London-listed investment trust Shaires Holding has announced an initial portfolio and retail offer for UK investors, aiming to grant investors access to private mid- and late-stage global technology companies.
A retail offer has been made available this morning at $20 per share, set to close at 4:30pm on 18 August, before opening to wider trading on 19 August.
The initial portfolio will include names such as Anthropic, ByteDance and Stripe among others. The team have entered binding commitments to SPV’s (special purpose vehicles) as well as a share contribution programme to achieve this initial portfolio.
Suhail Rizvi, executive chair of Shaires, said: “This is the point in the AI cycle we have been waiting for.
“These businesses have products, customers and revenue, and in our judgement most of their adoption is still ahead of them.
Vivek Seth, CEO of Shaires, added: “The defining companies of this cycle are being built and repriced entirely in private, and by the time they reach public markets much of the value creation has already happened.”
Senior analyst at QuotedData Richard Williams noted the trust is effectively offering retail investors exposure to sizeable late-stage private tech businesses that investors may ordinarily struggle to access.
“An interesting part of the proposition is the in-kind contribution model,” he said. “If Shaires can establish itself as a trusted buyer for founders, employees and early investors looking for liquidity, it could create a differentiated source of investment opportunities.”
However, he also warned there were clear risks, such as the deliberately concentrated portfolio as well as potential for dilution if the company raises more capital.
“Overall, we think Shaires is an intriguing proposition, but one where execution will be critical.
“The initial portfolio provides a strong starting point; the key question is whether management can turn its private-market relationships into a repeatable pipeline of attractive investments while maintaining NAV discipline as the company grows.”
See also: Wealth Club: Private markets set to surge in popularity
