Shooting for the stars

The Schiehallion Fund (MNTN) invests in later-stage private companies with the potential for transformational growth and eventual public listing. The fund owns some of the world’s most exciting, game-changing companies, including SpaceX, a US spacecraft designer and manufacturer, ByteDance, the dominant Chinese social media and entertainment company (and owner of TikTok), and Bending Spoons, an Italian digital consumer product company. Launched in 2019, MNTN does not have a benchmark, instead aiming to deliver a 3x return over rolling 10-year periods. Its recent performance has been strong in absolute terms and compared to the MSCI ACWI Growth Index. It has also outperformed all its peers over one and five years, despite struggling durin...