Seraphim Space Investment Trust PLC (LSE:SSIT) said investment in the space domain remained strong despite the macro-economic environment.
The space tech investment company said global security, food security and humanitarian support are “key drivers” for growth in the sector, followed by climate and sustainability themes.
“Whilst the space sector is not immune to the macro-economic backdrop, the last six months have demonstrated the crucial role space plays in global defence, food security and humanitarian support as well as addressing longer-term climate and sustainability solutions,” said chief executive, Mark Boggett.
According to the statement, the group had net assets of £250mln as of March 31, with 75%, or £188mln, made up of investments and the remaining 25% made up of cash.
However, since the quarter ended June 30, the group made five private investments, meaning total cash fell to £57.7mln from £62.3mln.
Of its top ten holdings, which represent 91% of its total portfolio, eight of them are private companies.
The statement added that five of the private companies are “well capitalised”, with sufficient cash to deliver growth strategies over the next 12 months, except for three which may require further funding.
Seraphim intends to keep two-thirds of available cash for investment in the next round of funding for its portfolio companies, with the remaining cash used for new investments.
The two publicly listed companies which make up the top 10 of its holdings, Arqit Quantum and Spire Global, both saw significant share price falls during the last quarter of the financial year.
This was due to mergers with special purpose acquisitions companies (SPACs), which is common and despite a 59% share price fall for Arqit, and a 66% fall for Spire, Seraphim “remains confident in the prospects” of both companies.