Schiehallion Fund

The Schiehallion Fund is a publicly traded UK investment trust established to provide listed-market access to investments in later-stage private businesses, particularly high-growth technology companies. The trust is managed by Baillie Gifford & Co Limited, the Edinburgh-based investment management partnership known for long-term investing in growth businesses. Its portfolio approach is intended to bridge the gap between conventional public-equity funds and private-market venture or growth-capital investing. The fund was founded in 2018 and launched on the specialist fund segment of the London Stock Exchange in March 2019. Its listing structure allowed investors to buy and sell shares in a publicly traded vehicle while the underlying portfolio concentrated on companies that were still privately held. This format gave the trust exposure to businesses that might otherwise have been difficult for public-market investors to access, while also introducing the liquidity, valuation and discount-to-net-asset-value issues associated with listed investment trusts. Schiehallion’s investment universe is centered on later-stage private companies with substantial growth potential. The fund has invested in businesses operating across technology and other innovation-led sectors. Publicly referenced holdings include the American space company SpaceX and the Italian technology company Bending Spoons. These investments illustrate the trust’s preference for sizable, established private businesses rather than only early-stage start-ups, although the portfolio may span different industries and stages within the broader private-growth market. The trust is named after Schiehallion, a mountain in Scotland. Its shares trade on the London Stock Exchange under the ticker MINT. In January 2026, the fund transferred from the specialist fund segment to the London Stock Exchange’s main market, a move described as intended to provide shareholders with greater liquidity. It was also identified as a constituent of the FTSE 250 Index. Linda Yueh is the chair. Schiehallion’s positioning combines the permanent-capital characteristics of an investment trust with Baillie Gifford’s long-term private-company investment expertise. The structure can allow the manager to hold investments through extended periods of private-company development, but shareholders remain exposed to changes in the market price of the trust’s shares, the valuation of unlisted holdings, portfolio concentration, foreign-exchange movements and the broader risks of investing in high-growth technology businesses. As an investment trust rather than an operating technology company, its principal offering is exposure to a managed portfolio of private growth companies rather than consumer products or services.

Schiehallion Fund Limited was established in 2018 as a listed investment-trust vehicle for investing in later-stage private businesses. Its creation reflected the growing interest among public-market investors in accessing companies that remain privately owned for longer periods, particularly in technology and other innovation-driven sectors. Rather than operating a technology business itself, the trust was designed to hold a diversified portfolio of private-company investments under the management of Baillie Gifford & Co Limited. The trust began trading in March 2019 on the specialist fund segment of the London Stock Exchange. This listing gave investors a quoted security through which they could obtain exposure to a portfolio of private growth companies. The structure also meant that investors could trade the trust’s shares, even though many underlying holdings were not themselves publicly listed. As with other investment trusts holding unquoted assets, the market price of Schiehallion shares could differ from the value attributed to the underlying portfolio. Baillie Gifford manages the trust from Edinburgh. Its role includes identifying private businesses with the potential for substantial long-term growth, assessing their valuations and maintaining the portfolio over extended investment horizons. Schiehallion’s mandate is associated with later-stage private companies, distinguishing it from a fund focused solely on early-stage venture capital. Referenced investments include SpaceX, the American space company, and Bending Spoons, an Italian technology business. These holdings demonstrate the international scope of the portfolio and its emphasis on companies that have achieved significant scale while remaining private. The fund takes its name from Schiehallion, a mountain in Scotland, linking the investment vehicle to its Scottish management and market identity. Its shares trade under the ticker MINT. The trust was later moved to the London Stock Exchange’s main market in January 2026. The transfer was presented as a measure intended to give shareholders greater liquidity and placed the fund within the main-market framework. It was also described as a constituent of the FTSE 250 Index. Linda Yueh serves as chair. The trust’s central proposition remains access to private-company growth through a public listing. This offers potential exposure to businesses before an initial public offering or other liquidity event, but it also carries the risks of private-market valuation, limited transparency relative to public companies, portfolio concentration, changing technology-sector conditions and fluctuations in the discount or premium at which the trust’s shares trade. Available reference material does not establish a separate operating business, consumer brand family or broad range of retail products; Schiehallion’s principal product is the investment trust itself.

• 2026

  Transfer to the main market

  [1]Schiehallion Funden.wikipedia.org

  In January, Schiehallion transferred to the London Stock Exchange main market to support greater shareholder liquidity.

• 2026

  Referenced investments in SpaceX and Bending Spoons

  [1]Schiehallion Funden.wikipedia.org

  By early 2026, the fund was reported to have significant investments in SpaceX and Bending Spoons.

• 2019

  London Stock Exchange launch

  [1]Schiehallion Funden.wikipedia.org

  The fund launched on the specialist fund segment of the London Stock Exchange in March.

• 2018

  Investment trust established

  [1]Schiehallion Funden.wikipedia.org

  Schiehallion Fund was founded as a vehicle for investing in later-stage private businesses, with Baillie Gifford appointed as manager.

A publicly listed investment trust offering access to later-stage private and technology-led growth companies through a Baillie Gifford-managed portfolio.

• Investment trust · 2019

  Schiehallion Fund investment trust

  The fund is a publicly traded investment trust managed by Baillie Gifford. It invests primarily in later-stage private businesses, with an emphasis on technology and other high-growth companies. Investors obtain exposure through shares listed in London rather than by directly owning the underlying private-company securities.

• Private-market investment portfolio · 2018

  Private technology company portfolio

  The portfolio provides exposure to international private companies that have progressed beyond the earliest start-up phase. Publicly referenced investments include SpaceX and Bending Spoons, illustrating the fund’s focus on substantial private businesses with technology-led growth prospects.

• 2026

  Transfer from the specialist fund segment to the main marketStrategy

  Background

  The trust had traded on the London Stock Exchange specialist fund segment since 2019. The change was associated with an objective of giving shareholders greater liquidity.

  Action taken

  Schiehallion Fund transferred its listing to the London Stock Exchange main market in January 2026.

  Aftermath

  The fund became a main-market listed investment trust and was identified as a constituent of the FTSE 250 Index.

  Source

1. 1Schiehallion Funden.wikipedia.org
2. 2Schiehallion Fund official websiteschiehallionfund.com