Private investments

High-quality assets in private markets, held through both direct investments and specialist managers.

We target high-quality assets in private markets, aiming to generate double-digit compound returns over the long term. These investments have been a compelling source of returns for our shareholders over time for two important reasons.  

Firstly, our extensive network and globally recognised brand open doors to compelling opportunities in private markets that are unavailable to most investors. We can access these investments directly, often as co-investments, or through our network of world-class specialist managers. 

Secondly, our close relationships allow us to structure our investments with capital preservation in mind. For example, through a preferred position in the capital structure of a company. This ensures additional protection for our shareholders’ capital.  

20-40%
Typical allocation
30.9%
Current allocation, as at 30 June 2025

Private investments by

Sector* (% of NAV)
(Direct Investments and through Funds)

Strategy (% of NAV)

As at 30 June 2025

*Source: JRCM reporting. This chart provides a breakdown of the estimated top 100 positions within the private investment portfolio by sector (including those held directly and indirectly through funds.) The companies highlighted are representative of some of the largest positions, spanning both direct and indirect positions. Estimated based on the latest available funds reporting at June 2025. Quoted equities held in private investment funds have been excluded.

Private Investments Presentation

Learn more about our Private Investments, which have delivered 15% annualised returns over the past decade.

Top 5 Private investments

As at 30 June 2025. For a more detailed list of investments and latest updates please see our Half-Yearly Report June 2025.

Investment holdingsCountry/RegionIndustry/Description
MotiveUSAEnterprise software
SpaceXUSAAI & advanced technologies
Epic SystemsUSAHealthcare & life sciences
KrakenUSADiversified financial services
BluegroundUSAConsumer

Total % of NAV – 5.0% as at 30 June 2025

Investment holdingsCountry/RegionIndustry/Description
Thrive fundsUSAGrowth equity
Greenoaks Capital fundsUSAGrowth equity
Iconiq fundsUSAGrowth equity
Ribbit Capital fundsUSAGrowth equity
BDT Capital fundsUSAPrivate equity

Total % of NAV – 14.0% as at 30 June 2025

The private direct book includes investments held through co-investment vehicles managed by a general partner (GP).

Case studies

Our portfolio in action

Our case study series offers a window into some of the opportunities we have invested in – both existing and realised.

Meet our team

Our highly skilled, hardworking in-house team are thorough yet nimble, able to move quickly and seize compelling opportunities when they arise.