This piece explains how the Schiehallion fund, which invests in private companies that aren’t listed on stock exchanges, was valued on May 31, 2026. The fund held around $1.98 billion in assets, and over 80% of that sat in unlisted tech names such as SpaceX, ByteDance and Anthropic. For everyday investors, the key points are that such funds are hard to buy into, money can be tied up for long periods, and the top ten stakes make up more than 60% of the portfolio — which can make prices move sharply. It’s worth reading to see where professional capital is going, and to appreciate the risks behind those big-name bets.
This report discloses the asset valuation of the Schiehallion Fund as of May 31, 2026, showing that its portfolio is highly concentrated in the world's leading technology unicorns. The largest holding is Italy's Bending Spoons S.p.A., with a market value of €257.8 million, representing 13.0% of asse
This section only discloses a valuation snapshot of holdings as of May 31, 2026, with no comparison data against the previous month. Therefore, no position increase or decrease can be inferred for this period; first, the report looks at which assets the money is parked in.
The report shows total assets of approximately USD 1,982,531,334 (approximately USD 1.983 billion). Private company equity (excluding fixed-income instruments) is the dominant component at 86.6%, listed equities account for 9.7%, fixed-income instruments account for 1.1%, and net liquid assets account for 2.5%.
| Category | Market Value | Weight |
|---|---|---|
| Private company equity (excluding fixed-income) | USD 1,717,139,610 | 86.6% |
| Listed equities | USD 191,360,081 | 9.7% |
| Private company fixed-income instruments | USD 23,491,632 | 1.1% |
| Net liquid assets | USD 50,540,011 | 2.5% |
| Total assets | USD 1,982,531,334 | 100.0% |
On a consolidated company basis, the top ten positions collectively account for 61.8%: Bending Spoons S.p.A. (Italy) 13.0%, Space Exploration Technologies Corp (SpaceX) (US) 11.6%, ByteDance Ltd. (China) 8.8%, Anthropic PBC (US) 7.0%, Databricks, Inc. (US) 4.9%, Stripe Global Holdings, Inc. (US) 4.0%, Wayve Technologies Ltd (UK) 3.7%, Affirm Holdings Inc (US, listed) 3.1%, Wise Group Plc (UK, listed) 2.9%, Vinted Limited (Lithuania) 2.8% — the top ten already exceed 60%, and the high concentration of holdings is the most prominent risk characteristic of this portfolio.
| Holding (share class in parentheses) | Domicile | Market Value | Weight |
|---|---|---|---|
| Bending Spoons S.p.A. (Class C) | Italy | EUR 257,849,443 | 13.0% |
| SpaceX (Series N 9.8%, Series K 1.8%) | US | USD 229,514,251 | 11.6% |
| ByteDance Ltd. (Series E-1 5.1%, Series E 3.7%) | China | USD 173,892,383 | 8.8% |
| Anthropic PBC (Series F-1 5.2%, G-1 1.3%, H-1 0.5%) | US | USD 139,460,368 | 7.0% |
| Databricks, Inc. (Series H 4.3%, J 0.5%, I 0.1%) | US | USD 98,112,778 | 4.9% |
| Stripe Global Holdings, Inc. (G 3.2%, I 0.6%, B Common 0.1%, H 0.1%) | US | USD 78,900,885 | 4.0% |
| Wayve Technologies Ltd (Series B 3.6%, Series D 0.1%) | UK | GBP 72,857,509 | 3.7% |
| Vinted Limited (Ordinary 1.9%, C/A1/B/E/F combined 0.9%) | Lithuania | EUR 54,990,184 | 2.8% |
| Tekever Holdings, S.A. (Class B) | Portugal | EUR 51,148,729 | 2.6% |
| Mottu Holding Limited (Series A 1.2%, B 0.5%, A-3 0.2%, A-4 0.1%, Common 0.0%) | Brazil | USD 39,317,556 | 2.0% |
| Anduril Industries, Inc. (Series G 1.7%, H 0.1%) | US | USD 36,231,817 | 1.8% |
| Revolut Group Holdings Ltd | UK | USD 31,914,910 | 1.6% |
| Clear Street Group Inc. (Series C) | US | USD 30,000,013 | 1.5% |
| People Center, Inc. (Rippling) (Series G 1.0%, A Common 0.4%) | US | USD 27,819,113 | 1.4% |
| PsiQuantum (Series D 1.1%, E 0.3%) | US | USD 26,834,146 | 1.4% |
| Faire Wholesale, Inc. (F 0.5%, G 0.5%, A Common 0.3%) | US | USD 25,175,192 | 1.3% |
| Nuro, Inc. (Series D 0.7%, C 0.5%, E 0.0%) | US | USD 24,071,573 | 1.2% |
| Inspire Inc (RedNote) (ordinary + four classes of preferred, combined 1.1%) | China | USD 22,000,564 | 1.1% |
| Bolttech Holdings Ltd (Series C-1) | Singapore | USD 21,532,070 | 1.1% |
| Flix SE / FlixMobility GmbH (G 0.6%, F2 0.5%) | Germany | EUR 21,495,308 | 1.1% |
| Rappi, Inc. (Series F) | US | USD 20,824,807 | 1.1% |
| Kepler Computing Inc. (Series C-2) | US | USD 20,043,150 | 1.0% |
| Avanci Investments LLC (Class A 1.0%, Class B 0.0%) | US | USD 20,000,000 | 1.0% |
| Tanium, Inc. (Class B Common) | US | USD 17,848,558 | 0.9% |
| Solugen, Inc. (Series C-1 0.6%, D 0.3%) | US | USD 17,730,574 | 0.9% |
| Zetwerk Manufacturing Businesses Pvt Ltd (F3 CCPS) | India | INR 17,159,134 | 0.9% |
| Superhuman Platform, Inc. (Series 3 0.6%, A Common 0.2%) | US | USD 16,095,356 | 0.8% |
| Chi Forest Tech Gp Hdgs Ltd (Series D-1) | China | USD 15,756,351 | 0.8% |
| Cellares Corporation (Series D) | US | USD 14,503,517 | 0.7% |
| Runway AI, Inc. (Series D) | US | USD 13,493,981 | 0.7% |
| Epic Games, Inc. | US | USD 12,223,913 | 0.6% |
| Tenstorrent Holdings, Inc. (Series D-1) | US | USD 9,076,833 | 0.5% |
| Workrise Technologies Inc (Series D 0.2%, E 0.2%, D-1 0.0%) | US | USD 8,102,271 | 0.4% |
| Honor Technology, Inc. (Series E 0.2%, D 0.2%) | US | USD 7,606,982 | 0.4% |
| Ver Se (DailyHunt) Innovation Private Ltd (I 0.3%, J 0.0%, Equity 0.0%) | India | INR 7,326,993 | 0.4% |
| Bottle Planet Holdings Ltd (Series C) | China | USD 7,257,181 | 0.4% |
| Pet Circle (Millell) Pty Limited | Australia | AUD 7,240,849 | 0.4% |
| Cohesity Global, Inc. (Series E) | US | USD 5,803,238 | 0.3% |
| Carbon Inc (Series 1-E 0.1%, Prime 0.1%) | US | USD 4,453,023 | 0.2% |
| Loft Holdings Ltd (Series D-2 0.2%, Ordinary 0.0%) | Brazil | USD 4,416,006 | 0.2% |
| Away (JRSK Inc) (Series D 0.2%, Seed 0.0%) | US | USD 4,128,452 | 0.2% |
| Merlin Labs (Merlin Inc 12% Series A Cum Conv Pref 0.1%; warrants USD 0) | US | USD 2,858,976 | 0.1% |
| Illumina CVR | US | USD 70,673 | 0.0% |
| Blockstream Corporation Inc (Series B-1) | Canada | USD 0 | 0.0% |
| Indigo Agriculture, Inc. (Class A Common) | US | USD 0 | 0.0% |
| McMakler GmbH (Series AA Preferred) | Germany | EUR 0 | 0.0% |
| Northvolt AB (Series A + Preference E1/E2) | Sweden | USD 0 | 0.0% |
| Holding | Domicile | Market Value | Weight |
|---|---|---|---|
| Affirm Holdings Inc (Class B-IPO conversion 431,926 shares → USD 31,885,000 / 1.6%; Class A 394,019 shares → USD 29,019,499 / 1.5%) | US | USD 60,904,499 | 3.1% |
| Wise Group Plc (4,516,366 shares → GBP 56,860,384 / 2.9%; Wise Plc Class B 2,256,397 shares valued at USD 0) | UK | GBP 56,860,384 | 2.9% |
| Tempus AI Inc (545,397 shares) | US | USD 27,498,917 | 1.4% |
| Oddity (1,279,152 shares) | US | USD 17,281,344 | 0.9% |
| Merlin Inc (2,016,289 shares) | US | USD 16,190,801 | 0.8% |
| Chime Financial Inc (678,717 shares) | US | USD 12,624,136 | 0.6% |
| Holding | Domicile | Market Value | Weight |
|---|---|---|---|
| Chi Forest Tech Gp Hdgs Ltd Convertible Note | China | USD 16,500,000 | 0.8% |
| Away (JRSK Inc) Convertible Promissory Notes (two notes, each USD 2,360,250) | US | USD 4,720,500 | 0.2% |
| Loft Holdings Convertible Loan Note | Brazil | USD 1,717,204 | 0.1% |
| Honor Technology, Inc. Subordinated Convertible Promissory Note | US | USD 553,928 | 0.0% |
| Northvolt AB Promissory Note (face value USD 6,000,000) | Sweden | USD 0 | 0.0% |
Total assets are approximately USD 1.983 billion; this section does not disclose changes in scale, subscriptions/redemptions, or performance return data.