PRESS RELEASE: Monthly Performance Report – May 2026
PE1 returned +0.4% over May following the receipt of updated valuations for a few positions. The primary driver of returns was Mehler Vario System, PE1’s sixth largest holding, which has already returned our initial investment amount through a dividend recapitalisation. It has recently won several large contracts supporting continued EBITDA growth.
Over the month, there was activity across a number of existing portfolio companies:
• The long anticipated IPO of SpaceX (PE1’s largest holding) is expected to be one of the largest public listings on record, with a possible listing valuation of approximately US$1.75-1.8 trillion compared with PE1’s current carrying valuation of US$800 billion which reflects the valuation prior to the xAI merger which was completed earlier this year.
Any potential uplift in PE1’s carrying value will depend on a range of factors, including dilution associated with the xAI merger, any further dilution at IPO, and the impact of fees and carried interest applicable within the underlying investment structure through which the shares are held. We will continue to monitor developments and reflect any valuation changes in PE1’s NAV in accordance with the Trust’s valuation policy once the relevant information is available.
As is quite common in the market, pre-IPO investors are typically subject to post-IPO lock-up restrictions (most commonly 180 days) that help to support an orderly market. The SpaceX shares held in PE1 will be subject to lock-up periods of differing durations, after which any sales would likely occur progressively rather than immediately.
• We increased our exposure to Anthropic by participating in the company’s latest financing round. As of May 2026, the leading enterprise AI company’s annual recurring revenue is approaching approximately US$50 billion, ahead of its original year-end 2026 target of approximately US$30 billion. In our view, the company remains one of the most compelling ways to participate in the continued buildout of enterprise AI.
• The closing of a recapitalisation of PE1’s second largest exposure, Osaic, one of the largest providers of wealth management solutions in the US, was announced. As part of this transaction, we received nearly 150% of our funded capital back while maintaining a majority of our investment in Osaic.
In addition, two new investments were added to the portfolio including a co-investment in Diverzify, the leading commercial flooring installation and maintenance company in the US, and a credit investment in Lifeways, the largest provider of specialist supported living services and the second-largest provider of adult specialist care in the UK.
ENDS
