bank instruction should be matched to the exact legal entity and domain in use. citeturn13search0turn13search1turn12view0turn28search0
Risk and opportunity matrix
| Theme | Why it matters | Evidence | Assessment |
|---|---|---|---|
| Founder alignment | Zen says it co-invests its own money and uses results-based fees. citeturn48view0 | Website co-investment model. citeturn48view0 | Opportunity |
| Integrated operating capability | Architecture, rehabilitation, real estate, analysis, and advisory appear under one ecosystem. citeturn47search1turn43search3 | Team pages and project pages. citeturn47search1turn48view0 | Opportunity |
| Local Spanish footprint | Offices and operating links across Málaga, Granada, and Loja can help sourcing and execution. citeturn48view0turn47search3 | Website / LinkedIn footprint. citeturn48view0turn47search3 | Opportunity |
| Regulatory-disclosure gap | No retrieved CNMV / MiFID / license references on the homepage; no public regulator ID retrieved. citeturn26view0turn26view1turn26view2turn26view3 | Public website review. citeturn26view0turn26view1turn26view2turn26view3 | Risk |
| Performance transparency gap | Self-reported returns and invested amount are not accompanied by methodology or audit support. citeturn42search3turn48view0 | Website metrics only. citeturn42search3turn48view0 | Risk |
| Key-person concentration | Peláez controls the parent, administers the operating company, and fronts the investment function. citeturn40view0turn41view0turn47search1 | Ownership / admin / team evidence. citeturn40view0turn41view0turn47search1 | Risk |
| Brand contamination | Same-name entities include a regulator-warned imposter and a recycled crypto domain. citeturn28search0turn12view0turn13search0 | Official warning + domain discontinuity. citeturn28search0turn12view0turn13search0 | Risk |
| Institutionalization trend | Auditor appointment/change, new powers of attorney, and domicile updates suggest active corporate maintenance. citeturn41view0turn35search1turn35search32 | 2025-2026 filings. citeturn41view0turn35search1turn35search32 | Potential opportunity if matched by better reporting |
Open questions and limitations
Several items the user asked for remain not publicly available or not verifiable from the retrieved materials. I did not retrieve a public AUM statement, a named fund roster, public minimum subscription sizes, a numeric fee schedule, audited consolidated financial statements, a public client list, or a verified investment-services regulator ID for the Spain group. The website’s track-record cards are therefore best treated as marketing claims, not independently verified performance data. citeturn48view0turn26view0turn26view1turn26view2turn26view3
I also did not retrieve a formal Spain-group newsroom or press-release archive. The most recent official developments available in the material reviewed were Mercantile Registry filings rather than press announcements. For counterparty-grade diligence, the next high-value documents would be: the latest full annual accounts for both entities, any client agreement / fee schedule, any regulatory-registration certificate if one exists, and a current investor presentation or deal track-record schedule showing gross and net returns by vintage and realized/unrealized status. citeturn40view0turn41view0turn35search1turn35search32