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Seraphim Space Investment Trust
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== Company profile: Pure focus on space technology == SSIT is targeting capital growth of at least 20% pa over the long term via a diversified international portfolio of predominantly early and growth stage unquoted space technology businesses. It is the world’s only publicly listed investment fund focusing solely on this particular subset of investment opportunities. It was listed on the Main Market of the London Stock Exchange on 14 July 2021 after an initial public offering (IPO) raised £150m. Prior to becoming an investment trust, the managers ran the portfolio as the private Seraphim Space LP Fund. After the IPO, SSIT acquired an initial portfolio of 15 companies (of the Seraphim Space LP fund’s then 19 holdings) from the fund for a consideration of £28.4m, paid for in SSIT shares. In addition to acquiring the initial 15 investments, SSIT agreed to purchase the remaining four companies from the Seraphim Space LP fund (Arqit, ICEYE, D-Orbit and Spire) by 31 December 2021. Further share issuance of £34.7m was used to purchase the limited partnership (LP) fund’s holdings in Spire and Arqit in August and September, and in December SSIT announced the completion of the purchase of the remaining holdings from the LP Fund in ICEYE and D-Orbit for a consideration of £28.1m, also paid for in SSIT shares. SSIT subsequently invested into two new companies, Hawkeye 360 and Astroscale, along with a series of follow-on investments into existing portfolio companies. Cash at end December 2021 was £70m or 27.9% of SSIT’s December 2021 net assets of £250.6m. Four further investments made since December account for £6.5m. Gearing is limited to 10% cumulatively at the holding level and is designed for bridging or working capital purposes. SSIT does not use structural gearing. {| class="wikitable" |+ Exhibit 1: Investments made from IPO to the end of December 2021<ref>Source: Seraphim Space Investment Trust. Note: *Participant in Seraphim Space Camp Accelerator and/or Amazon AWS Space Accelerator affiliated to Seraphim.</ref> !Company !Segment/sub-sector !HQ !Type !Cost £'million |- |Arqit Quantum |Platforms/Satcoms |UK |Retained Asset |27.3 |- |ICEYE |Platforms/Earth Observation |EU |Retained Asset |20.8 |- |ICEYE |Platforms/Earth Observation |EU |Follow-on |18.7 |- |HawkEye 360* |Platforms/Earth Observation |US |New investment |18.6 |- |Isotropic Systems |Downlink/Antennas |UK |Follow-on |18.0 |- |Astroscale |Beyond Earth/In Orbit Services |Asia |New investment |9.4 |- |Spire Global |Platforms/Earth Observation |US |Retained Asset |7.4 |- |D-Orbit |Beyond Earth/In Orbit Services |EU |Retained Asset |7.3 |- |Satellite Vu* |Platforms/Earth Observation |UK |Follow-on |4.0 |- |LeoLabs* |Product/Platform |US |Follow-on |2.1 |- |Xona Space Systems* |Platforms/Navigation |US |Follow-on |1.9 |- |Other (see investmetn) | - | - |Follow-on |0.1 |- |'''Total''' | | | |'''135.6''' |}
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