Seraphim Space (ticker: SSIT) was launched in July 2021. It aims to hold 20-30 growth-stage companies in the UK, US and Europe that are involved in the space sector, and looks to generate a long-term return of 20% a year. SSIT first acquired a portfolio of 19 investments from its manager for approximately £90m, and has since invested a further £130m. Three of its investments went public in 2021, a fourth in 2024, and a fifth in 2025, and it has now sold most of these holdings to fund its other earlier-stage investments. As of June 2025, SSIT had net assets of £281m, of which £9m was in listed ...
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Schiehallion (ticker: MNTN) was launched in 2019 when it raised $477m at $1.00 per share. It raised an additional $40m from regular issuance between June 2020 and March 2021, then a further $700m from a C share issue in April 2021. Baillie Gifford's Peter Singlehurst has been its lead manager since it joined the market. MNTN is a 'crossover' fund, meaning that it buys stakes in unquoted growth companies, but it is happy to keep holding should they become listed. To date, MNTN has invested in around 50 companies, several of which have had IPOs, and it currently has holdings in six of the world’...
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Chrysalis Investments (CHRY) was launched in late 2018 in a £100m IPO and it raised a further £730m from investors over the next few years. CHRY is a 'crossover' fund meaning that while it primarily invests in private companies, it is happy to keep holding them should they later list on the stock market. It has a highly concentrated portfolio of around 15 high-growth investments, the best-known being Klarna (which might be listed later this year), Starling, and Wise. A wide discount to NAV of over 60% opened up during 2022 and 2023 when the valuation of CHRY's portfolio was subject to consider...
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This is the latest article from our contributor Reg Hoare, who has worked for 30 years in the City, initially in investment banking and the securities business, latterly as managing director of MHP Communications. He has been investing in investment trusts as a private investor for more than three decades. Here he explains why he is more confident than ever about holding on to his beaten up holdings of growth capital and private equity trusts.
Reg Hoare The year of the share buyback I’ve written before about share buybacks being a good way for managers and boards to demonstrate confidence i...
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This is the latest article from our contributor Reg Hoare, who has worked for 30 years in the City, initially in investment banking and the securities business, latterly as managing director of MHP Communications. He has been investing in investment trusts as a private investor for more than three decades. Here he explains why he is more confident than ever about holding on to his beaten up holdings of growth capital and private equity trusts.
Reg Hoare Sticking to my guns I have written several blogs that have focused on the attractions of the private equity and growth capital sub-sectors o...
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Seraphim Space Investment Trust (ticker: SSIT), which claims to be the world's first listed space-tech fund, joined the London market in July 2021 raising £150m of new money. It took over a portfolio of nineteen companies held by the Seraphim Space LP Fund, a private vehicle launched in 2016, and has since invested in four more. Three of Seraphim's investments were listed in the US via SPACs in 2021 and a fourth is hoping to do the same within the next few months. After initially trading at a sizeable premium, Seraphim shares have recently declined to a large discount to their 31 March 2022 NA...
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Stuart qualified as a chartered accountant before moving into journalism and has 20 years of experience of owning and writing about investment trusts from an independent standpoint. He is now producing regular fund profiles for the Money Makers circle. This post originally appeared on his blog but it has been added to our archive to build up our library of content.
The Schiehallion Fund was given a low-key launch by Baillie Gifford in March 2019 as it was designed primarily for institutional investors. After a recent $700m fundraising, it's now become one of Baillie Gifford's largest investme...
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