The London Stock Exchange (LSE) confirmed on Wednesday the $1.6 billion Schiehallion Fund Limited’s move of its listing to the Close-Ended Investment Funds (CEIF) segment of the LSE Main Market.
Baillie Gifford’s Schiehallion Fund seeks to generate capital growth for investors through long-term minority investments in later stage private businesses that the fund considers to have transformational growth potential and to have the potential to become publicly traded.
The fund’s investments include stakes in Anthropic, SpaceX, Stripe, Databricks, Bending Spoons and Wayve. Edinburgh-based Baillie Gifford manages about £200 billion and has 1,670 staff. It has offices in Edinburgh, Amsterdam, Dublin, Frankfurt, Hong Kong, London, New York, Shanghai, Singapore, Toronto and Zurich.
“The Fund provides access to transformational private growth companies in which it is otherwise hard to invest,” said the LSE. “This is at a time when market structure has changed, with businesses completing more of their growth journey outside public markets.
“Launched in 2019, Schiehallion seeks to generate capital growth through long-term minority investments in later stage private businesses.
“The portfolio is built from some of the largest private growth companies such as Anthropic, SpaceX, Stripe, and Databricks, alongside exceptional European businesses including Italian software developer Bending Spoons and UK-based autonomous driving company Wayve.
“Today’s move will make this attractive asset class available to a broader set of investors.”
Schiehallion Fund Limited chair Linda Yueh said: “Listing on the Main Market represents an important milestone in broadening access to some of the world’s most innovative private companies.
“We believe this provides investors with a valuable opportunity to participate in the growth of transformational businesses that are reshaping industries and driving long-term value creation.
“I am particularly pleased that UK investors can access these sought-after companies right here at the London Stock Exchange.”
Peter Singlehurst, Portfolio Manager of The Schiehallion Fund Limited, Head of Private Companies and partner at Baillie Gifford, said: “Private markets are the home of companies creating exceptional products reshaping the world – from satellite internet provision to AI-assisted coding.
“Our focus is on companies with both a proven product and exponential growth potential. We continue to be excited by the quality of businesses that we are meeting and the opportunity this presents for Schiehallion’s shareholders.”