Lucie Majstrova, an investment specialist in Baillie Gifford’s Private Companies team, made the comments following market speculation intensifying around a potential $2 trillion initial public offering (IPO) for pioneering AI tech company Anthropic, a move that would trigger a significant wave of exit liquidity for early-stage backers.

The Edinburgh-based firm, which holds stakes across three of its investment trusts (including its US Growth Trust, Schiehallion and Scottish Mortgage Investment Trust), claimed private markets have become the primary engine for value creation.

She said: “Anthropic is just one example of a much broader trend: many of the world’s most innovative businesses are choosing to stay private for longer. We build portfolios with that in mind, focusing on what we believe are the most exceptional private companies and giving our clients access to the significant value creation that increasingly takes place before they list their shares.”

Shareholders in the firm’s US Growth Trust will be the biggest beneficiaries, with Anthropic currently accounting for 6.6% of its portfolio, resulting in a 7.3% uplift in the fund’s net asset value (NAV).

Its other funds will also benefit: Schiehallion, which holds 5.9% of its portfolio in Anthropic (translating to a 6.3% increase in NAV) and Scottish Mortgage Investment Trust (SMIT), which holds 2.8% of its portfolio in Anthropic (translating to a 3.2% uplift in NAV).