Stephenson Harwood advises Seraphim Space Investment Trust on £137m fundraising

Private Capital & Funds | 19/05/2026

Law firm Stephenson Harwood LLP has advised Seraphim Space Investment Trust plc on its £137 million fundraising through an issue of C shares, completed via a placing, retail offer, and direct subscription.

Seraphim Space Investment Trust invests in private, growth-stage SpaceTech companies. This transaction represents one of the largest capital raises for an investment trust in recent years and was conducted under the new regime allowing investment companies to issue up to 100% of their existing share capital without a prospectus. The C shares issued by Seraphim feature innovative rights, enabling periodic conversion as the proceeds of the share issue are invested, eliminating ‘cash drag’ for existing shareholders while allowing new C shareholders timely access to Seraphim’s portfolio of assets.

The joint bookrunners were Deutsche Numis and JPMorgan Cazenove.

The Stephenson Harwood team was led by Partner William Saunders and Managing Associate Kate Longman.

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