1. Investment Objective
The Company’s objective is to generate superior long-term capital appreciation for shareholders by acquiring and holding equity stakes – principally through in-kind share contributions and secondary market transactions – in high-growth private companies, with a particular focus on late-stage technology, space, and innovation-led businesses operating globally.
2. Investment Universe
The Company may invest in any or all of the following:
- Equity securities (including ordinary shares, preference shares, convertible instruments, warrants, options, and other equity-linked and synthetic instruments providing access to equity-linked returns) of private companies at any stage of development, with a preference for late-stage or pre-IPO businesses;
- Equity securities of publicly listed companies, including on recognised exchanges in the UK, USA, Europe, the Middle East, and Asia-Pacific;
- Special purpose vehicles, funds, or co-investment structures established to hold interests in any of the above;
- Debt instruments (including convertible notes, convertible loan notes, and loan participations) in companies that fall within the above categories, where the Company considers such instruments offer equity-like return profiles or strategic optionality;
- Exchange traded funds, money market instruments, listed currencies and forward foreign exchange contracts entered into for the purposes set out in paragraph 5, Cash, cash equivalents, and money market instruments pending deployment or held as a reserve.
There is no restriction on sector, geography, or stage of development, though the Company will prioritise opportunities in technology, space exploration, financial services, clean energy, and related innovation-driven sectors globally.
The Company’s use of derivative instruments is limited to the purposes, instruments and counterparties set out in paragraph 5 (Gearing and Derivatives) below. The Company should not be permitted to use derivative structures to materially increase the risk the Company takes executing these investments.
3. Investment Strategy and Approach
The Company will pursue a concentrated, high-conviction investment strategy. The Board believes that exceptional risk-adjusted returns are best achieved through focused positions in a small number of businesses with compelling growth profiles, rather than broad diversification.
The Company will primarily source investments through:
- in-kind contribution structures, whereby existing holders of private company shares contribute those securities into the Company in exchange for newly issued shares of the Company;
- direct secondary market purchases of private company shares from existing shareholders;
- co-investment arrangements with strategic partners, anchor investors, or co-sponsors; and
- primary subscriptions in financing rounds.
Investments are intended to be held on a medium-to-long-term basis (typically 3–10 years), with realisation expected through IPO, strategic sale, or secondary market disposal. The Company is not subject to a fixed life and is not required to return capital to shareholders within any defined timeframe, unless the Board determines otherwise.
The Company will pursue a predominantly passive management strategy. However, on a case-by-case basis, it may seek to secure additional governance rights – such as observer or board appointments – where circumstances or specific assets justify enhanced oversight.
4. Concentration and Diversification
The Company operates a deliberately concentrated investing policy and does not impose any mandatory minimum diversification requirement.
4.1 Single-Asset Concentration
The Company’s investment strategy is focused on building a concentrated portfolio of equity stakes in a select group of primarily private, late-stage companies that the Board believes are best positioned to achieve global market leadership. While the Company aims over time to hold a diversified portfolio of such investments, the Board recognises that the universe of companies with the potential to achieve or sustain that level of scale is extremely narrow, and the Board focuses on the small number of businesses it considers the clearest candidates at this time.
Accordingly, the Company’s approach prioritises maximising exposure to these select opportunities, even where this results in a highly concentrated portfolio. During the Investment Period, the Company is permitted to commit up to 75% of its net asset value to a single company, security, or investment. This window is intended to accommodate in-kind contribution transactions and initial portfolio construction, during which time the Company expects to be actively building its broader investment portfolio alongside any dominant single position. Notwithstanding the Investment Period the Company is still under an obligation to deploy the majority of the £6m raised on 9 February 2026 and substantially implement its Investing Policy.
Following the expiry of the Investment Period, no new investment may result in a single position exceeding 50% of net asset value at the time of commitment. For the avoidance of doubt, this limit applies at the point of investment only – existing positions may exceed 50% of net asset value as a result of subsequent valuation mark-ups without constituting a breach of this policy.
Investors should be aware that, as a result of this approach, a single holding may at any time constitute the substantial majority of, or effectively the entirety of, the Company’s portfolio by value.
4.2 Number of Investments
The Company is required to maintain a minimum of five investments following the expiry of the Investment Period. There is no limit to the number of investments the Company may undertake.
4.3 Sector and Geography
No minimum or maximum allocation is prescribed for any sector, geography, currency, or asset class.
4.4 Temporary and Structural Concentration
The Company acknowledges that, following a significant in-kind contribution transaction, the resulting position may represent a substantial majority of the Company’s total assets. The Board considers this consistent with and expressly permitted by this investment policy and does not constitute a departure from it.
5. Gearing and Derivatives
The Company may employ leverage at the Company level and/or through special purpose vehicles. The Board may borrow, or cause subsidiaries to borrow, for investment purposes. Aggregate net borrowings shall not exceed 50% of net asset value at the time of drawdown, though this limit may be exceeded temporarily in connection with the completion of a specific investment and shall be reduced to within the limit within 12 months of such exceedance.
Use of derivatives:
The Company may enter into derivative instruments only for the following purposes:
- (a) hedging currency exposure arising from investments, cash balances or borrowings denominated in a currency other than the Company’s reporting currency;
- (b) hedging interest rate exposure on the Company’s borrowings; and
- (c) bridging the period between a binding commitment by the Company to acquire a specific investment and the settlement of that investment, provided that the notional exposure of any such bridging position does not exceed the agreed consideration for the underlying investment.
Permitted instruments are limited to forward foreign exchange contracts, interest rate swaps entered into with an investment grade counterparty, and listed options. The Company shall not enter into contracts for difference, total return swaps, or any other instrument that creates synthetic, leveraged or unfunded exposure.
The Company shall not use derivative instruments:
- (i) to obtain leveraged exposure to any investment, asset class, index or market;
- (ii) to take a net short position in any security, index or market, save for the closing-out of a previously established long position;
- (iii) for speculative purposes unconnected with an investment, hedge or pre-settlement bridge expressly permitted above; or
- (iv) where the Company’s maximum potential loss on the position is not capable of being quantified at the time the position is entered into.
6. Cross-Holdings and Co-Investment Structures
The Company may invest alongside affiliated entities, co-sponsors, and strategic partners, and may hold interests indirectly through special purpose vehicles, holding companies, or co-investment vehicles established for the purpose of holding a specific investment. Cross-holdings within group structures established to facilitate investment will not be treated as separate investments for the purposes of concentration calculations.
Where the Company issues its own shares as consideration for interests in other companies, such cross holdings can be a significant majority, but not more than 75%, of Company’s issued shares in aggregate during the Investment Period.
7. Restrictions
The Company shall not:
- Invest in other closed-ended investment funds or investing companies admitted to trading on AIM;
- Make any investment that the Board reasonably determines would cause the Company to be classified as a collective investment scheme regulated under the Financial Services and Markets Act 2000;
- Conduct any regulated investment activity requiring FCA authorisation in the Company’s own name, unless appropriate permissions are in place.
There are no further investment restrictions. The Board reserves the right to make investments in any asset class, geography, sector, or structure not expressly prohibited above.
8. Returns to Shareholders
The Company is primarily focused on capital growth and does not currently intend to pay a dividend in the immediate future. The Board may, at its discretion, declare a dividend if circumstances warrant.
As the portfolio of the Company matures and various of its holdings experience liquidity events, such as strategic sales, IPOs or mergers, the Company intends to distribute such windfall gains with its shareholders in the form of dividends or share buy-backs as the primary focus of the Company is to provide exposure to private late-stage companies.
The Company has no fixed wind-up date and is not required to return capital to shareholders within any prescribed period.
9. Cash Management
Pending deployment into investments, the Company’s cash may be held in interest-bearing accounts, money market funds, short-dated government securities, or other low-risk liquid instruments. There is no minimum cash reserve requirement, and the Company may be fully invested at any time.