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<p><strong>As with any investment, your capital is at risk.</strong></p>
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<p><strong>Peter Singlehurst</strong>: What if the most exciting investment opportunities of our time weren’t listed on any stock exchange. There’s been a quiet but profound structural shift in how the world’s most ambitious companies grow. They’re choosing to stay private for longer. This isn't a trend. It’s the new landscape. Just a decade ago, the billion dollar private company was rare – the unicorn. Today, there are nearly 1,500 of them, creating a $4.5tn investable universe that is simply too important to ignore.</p>
<p>This is the foundation of our private company strategy at Baillie Gifford, designed to give clients access to the world’s most ambitious private businesses as they scale and reshape industries. By staying private, these companies escape the pressure of quarterly earnings. They can focus on what truly matters: long-term vision, disruptive innovation and sustainable growth. This is where tomorrow is being built,</p>
<p>in fields from artificial intelligence and quantum computing to new frontiers in space and healthcare. At Baillie Gifford, our approach is built on a single powerful idea. We are specialists in growth. It's in our DNA. With over a century of experience in public markets and more than a decade investing in private ones, we bring a rare depth of perspective to this evolving space.</p>
<p>Our strength lies in the quality of our relationships. Our patient long-term mindset and our ability to recognise inflection points. Those pivotal moments when a proven idea is ready to become a great global business. Unlike traditional venture capital, we don't shape the initial idea. Instead, we provide the patient strategic capital that helps it scale. But our contribution is more than just capital.</p>
<p>We become a true long-term partner. We open our deep global network and share the invaluable lessons learned from helping companies navigate the challenges of growing and the journey to an IPO. As resolute global generalists, our search for these companies is unconstrained by sector or geography, allowing us to find enduring opportunities wherever they emerge. The investing landscape has changed.</p>
<p>Both companies and investors need to recognise and adapt to this new reality. These are the companies building the future and, through Baillie Gifford’s private companies strategy, we give clients the chance to grow with them.</p>
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<h3 data-gtm-vis-recent-on-screen934959_1669="486" data-gtm-vis-first-on-screen934959_1669="486" data-gtm-vis-total-visible-time934959_1669="100" data-gtm-vis-has-fired934959_1669="1">Risk factors</h3>
<p>The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.</p>
<p>This communication was produced and approved in March 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.</p>
<h3>Potential for profit and loss</h3>
<p>All investment strategies have the potential for profit and loss, your or your clients’ capital may be at risk. Past performance is not a guide to future returns.</p>
<p>This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned.</p>
<p>All information is sourced from Baillie Gifford & Co and is current unless otherwise stated.</p>
<p>The images used in this communication are for illustrative purposes only.</p>
<h3 data-gtm-vis-has-fired934959_1669="1">Important Information</h3>
<p>Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs.</p>
<p>Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford & Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK.</p>
<p>Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances.</p>
<h3>Financial Intermediaries</h3>
<p>This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.</p>
