Seraphim Space investment trust plans London IPO to become world’s first listed space tech fund

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A new investment trust with a focus on early-stage space technology is planning to float in London in the coming weeks.

Seraphim Space Investment Trust PLC, which plans to list on the official list, will be managed by Seraphim Space, a division of venture capital investor Seraphim Capital.

Investing in a diversified international portfolio of “early and growth stage space tech businesses”, the newly established closed-ended investment company will target an annualised net asset value (NAV) total return of at least 20% over the long term.

Space tech businesses are defined as those which “rely on space-based connectivity or precision, navigation and timing signals or whose technology or services are already addressing, originally derived from, or of potential benefit to the space sector”.

Claiming to be “the world’s No. 1 Space Tech investor”, Seraphim has run a VC fund focused on space tech since 2016, from which it will provide a portfolio of 19 seed investments for the trust to acquire as part of the IPO, with stakes in several ‘unicorn’ companies valued at over $1bn, such as Arqit, a British-based company developing quantum encryption technology; Spire Global, a provider of satellite-based data for the weather forecasting, maritime and aviation industries; and AST & Science, which is building what it says will be the first and only space-based cellular broadband network to be accessible by standard smartphones.

Pending corporate activity at four of the potential seed investments, the trust could have a total potential value of between £26.1mln and £96mln.

Will Whitehorn, chair designate of Seraphim Space Investment Trust plc and former president of Virgin Galatic, said: “There is nothing short of an industrial revolution underway in the space sector…These are very exciting times for the sector, with the UK further strengthening its position as a global leader in the fast-growing Space Tech market.

“Space Tech is forecast to be a multi-decade, trillion-dollar investment market that has not previously been available through listed opportunities. We are excited to offer investors access to a diversified portfolio of some of the sector’s highest growth-potential companies.”

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