Scottish Mortgage takes conservative approach to private valuations after backlash

PE process ‘looks in-line’

Eve Maddock-Jones
clock • 3 min read

Recent disclosures by Scottish Mortgage (SMT) reveal the investment trust giant is taking a conservative approach to private equity valuations, bolstering the “robustness” of its recently criticised process.

The £11.8bn trust has come under widespread scrutiny from analysts, clients and a former board member about the valuation process of its unlisted holdings. The trust has attempted to quell concerns around these investments, publishing a detailed top ten unlisted holdings deep dive, while managers Tom Slater and Lawrence Burns have held various investor webinars addressing shareholder concerns directly. In its latest annual results for the year to 31 March 2024, SMT included additional information on its largest private holdings, including specific information on its proportional owner...

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