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
35.8%
Current allocation (as at 30 June 2024)

Private investments by

Sector (% of NAV)

Strategy (% of NAV)

As at 30 June 2024

Top 5 Private investments

 As at 30 June 2024. For a more detailed list of investments and latest updates please see our Half Yearly Report to June 2024 

Investment holdingsCountry/RegionIndustry/Description
MotiveUSASoftware & services
WebullUSAInvestment banking & brokerage
Epic SystemsUSAHealth care technology
KrakenUSADiversified financial services
LedeUSAMedia & entertainment

Total % of NAV = 5.2% as at 30 June 2024

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

Total % of NAV = 15.9% as at 30 June 2024

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.