The Schiehallion Fund Limited
MNTC.L
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- The Schiehallion Fund Limited (LSE: MNTN.L) is a Guernsey-domiciled closed-ended investment company that seeks to generate capital growth for investors through long-term minority investments in later-stage private businesses with transformational growth potential and prospects for eventual public listing. The fund primarily invests in equity and equity-related instruments, including preference shares, convertible debt, equity-linked notes and warrants; its portfolio spans sectors such as information technology, industrials, financials, consumer discretionary, communication services, healthcare, consumer staples, materials and real estate, with top holdings including Bending Spoons, ByteDance, Space Exploration Technologies, Affirm, Databricks, Tempus AI, Wise, Wayve, Stripe and Tekever. Baillie Gifford & Co Limited, headquartered in Edinburgh, Scotland and founded in 1908, serves as the investment manager, while the fund operates globally with a focus on high-growth companies typically valued above $500 million, targeting markets in the United States, Europe (including the UK, Lithuania, Portugal and Italy), Asia (Singapore, India) and beyond. Established on 4 January 2019 with its registered office at First Floor, Albert House, South Esplanade, St Peter Port, Guernsey, the fund maintains a concentrated portfolio of private companies maturing outside public market cycles, balancing new investments, follow-on funding and share buybacks to optimise capital deployment. In recent developments, the fund has accelerated its investment pace, adding eight new holdings since the fiscal year-end 2024 through 2025, including US-based semiconductor designer Tenstorrent, generative AI video platform Runway, autonomous defence systems maker Anduril, UK multinational neobank Revolut, Portuguese unmanned aerial systems company Tekever, Lithuanian peer-to-peer marketplace Vinted, Singapore-based embedded insurance platform Bolttech and Indian outsourced manufacturing marketplace Zetwerk; it also completed follow-on investments in Bending Spoons and Databricks, alongside realisations such as the listed sale of Allbirds, SoftBank's acquisition of Graphcore and secondary sales including Masterclass. As of late 2025, the fund achieved near-full cash deployment at approximately 6% liquidity, with NAV per share at $171.72 and shares trading at a -22.6% discount; shareholders approved a move to the LSE Main Market's Close-Ended Investment Funds segment in December 2025, introducing a new GBP quote under ticker MNTS. These strategic expansions and exits underscore the fund's focus on high-conviction opportunities amid a robust pipeline of over 600 financing rounds reviewed in 2024.