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
31.7%
Current allocation, as at 31 December 2025

Private investments by

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

Strategy (% of NAV)

As at 31 December 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 December 2025. Quoted equities held in private investment funds have been excluded.

2025 Annual Report and Accounts

RIT reported strong portfolio performance and shareholder returns for the year ended 31 December 2025. Read more about our performance and outlook in our 2025 Annual Report and Accounts. Download our full report here.

Top 5 Private investments

As at 31 December 2025. For a more detailed list of investments and latest updates please see our 2025 Annual Report and Accounts.

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

Total % of NAV – 6.4% as at 31 December 2025

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

Total % of NAV – 14.3% as at 31 December 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.