A very warm welcome for our quarterly results. I'm here today with my assistant and Head of Corporate Development, Brigitte Friedrich-Haack, and we're happy to guide you through what was a pretty much normal quarter on the back of some tough times in Q2. If we look at the quarter, we did our eighth Long-Term Investment in Vected. It is a structured equity piece giving us a mid-teens pref return, plus some upside in a very exciting defense company. We are very happy to have that gone, be able to do that. Frankly speaking, we were also able to do that and differentiate ourselves because of the power of the DBAG brand, which still resonates very strongly with founders. When they have to choose between XYZ Capital or us, it time and time again shows that we are still the preferred partner. Very, very happy with that investment.
It's a small investment when talking about roughly EUR 10 million, but it will be a sleep well at night investment, which should just pick up and literally pick up nicely in our balance sheet with some upside on the exit when it comes. We continue to develop our portfolio through buy-and-build. We adjusted our guidance in the prior quarter. We are here, and I think, just looking at the stock price this morning, some people seem to be very happy about just confirming our guidance. Obviously, that's not what we are striving for, but yes, we are confirming it, and if that's a relief for some of you folks, happy to provide that. We did nine investments all over, so I think it was four new investments and five exits all over this year, and we profited from valuation multiple recovery in the third quarter, to be honest.
We want to provide even more exits. We are cautiously optimistic that we will be able to provide them in Q4, but nevertheless, we're in a transaction-based project business. There could be some slippage in Q1, but some talks are in pretty advanced stage, and there should be a fair chance that at least one or two opportunities wrap up before the year end, and that would be quite feasible exits. Let us see. That is also where our main focus right now sits. We are continuing because also if you look at our Q3 cash reserves, we are still very fine, but we are on the stretch side of the comfort level. That will be juiced up quite significantly by the exit of GDH, which closed only in October.
That's EUR 35 million of liquidity which has joined our accounts, and there will be much more to come in, well, Q4 or Q1. Let us move over to the next slide. NAV per share is at EUR 33.84, and our NAV, that is EUR 518 million. I think, and especially when I look at the share price reaction this morning, I cannot reiterate enough that we have the utmost confidence in our marks. I am not even making a bold statement if I say that I could sell 100% of our portfolio at book value. We are really not in a scenario where we have inflated book values or anything like that. It is tough to sell something, but I'm confident we're going to prove you that over the next two quarters. So much for that. Our fund services have steady.
That will be, once Fund IX, which we will start fundraising during this month with an aim to close mid-next year, will significantly increase fees, and I'll come to that later. Just telling you right now straight away, what impacted our earnings in this quarter is actually a pleasant development because the performance of Fund VII and VIII is continuous to improve every single quarter. It will continue to improve also on the exits, and that has led to significant more provisions of carried interest for the team. That has right now impacted our profit statement because we are in the catch-up phase where for a small stretch, the team catches up and 80% of the profits go to the team. Afterwards, it continues to be 20% carried interest. So, what hampers our earnings is actually a very pleasant development for everybody involved here.
Nevertheless, if we look at the group income after nine months, we are at EUR -30 million and EUR -1.7 per share. Very unsatisfactory results. It is a year of transition, but I think the worst is behind, and it is also a year where we can show that the share price correction is, at least in our eyes, and the market is obviously always right, but we feel that it's not really warranted. Let's move over to the next slide. You see that IT services has recovered quite well. There's also an addition of one company. I think this would technically also continue to grow going forward because, again, we have corrected the multiples in that space, but we see also the strongest earnings growth coming from that space, closely followed by the industry and industrial tech space.
That has significantly decreased here because of the exit of duagon, but we see a stellar performance from congatec, which is really the world market leader in the edge physical AI, and we're seeing tremendous upside from that company. IT software and services should come down because we are looking for one exit in that space over the next two quarters, and thus our portfolio industry split would be a bit more balanced here. Going over on the next slide, on the top one to five. No, sorry, one slide before. Again, on the concentration risk, you see that the top one to five positions doing nearly 40% of our NAV. These are very, say for Solvares, which has very good organic development, these are all exit-ready candidates where we aim to have a liquidity event over the next 12-16 months here.
You see also that GDH was in the top six bracket. That's being sold. Please don't ask me about Von Poll. Von Poll is doing very nicely, but just, I mean, especially for the guys living in Germany right now with all the political brouhaha, the vibe around real estate is really not the greatest to get a great result. Again, the company is on track to have its best year ever. So we have a stellar outlier, but very low interest. Next slide. That's affected our minority investments, which I spoke already at length before. Super excited about this investment case. We have personal long-term ties through other companies like congatec, through one of their main customers, so we really were also able to prove that, to leverage that, and to get this deal done.
Overall, a very, very pleasant deal, and it also shows that our long-term investment strategy is a nice addition for the shareholders. On the next slide, we have a bridge to walk you down about the NAV development. Obviously, very unpleasant, mainly driven by change in valuation. We have been giving back money through dividends and buybacks, and let me say, we will continue to do so. We will not change our guidance, and once some of the exits come in and we feel that we really have a very comfortable cash position, I think that would also be the time when we would again consider to resume share buybacks. Because obviously at these levels, it's utmost accretive, but I think it's also something which only makes a difference if it's pursued on a very regular basis.
But right now, we are not in a position to confirm anything in that space. Move over to the next slide. Here you see that the portfolio development per se is a nice mix of additions and disposals, so very healthy portfolio. We invest as much as we divest, so the portfolio turns. We sold EUR 100 million out of EUR 700 million NAV. I mean, if two more exits with GDH already being in the pocket, that's a number which could go above EUR 150 million, maybe EUR 180 million of disposals in this environment. That would be more than 20% of our whole NAV turning in a year where everybody is struggling to do exits. Again, that's also testimonial of the quality of our portfolio. And we did not need to sell at discount, quite the contrary.
In the case of GDH, well, it was sold at carrying value, but we feel, as I said before, we have the utmost confidence in the value and the worthiness of our book value. Next slide. Here you see that change in earnings has been positive across our portfolio. Could be a bit higher, but it's obviously impacted by some legacy impacts. Nevertheless, positive development, and the main driver for our net gains on our net losses was multiples over the nine months. In Q3, we had some tailwinds on the multiple side, but it was not enough to compensate for a very complicated Q2. This is a slide that, on the initiative of Brigitte, we added, and I think it's the best guidance we can give you on how our different multiples and spaces have behaved.
You see that on software and IT service, over the year, we are still down 10% in terms of our relevant peer group. And bear in mind that that's the largest chunk, accounting for nearly one-third of the portfolio. Nothing exciting here. We should see a jump here next year on the fundraising of Fund IX. And we are also exploring on the back of the very successful continuation fund of Solvares, which has significantly increased the fee per euro invested of DBAG on that asset to look into where we could have other potential CV candidates in our portfolio. This is our liquidity statement. You see that on December 13th, we had EUR 80 million of unencumbered liquidity, pretty much on the low end. But given that already then we were at very advanced stages with GDH, we felt comfortable that changed a bit.
Our capital commitments are at a multi-year low. We are, even though the cash position could have been more comfortable, I mean, we have invested and that's brought down our capital commitments quite significantly. Typically, when we went to fundraising, that number was around 60%-70% of NAV. We are well covered and fully functional there. Actually, I think next year we should have a very, very comfortable cash position. But let's see. The good thing is that we are fully invested and that should bode well for capital efficiency. In terms of guidance, we firmly reiterate our guidance. A pinch of salt I'm adding, especially on a day where the share price behaves nicely. We are still working through one or two legacy investments, so probably I would not assume a dynamic unless peer groups keep on recovering significantly.
All as equal, I would not expect a dynamic Q4, but that should be it. I think then we will have really have an even more conservatively marked portfolio. The reason why I'm a bit cautious is that yesterday I got some current trading information from one company where I still need to figure out what does that mean ultimately. Never mind, we feel comfortable with our guidance. We will keep our guidance as we speak, and then we hope that next year will be a much more normal year. Also, especially with our newest investments made, Hipp, Solvares, and congatec coming in very, very, very strongly. These are large investments for DBAG. As complicated as the environment is, especially also in Germany, we have been very good investors.
We see that these companies are showing very nice earnings growth, and that should make a difference over the course of next year. Okay, well, that wraps it up. As I said, we are happy about the share price reaction. We're still looking for a complicated Q4, but we should everything have aligned for next year. Obviously, we are also willing to put our money where our mouth is, and dividends and share buybacks are firmly on our agenda once the situation, the picture becomes a bit clearer. That concludes our call, and I leave you with that and goodbye.