Insider Brief
- Serendipity Capital reported strong FY25 results, with group valuation reaching $1.25 billion, total net asset value of $810 million, and NAV per share growth of 9.9x since inception.
- The firm generated a 53% internal rate of return and a 6.6x multiple on invested capital, outperforming global venture capital benchmarks and public market comparators.
- The group expanded its portfolio and expertise with investments including quantum sensing startup Delta.g and new senior advisors and board members with national security and technology backgrounds.
PRESS RELEASE — Serendipity Capital today announces its annual results for the year ended 31 December 2025, delivering exceptional financial performance, additional strategic expertise and strengthening governance.
In FY25, the Group’s valuation reached $1.25bn, reflecting continued strong portfolio execution and valuation growth across its critical technology investments. Since inception, NAV per share has grown 9.9x, underscoring the effectiveness of the firm’s disciplined, long-term investment approach and differentiated permanent capital structure.
Total Net Asset Value reached $810m, with the Group generating an Internal Rate of Return of 53% on invested capital, significantly outpacing the relative IRR of the Global VC Index and relevant public market benchmarks over one-, three- and six-year periods. The group also achieved a Multiple on Invested Capital of 6.6x, substantially exceeding the returns of global venture capital funds established at the same time.
It was also an excellent year for the individual portfolio companies. Quantinuum, the world’s leading independent full-stack quantum computing company, saw a material increase in its valuation. AI pioneer Deep Labs had a breakthrough year, delivering significant growth in its key markets. The group also made a new investment in quantum sensing start-up Delta.g, adding to its roster of seed-stage investments in promising applications for quantum technology.
During the year, Serendipity Capital expanded its network of advisors and experts, strengthening its ability to originate, evaluate and scale high-value opportunities in critical technologies. Tom Sylvester, acting CIA Director Former CIA Deputy Director for Operations, and Gaven Smith, former Director General for Technology and CTO at GCHQ, joined the group as senior advisors, further deepening its national security expertise and relationships at a critical point for the sector.
In addition, the Board welcomed Laurence Lee CMG, deepening the group’s senior national security and defence expertise following his tenure as the UK Ministry of Defence’s Second Permanent Secretary and in his current role as a Senior Advisor to Palantir. Nicholas Norris was also appointed to the Board, contributing more than three decades of cross-border M&A and private equity experience, including senior roles at leading international law firms and GLP Capital Partners.
Ewen Stevenson, Chair of Serendipity Capital, said: “Demand for critical technologies has continued to accelerate over the past year across both the public and private sectors. In an environment defined by geopolitical tension and economic complexity, the strategic importance of these technologies has never been clearer. Our focused strategy, permanent capital base and differentiated ecosystem have given us a distinct advantage in identifying exceptional opportunities and scaling them into globally significant businesses. We enter the year ahead with strong momentum as the group moves into its next phase of growth.”
Rob Jesudason, CEO and Founder of Serendipity Capital, said: “We are proud of the strong performance delivered by our portfolio companies in what has been a landmark year for the Group. The investment thesis with which we set out six years ago continues to be validated, as reflected in our performance and the scale of value creation achieved. We remain focused and disciplined as we navigate an increasingly complex environment, with a clear objective of continuing to deliver exceptional returns for our shareholders.”
