The £15.2bn Scottish Mortgage investment trust is seeking shareholder approval to boost its stake in private companies.
Under the terms of the change, managers would be permitted to make £250m of additional investment in private companies, above the existing 30% limit on the portfolio.
This additional capacity would be subject to “tight parameters, governance oversight and annual shareholder renewal”.
The level of private company exposure can be affected by factors outside the company’s control, such as revaluations of private companies or share buybacks, according to the announcement. In these circumstances, the current limit prevents the team from continuing to support these companies.
For example, when SpaceX’s valuation was adjusted upwards on 16 December 2025, it rose from 8.2% of the portfolio to 15.2% of the portfolio through no action of the managers.
Shareholders will be invited to vote on this measure at the upcoming annual general meeting on the 10 April. If approved, the £250m cap on additional investment will apply until the next annual general meeting, at which point shareholders will be invited to review it.
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Tom Slater (pictured), manager of the Scottish Mortgage investment trust, said: “From time to time, market movements can restrict our ability to make further investments in private companies.
“This proposal gives the board additional flexibility to act in shareholders’ long-term interests by permitting us to support our private holdings when it matters most, while remaining selective about new opportunities.”
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