Rit Capital Partners PLC · LSE:RCP
Rit Capital Partners — Investor Presentation (September 2025)
23 slides from Rit Capital Partners's investor presentation, September 2025
Slide 1: 1H 2025 Private Investments Overview
Manager Presentation 1H 2025 Private Investments Overview Published September 2025 Your capital is at risk. Past performance is not a guide to future returns.
Slide 2: 35+ Years of Experience – Our Network, Your Advantage
35+ Years of Experience – Our Network, Your Advantage Returns1 • Strong track record of investing in Private 10-Year Performance Investments since 1988 Selected Investments • Access to the world’s leading managers – 15% many closed to new investors Internal Rate • Exposure to high quality companies
Slide 3: Diversified Across Vintages and Sectors
Diversified Across Vintages and Sectors Top Private Investments by Sector1 Private Fund NAV (Direct Investments and through Funds) by Vintage Year 2021 - 2025 35% 2017 - 2020 41% 2013 - 2016 15% Prior 9% Enterprise Software, 32% FinTech, 18% Healthcare & Life Sciences, 17% Consumer, 14% AI & Advance
Slide 4: Investments in Market Leaders Capturing Growth Across Sectors
Investments in Market Leaders Capturing Growth Across Sectors1 Enterprise Healthcare & AI & Advanced 32% FinTech 18% 17% Consumer 14% 10% Software Life Sciences Technologies Leading US fleet management One of the world’s most secure Dominant US digital Enterprise Global proptech company with Space l
Slide 5: Partnership-Driven Approach
Partnership-Driven Approach • RIT invests in a highly concentrated set of Top Tier Quality Managers difficult-to-access, top-performing, globally- Proven Performance focused managers. • Our top five partners are large funds with assets under management ranging from $12bn to >$80bn. • We believe thes
Slide 6: Private Investments – Access to the World’s Leading Private Managers
Private Investments – Access to the World’s Leading Private Managers Ribbit Capital 3.5% 3.4% 2.9% 2.4% 1.8% of RIT’s NAV of RIT’s NAV of RIT’s NAV of RIT’s NAV of RIT’s NAV Listed/ Listed/ Listed/ Listed/ Listed/ Realised Investments* ® Realised Investments* ® Realised Investments* ® Realised Inves
Slide 7: Diversified by Investment Stage and Geography
Diversified by Investment Stage and Geography NAV by Stage of Investment 1 NAV by Geography1 Direct Portfolio is Well-funded 1,2 (% of NAV) (% of NAV) (% of NAV) Growth Equity, 55% North America, 81.1% Profitable and cash runway > 1 year, 99% Private Equity, 23% Asia, 11.3% Less than a year 1% Early
Slide 8: Strong IPO and M&A Market Driving Positive Realisations
Strong IPO and M&A Market Driving Positive Realisations • RIT has captured the upswing in initial public offering (IPO) and mergers and acquisitions (M&A) activity, fuelled by tailwinds across AI, FinTech, and Enterprise Software • The US saw 109 IPOs in 1H 2025, the strongest half since 20211 Direc
Slide 9: Recent Press Coverage of Our Partners and Investments (2024-2025)
Recent Press Coverage of Our Partners and Investments (2024-2025) ThriveGrowth Iconiq CapitalGains Raises $5bn Stripe bounces back to OpenAI Nearly Doubles In another good sign for for Venture More than $1Funds Billionon Heels $90bn-plus valuation after Valuation to $157 Billion in fintech, Ribbit C
Slide 10: Positive Outlook with Rise in IPOs and M&A
Positive Outlook with Rise in IPOs and M&A Private Investments Realisations Private Investments Allocation Outlook (£m, % NAV) (£m, % NAV) • Delivered an average 28% uplift 200 £170m £175m £1,516m 4.7% relative to NAV for exits in our direct 180 4.6% 1,600 40.7% £1,285m £1,245m private portfolio ove
Slide 11: Why RIT?
Why RIT? Access: Network of best-in-class partners built up over decades and offering unique access to exceptional private companies Diversification: Our portfolio has been built over time – across market cycles and themes Track record: Proven, long-term performance in private investments Flexibilit
Slide 12: Recent Realisation: Scale AI
Recent Realisation: A black background with white letters Scale AI AI-generated content may be • Scale AI is a pioneer in data labelling. It enables customers to deliver value from AI capabilities and investments faster. ~1.7x1 $14.3bn1 • RIT first invested in 2021 alongside one Realised return from
Slide 13: Recent Realisation: Xapo Bank
Recent Realisation: A black background with a black square AI-generated content may be incorrect. Xapo Bank • Xapo is one of the first regulated cryptocurrency banks globally. It was founded to make Bitcoin ownership more secure and accessible. 2.3x1 28%1 Realised return IRR (in £) on invested capit
Slide 14: Recent Realisation: Lede
Recent Realisation: Lede • Lede, a communications agency based in Los Angeles and New York, represented an opportunity to invest alongside a core partner, backing an exceptional management ~2.5x1 44%1 team in a profitable, debt free business. Realised return Internal rate on invested capital of retu
Slide 15: Recent IPO: WeBull
Recent IPO: WeBull A black and white logo AI-generated content may be incorrect. • WeBull is a US zero-commission trading platform (#2 after Robinhood) and one of the fastest-growing digital brokerage platforms globally. $6 $12 Effective cost per share1 Closing price on 30 June 2025 • We invested $7
Slide 16: Investment in Leading Crypto Exchange: Kraken
Investment in Leading A black background with a black square Crypto Exchange: AI-generated content may be incorrect. • Kraken is one of the largest US-based Kraken cryptocurrency exchanges with a strong presence in Europe. 18%1 47%1 • In May 2025, Kraken acquired Year-on-year revenue Increase in ass
Slide 17: Investment in Market Leader: SpaceX
Investment in Market Leader: SpaceX • SpaceX is a dominant player in space launch and satellite communications, the latter under the Starlink brand. 7,800+1 6.4m+1 • SpaceX is RIT’s second largest direct Satellites in orbit Starlink customers position in the privates portfolio. • Starlink’s subscrib
Slide 18: Investment in Market Leader: Epic Systems
Investment in Market Epic | HIMSS Leader: Epic Systems • Established in 1979 by Judy Faulkner, who remains the CEO, Epic Systems is the leading US electronic health records platform, supporting the full spectrum of 325m+1 35%1 healthcare IT needs. Electronic patient records Of operating expenses inv
Slide 19: Investment in Market Leader: Motive
Investment in Market A black and white logo AI-generated content may be incorrect. Leader: Motive • Motive provides cloud software-as-a- solution products to US trucking and vehicle-operating firms that replace legacy work processes involving email, ~100k1 130+%1 spreadsheets, paper and fax. Custome
Slide 20: Proven Track Record of Strong Growth through Disciplined Capital Allocation
Proven Track Record of Strong Growth through Disciplined Capital Allocation, Trusted Partnerships, and Access to High Quality Opportunities1 Private Investment Returns over the Last Decade 103% 60% 50% 40% 30% 20% 10% - -10% -20% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2025 1 Sourc
Slide 21: Important Information and Risk Factors
Important Information and Risk Factors This presentation is approved for issue in the UK by J. Rothschild There are a number of factors that could cause actual results or Capital Management Limited (“JRCM”), a subsidiary of RIT Capital developments to differ materially from those expressed or implie
Slide 22: Appendix – RIT’s Valuation Approach
Appendix – RIT’s Valuation Approach Direct Investments Fund Investments • Valuations are primarily sourced from the GPs, as they typically • For fund valuations, the estimated fair value is based on the have access to proprietary information about the underlying most recent valuation statement provi
Slide 23: Contact details
investorrelations@ritcap.co.uk www.ritcap.com 27 St. James’s Place, +44 20 7647 8565 London, UK, SW1A 1NR
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