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Seraphim Space Investment Trust
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== Fees and charges == Seraphim Space is entitled to a management fee of 1.25% pa of NAV up to Β£300m and 1.00% pa of NAV above Β£300m, payable quarterly in advance. The end-December 2021 NAV was Β£250.6m. They are also entitled to a performance fee of 15% over an 8% hurdle with full catch-up and subject to an absolute high-water mark. The performance fee is payable in cash, with 15% being reinvested by Seraphim Space subscribing for new SSIT shares (if they are trading at a premium) or buying shares in the market (if they are trading at a discount). The fee is only payable if covered by realised profits and is otherwise accrued. The management fee is in line with private equity peers, most of which will have some form of performance fee applicable also.
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