Overview
Shaires Holdings Limited is quoted on the AIM Market of the London Stock Exchange and seeks to generate superior long-term capital appreciation by acquiring and holding equity stakes – principally through in-kind share contributions and secondary market transactions – in high-growth private companies, with a particular focus on AI.
It is an internally managed investment company domiciled in the British Virgin Islands. The company aims to bridge what management views as a growing disconnect between where technology value creation occurs (predominantly in private markets) and the limited access traditionally available to public investors.
Unlike a traditional venture capital or private equity fund, SHR has a permanent capital structure with no fixed investment horizon or wind-up date. Management believes that this allows the company to hold investments throughout their evolution rather than being forced to realise assets within a predetermined fund life. The company also differentiates itself by operating without external investment management, charging neither management nor performance fees.
SHR was created through the strategic transformation of Jade Road Investments Limited (JADE), an AIM-listed investment company. The management reports that almost every fundamental aspect of the company has changed other than it being an investment company, including clearing all of its debts and obligations. As part of the repositioning, shareholders approved a new investing policy, a share consolidation, a change of name, new articles of association and expanded share issuance authorities to facilitate the implementation of the new strategy.
The company’s website can be accessed at this link.
Research History
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14 Aug 2026 13 min read
Shaires Holdings Limited – A listed gateway to private AI
A listed gateway to private AI Shaires Holdings Ltd (SHR) is seeking to provide public market investors with exposure to some of the world’s largest private technology businesses, particularly those at the forefront of AI. A large proportion of technology value creation now occurs before companies reach public markets, leaving traditional equity investors excluded from […]
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13 min read
Shaires Holdings Limited – A listed gateway to private AI
A listed gateway to private AI Shaires Holdings Ltd (SHR) is seeking to provide public market investors with exposure to some of the world’s largest private technology businesses, particularly those at the forefront of AI. A large proportion of technology value creation now occurs before companies reach public markets, leaving traditional equity investors excluded from […]
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17 Jul 2020 1 min read
QuotedData’s weekly roundup 17 July 2020
James Carthew’s weekly news roundup show for Friday, 17 July, covers Personal Assets’ great track record and another dilutive share issue from Adamas Finance Asia, and an interview with Nick Wood, head of Investment Trust Research at Quilter Cheviot. Listen back here If there is a guest speaker you’d particularly like to hear from, please […]
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07 May 2020 8 min read
QuotedData’s Investment Companies Roundup – May 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over April: An update note […]
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07 Feb 2020 7 min read
QuotedData’s Investment Companies Roundup – February 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide New research Here is a list of research we published over January: An annual overview note on Shires Income (SHRS) “Shires Income (SHRS) will […]
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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10 Jan 2020 5 min read
QuotedData’s investment companies roundup – January 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over December: An update note on BlackRock Throgmorton (THRG) “BlackRock Throgmorton continues to lead its peer group in […]
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12 Nov 2019 5 min read
QuotedData’s investment companies roundup – November 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over October, we published notes on Pacific Horizon, Seneca Global Income & Growth, Premier Global Infrastructure, Polar Capital Global Financials, Ecofin Global Utilities and Infrastructure, Aberdeen Standard European Logistics Income and Herald. Additionally, as part of our enhanced coverage of the property sector, we launched […]
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15 Oct 2019 7 min read
Investment companies quarterly roundup – Third quarter 2019
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford New research Over the third quarter, we published notes on India Capital Growth, Jupiter Emerging & Frontier Income, Montanaro European Smaller Companies, JLEN Environmental Assets, Civitas Social Housing, JPMorgan Russian Securities, International Biotechnology Trust, Aberdeen Emerging Markets, Seneca Global Income & Growth, Standard Life Investments Property Income […]
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05 Jul 2019 3 min read
QuotedData’s investment companies roundup – July 2019
Investment Companies Roundup New research Over June, we published notes on CQS Natural Resources Growth and Income, Standard Life Private Equity and Shires Income. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – there was a greater appetite for risk in June as […]
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04 Apr 2019 1 min read
QuotedData’s investment companies roundup – April 2019
QuotedData’s investment companies roundup – April 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2019. Kindly sponsored by Baillie Gifford. JPMorgan Indian, India Capital Growth, Aberdeen New India and Ashoka India Equity Investment […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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12 Oct 2017 1 min read
QuotedData investment companies roundup – October 2017
QuotedData investment companies roundup – October 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2017. Kindly sponsored by Baillie Gifford. October Investment Companies Roundup Amongst the top performers, Alternative Liquidity Fund sold its […]
News
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11 Sep 2026 4 min read
Public access to private businesses
After SpaceX exploded onto the public markets earlier this year, it paved the way for other blockbuster IPOs. Anthropic looks likely to be next, coming to market with a valuation of over $1 trillion. Stripe, Databricks, OpenAI and others are all waiting in the wings. For the investment trusts that have backed them, it is […]
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01 Sep 2026 2 min read
Morning briefing: New City High Yield exits Aston Martin after debt refinancing; Glenstone lifts AIRE bid acceptances to 36%; Shaires completes Anthropic and Stripe investments
New City High Yield Fund (NCYF) fund manager Ian “Franco” Francis said he and co-manager Darren Toner sold Aston Martin’s 10.375% 2029 bond after a controversial £550m debt financing in July by BlackRock’s private credit subsidiary HPS Investment Partners altered the debt’s asset backing. The Financial Times reported last month that bond holders were considering […]
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25 Aug 2026 2 min read
Shaires eyes $500m AI pipeline after passing its $100m target
Shaires Holdings (SHR), the AIM-listed investment company offering investors access to a portfolio of unquoted technology and artificial intelligence (AI) companies, including one seeking to revive woolly mammoths, is up and running after raising $14.3m (£10.5m) in this month’s share issue. The former Jade Road Asian private equity fund, which changed its name and investment […]
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19 Aug 2026 2 min read
Morning briefing: Shaires extends retail share offer; RTW Biotech makes 41% gain on Alesta sale; Oakley Capital backs AI enabler Graphwise; Land Securities may need share issue to buy Metrocentre – report; bullish fund managers drop cash levels to 3.5%
Shaires Holdings (SHR), the AIM-listed investment company offering exposure to a portfolio of private artificial intelligence companies, has extended its retail share offer to 4.30pm on 24 August to give it time to reach a “broader range of investors”. The offer of new shares at $20 each at a discount of around 18% to their […]
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13 Aug 2026 3 min read
Shaires Holdings launches retail offer for private AI venture
Shaires Holdings Ltd (SHR) has launched a retail offer, giving individual investors the opportunity to gain exposure to a portfolio of private technology companies, with a particular focus on artificial intelligence (AI). The AIM-listed investment company is making new ordinary shares available at $20.00 each through the Winterflood Retail Access Platform (WRAP). The offer is […]
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10 Oct 2025 2 min read
Morning briefing: Saba lifts Smithson stake to 15%; biotech “on a tear” as $5.2bn Akero deal aids IBT and RTW; plus RSE, TMPL, CGT, ONWD, JADE
Saba Capital has increased its position in Smithson (SSON) to 15% from the 14.1% the activist hedge fund revealed a month ago. It now holds over 16.4m voting rights in Terry Smith’s £1.7bn global smaller companies investment trust on a 9% discount. International Biotechnology Trust (IBT) and RTW Biotech Opportunities have benefited from another acquisition […]
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29 Aug 2023 1 min read
QuotedData’s morning briefing 29 August 2023 – BOOK, HGEN, JADE, BYG
Literacy Capital (BOOK) is pleased to announce that it has sold an unspecified asset in full, generating a strong return for shareholders and a substantial amount of cash, which will ultimately fund future investments. The company highlighted that this was one of its largest assets, which was sold at a >50% premium to carrying value. […]
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30 May 2023 2 min read
Long way back for Jade Road Investments
Jade Road Investments Limited (JADE) (formerly Adamas Finance Asia Limited) has published its final results for the year ended 31 December 2022. The company’s main focus for the year was to pivot from its legacy portfolio of Asian assets to investing in geographically diverse assets in more stable regions. The headline numbers were poor with […]
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17 Dec 2021 3 min read
QuotedData’s morning briefing 17 December 2021
In QuotedData’s morning briefing 17 December 2021: Oryx International Growth (OIG) has published its interim results for the six months ended 30th September 2021. Both the chairman’s and manager’s statement are impressively succinct, so there’s surprisingly little that we can say here. However, we can report that during the period, OIG’s NAV has increased by […]
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24 Aug 2020 1 min read
QuotedData’s morning briefing 24 August 2020
In QuotedData’s morning briefing 24 August 2020: Schroder AsiaPacific (SOI) announced that Matthew Dobbs will retire from fund management in 2021. In accordance with a succession plan agreed with the board, he will hand over responsibility to Richard Sennitt as manager and Abbas Barkhordar as assistant manager. Robin Parbrook, who has extensive Asian investment management […]
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18 May 2020 3 min read
Adamas Finance Asia not expecting material impact with Asian countries better positioned
Over Adamas Finance Asia’s (ADAM) full-year results period to 31 December 2019, the company’s NAV increased by 8% year-on-year driven mostly by a new investment which was acquired in exchange for the issue of the company’s shares. Highlights from post period-end activity include: Whilst the covid-19 pandemic continues to create global uncertainty, ADAM says it remains […]
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15 Nov 2019 1 min read
Adamas AGM postponed on Hong Kong unrest
Adamas AGM postponed on Hong Kong unrest – yesterday Adamas Finance Asia announced that it would postpone the AGM planned for today. The statement said that the directors”are closely monitoring the current unrest in Hong Kong, in particular the flare up this week in the financial district and in the context of the scheduled annual […]
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11 Nov 2019 1 min read
QuotedData’s other news 11 November
In QuotedData’s other news 11 November – Civitas Social Housing (CSH), the real estate investment trust (REIT) dedicated to investing into regulated social housing across the UK, will report half year results for the period ended 30 September 2019 on Monday 2 December 2019. Yew Grove REIT (YEW), which owns a diversified portfolio of Irish […]
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21 Oct 2019 2 min read
Adamas Finance to invest more in Japanese ski village
Adamas Finance to invest more in Japanese ski village – Adamas Finance Asia has signed a conditional share sale and purchase agreement with Infinity Capital Group to acquire 40% of Infinity TNP. Infinity is a real estate developer of premium residential projects in the Asia Pacific region, including in Hirafu Village, a world-class ski resort in […]
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16 Sep 2019 1 min read
Adamas Finance Asia updates on its largest holding
Adamas Finance Asia updates on its largest holding – Adamas Finance Asia (ADAM), the pan-Asian diversified investment company, has provided an update on its investment in Future Metal, which was previously known as Hong Kong Mining Holdings. ADAM holds an 85% shareholding in Future Metal, representing ADAM’s largest investment by value in the portfolio. ADAM […]
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27 Aug 2019 1 min read
QuotedData’s other news 27 August 2019
In QuotedData’s other news 27 August 2019 – Adamas Finance Asia has put its interest in Hong Kong Mining Holdings into a new special purpose vehicle, domiciled in the British Virgin Islands, and named this Future Metal Holdings – you can access its website here. The SPV owns Dynamite Win Limited which owns 84.8% of Linfen Zhuangpeng […]
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19 Jul 2019 1 min read
QuotedData’s other news 19 July 2019
In QuotedData’s other news 19 July 2019: Adamas Finance Asia has announced that it has rescheduled its AGM. This was previously to take place on 17 August 2019, but has been pushed back to 15 November 2019. No explanation has been offered. The rescheduled AGM will be held at 19/F CMA Building, 64 Connaught Road, […]
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15 Jul 2019 1 min read
QuotedData’s other news 15 July 2019
In QuotedData’s other news 15 July 2019: The multi-strategy absolute return fund, Independent Investment Trust (IIT), reported half-year results to 31 May 2019 this morning; the NAV and shares were up by 6.5% and 4.7% respectively. Previously classified as a global fund, IIT is now falls under UK, following the Association of Investment Companies (AICs) recent […]
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1 min read
Adamas Finance signs up partner for Japan ski investment
Adamas Finance signs up partner for Japan ski investment – Adamas Finance Asia (ADAM) has this morning announced that further to the announcement made on 6 December 2018, a family office based in Hong Kong has agreed to participate alongside ADAM in its senior secured loan note facility provided to Infinity Capital Group (ICG). ICG […]
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02 Jul 2019 2 min read
QuotedData’s meeting with Adamas Finance
QuotedData’s James Carthew had a follow-up meeting with Adamas Finance after the publication of his article on the fund in Investment Trust Insider. The original article, like the vast bulk of James’s articles on that site, was written without the benefit of meeting the manager or its PR team beforehand – that’s because James wants […]
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21 Jun 2019 1 min read
QuotedData’s other news 21 June 2019
In QuotedData’s other news 21 June 2019 – Adamas Finance Asia will quote its shares in sterling rather than dollars with effect from 24 June. Its board believe that this will make its shares more accessible for UK investors by eliminating their need to consider the prevailing exchange rate between US Dollars and Pounds Sterling when […]
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20 Jun 2019 2 min read
Adamas completed its transformation in 2018
Adamas completed its transformation in 2018 – Adamas Finance Asia, which adopted a new investment strategy in 2017 of investing in income-generating pan-Asian small and medium-sized enterprises, has published results covering the year ended 31 December 2018. Initial progress on transitioning to the new portfolio was slow as it took time to sell-off legacy investments. Over 2018: […]
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22 Sep 2017 2 min read
Significant progress for Adamas Finance Asia
Significant progress for Adamas Finance Asia – Adamas Finance Asia has reported interim results for the six months ended 30 June 2017. Highlights: Net loss of US$1.03 million (H1 2016: US$454,000 Unrealised fair value gain on asset portfolio of US$337,000 (H1 2016: US$280,000) Consolidated loss per share of US$0.54 (H1 2016: US$0.24) Consolidated NAV at […]
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15 Sep 2017 1 min read
Adamas Finance Asia sells Global Pharm
Adamas Finance Asia sells Global Pharm – On 15 September 2017, Adamas Finance Asia entered into a sale and purchase agreement with Fortune Insight Limited for the sale of its 75% interest in the company through which ADAM holds its interest in Global Pharm for US$15.6 million in cash. This is payable by Fortune within 120 […]
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16 Jun 2017 1 min read
Adamas Finance Asia receives circa US$8.6m in relation to put option
Adamas Finance Asia has announced that, further to its previous announcement on 24 February 2017 in relation to the proposed disposal of its interest in the Tian Tong Shan Villa Project, the Company’s wholly owned subsidiary, Lead Winner Limited, has received a payment of HKD$52,353,176 (approximately US$6.8 million) in final settlement of the amount due […]
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05 Jan 2017 2 min read
Adamas Finance Asia to dispose of Tian Tong Villa Project at a substantial discount
Adamas Finance Asia (ADAM) has announced that it has agreed terms for the sale of its indirect 15% interest in the Tian Tong Shan Villa Project (the TTS Project), a resort development in Fujian Province, China for a total consideration of up to RMB 113.58m (approximately US$16.4m). The arrangements appear to be somewhat complicated and […]
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21 Apr 2016 1 min read
Top ten risers and fallers in March
http://view.ceros.com/citywire/it-insider-april-2016/p/21 Investors appeared to have a greater appetite for risk during March, with trusts which have invested in Brazil, Latin America, and Russia all featuring in the top 10 risers.
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19 Jun 2015 1 min read
Adamas Finance reports delays on portfolio restructuring
Adamas Finance Asia has just published results for the year ended 31 December 2014. The results statement makes no mention of its net asset value per share but total net assets were $118.9m. There is no dividend. They made a loss of 0.34 cents per share. The fund was a Chinese private equity fund and […]
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18 Dec 2014 1 min read
Adamas Finance realises Global Pharm convertible
Adamas Finance Asia is getting $25m from the redemption of the convertible bond it holds in Global Pharm Holdings. ADAM will receive an initial payment of US$2.4 million on 31 December 2014, a further US$9 million on 31 March 2015 and a final payment of US$13.6 million on 30 April 2015, yielding an aggregate of […]
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24 Sep 2014 2 min read
Adamas Finance NAV hit by dilutive issue
ADAM : Adamas Finance NAV hit by dilutive issue Adamas Finance Asia saw its net asset value per share fall from 20.2 cents to 6.9 cents over the six months that ended on 30 June 2014. The principal reason for this was the fund’s issue (as a result of a reverse takeover) of 1.5bn shares at 6 […]
In The Press
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25 Aug 2026 1 min read
James Carthew comments on Shaires in Investors’ Chronicle
James Carthew comments on the new trust in Val Cipriani’s article: “Many investors may want to see evidence of it making these investments before making a decision. Then there are some issues that might need greater clarity – around things such as the fees on underlying special-purpose vehicles, the management incentive arrangements, and the post-fundraising […]
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02 Jul 2019 2 min read
Investment Trust Insider on Adamas Finance Asia
Investment Trust Insider on Adamas Finance Asia – James Carthew: the growth capital trust that’s cheaper than Patient Capital The well-documented slump in Woodford Patient Capital (WPCT) has left it trading on a 35% discount to net asset value (NAV). There have been plenty of articles questioning the NAV which I won’t expand on but, even […]
