Schroders Capital sees NAV boost as Veeam’s $1.7bn Securiti AI acquisition unlocks early value

Schroders Capital Global Innovation Trust plc (LSE: INOV) has secured a key value realisation milestone in its managed wind-down phase with the announcement of Veeam Software’s acquisition of portfolio company Securiti AI. The $1.725 billion all-cash transaction, unveiled on 21 October 2025, has triggered a material uplift in the trust’s net asset value (NAV), providing both liquidity and credibility to its AI investment thesis at a time when market sentiment around private tech valuations remains cautiously optimistic.

The trust, which has held both direct and indirect exposure to Securiti AI since 2019, revealed that the proposed acquisition would result in a preliminary 2.35% NAV uplift as of 30 June 2025. This adjustment, when combined with the effects of the 25 July 2025 tender offer, increases the estimated NAV rise to approximately 2.90%. Post-transaction, the value of Schroders Capital Global Innovation Trust’s stake in Securiti AI has nearly doubled from £3.6 million to £7.7 million. This transaction underscores a rare example of a venture-backed, AI-first portfolio company delivering significant upside within the trust’s investment lifecycle—and notably, well ahead of internal projections.

Portfolio managers Tim Creed and Harry Raikes framed the deal as a strategic win not only for Securiti AI but also for Schroders Capital Global Innovation Trust’s shareholders. In their post-announcement commentary, the duo emphasized that the exit occurred “earlier than anticipated,” and would generate “meaningful proceeds” as part of the trust’s orderly portfolio realisation plan. The deal comes at a pivotal moment for investors seeking reassurance that the trust’s late-stage holdings retain monetisation potential amid wider uncertainties across the global venture capital and private equity landscape.

What strategic advantage does Veeam gain by acquiring Securiti AI in the AI security stack?

For Veeam Software, a global leader in enterprise data resilience, the acquisition of Securiti AI marks a transformational shift toward comprehensive data governance and AI trust enablement. While Veeam has long dominated the backup, disaster recovery, and business continuity segments, the integration of Securiti AI’s platform adds critical new layers in data security posture management (DSPM), privacy enforcement, AI compliance, and contextual governance. The combined offering is being positioned by Veeam as a unified “data command center” capable of managing all enterprise data—structured and unstructured—across hybrid, multi-cloud, SaaS, and endpoint environments.

Why are CIOs and CISOs betting on integrated data governance and AI trust platforms?

The strategic rationale underpinning the acquisition is clear. As artificial intelligence systems increasingly depend on fragmented data sources for training and inference, the enterprise risk associated with unmanaged, ungoverned, or privacy-compromised data has risen sharply. Securiti AI’s solution—underpinned by a proprietary knowledge graph and agentic AI layer—enables full data lineage, access control, and policy automation across disparate environments. This capability is especially important as organizations struggle to comply with tightening global data regulations while simultaneously attempting to unlock productivity gains via generative AI and large language models.

How did Schroders Capital Global Innovation Trust quantify the NAV uplift from the deal?

Schroders Capital Global Innovation Trust plc confirmed that the transaction translated into a 2.35% NAV increase as of the 30 June 2025 valuation date, with the gain rising to 2.90% after accounting for the July tender offer. The fair value of its Securiti AI stake surged to £7.7 million from £3.6 million, underscoring a significant markup that has now been partially priced into INOV’s shares. Portfolio managers characterized the uplift as a meaningful contribution to the wind-down strategy, especially given the timing and scale of the exit during a period of cautious investor sentiment.

What impact has this Securiti AI exit had on INOV’s share price and institutional sentiment?

The institutional investor reaction to the NAV uplift was modest but positive. Shares of Schroders Capital Global Innovation Trust plc closed at 14.85 GBX on 27 October 2025, up 1.19% from the previous session. While the price move may not fully reflect the NAV gain, broader trends suggest that the trust has already enjoyed a rerating since March 2025, when shares bottomed below 9 GBX. Since then, expectations around exit velocity and realisation potential have gradually improved, with investors welcoming any liquidity events that enhance final NAV delivery during the trust’s wind-down phase.

What makes Securiti AI’s platform a critical enabler of resilient AI infrastructure?

Securiti AI’s hallmark Data Command Center was designed specifically for AI-native environments, enabling real-time mapping, classification, access control, and policy enforcement across an enterprise’s data estate. The platform includes Gencore AI, an embedded agentic AI module that supports secure search, privacy-aware prompt engineering, and regulatory compliance workflows. Rather than bolting on security features, the architecture integrates governance by design, making it highly attractive to enterprises struggling to balance innovation with risk and compliance in the AI era.

Who is Rehan Jalil and why does his move to Veeam matter for AI and security?

Rehan Jalil, founder and CEO of Securiti AI, will join Veeam Software as President of Security and AI following the deal. Jalil is a veteran entrepreneur with a proven M&A track record, having previously led Elastica to a successful acquisition by Blue Coat, which was later absorbed by Symantec. Before that, he sold WiChorus to Tellabs. His appointment signals Veeam’s intent to integrate DSPM, AI trust, and privacy layers into its broader security portfolio, and accelerate innovation timelines for next-gen data governance products.

How does the Veeam–Securiti deal fit into the broader enterprise M&A landscape for AI?

This acquisition reflects a growing trend in the enterprise tech market, where data resilience, AI governance, and security are converging. With 80–90% of AI initiatives reportedly failing due to data quality and governance issues, firms that can provide unified data visibility and security at scale are commanding premium multiples. The Veeam–Securiti transaction validates this thesis, potentially setting benchmarks for further consolidation in the AI risk, privacy, and compliance space. Analysts expect similar moves from hyperscalers and enterprise software vendors seeking to de-risk AI workflows.

What is next for Schroders Capital Global Innovation Trust after this value realisation?

The trust’s next major milestone will be the publication of the 30 September 2025 NAV, which will incorporate final valuation assessments for all unquoted holdings, including the updated fair value of the Securiti AI stake. Investors will be watching closely for signals of additional monetisation events or further NAV uplift. While the broader wind-down strategy remains in place, the Securiti deal has renewed confidence that high-quality AI infrastructure assets within the trust’s portfolio are still capable of delivering significant returns—even in a tepid M&A market.

What are the key takeaways from Schroders Capital’s NAV uplift and the Securiti AI acquisition?

• Veeam Software has agreed to acquire Securiti AI for $1.725 billion in a strategic move to unify data resilience, security posture management, and AI governance.
• Schroders Capital Global Innovation Trust plc has held a direct and indirect investment in Securiti AI since 2019 and now expects a 2.9% uplift to its 30 June 2025 NAV.
• The trust’s stake in Securiti AI has nearly doubled in value from £3.6 million to £7.7 million post-transaction, delivering a rare early realisation during its wind-down strategy.
• The deal validates Securiti AI’s platform architecture, which integrates data discovery, classification, governance, privacy, and AI trust across hybrid environments.
• Rehan Jalil, founder of Securiti AI, will join Veeam as President of Security and AI, bringing deep experience in cloud and data security M&A.
• INOV shares rose 1.19% to 14.85 GBX after the NAV adjustment announcement, as investors partially priced in monetisation expectations.
• Institutional sentiment toward the trust remains cautiously positive as NAV realisations from private tech holdings continue to support share price recovery.
• The Veeam–Securiti AI deal reflects a wider trend of M&A consolidation in enterprise AI compliance, DSPM, and data risk infrastructure.
• Final NAV impact will be confirmed in the 30 September 2025 update, which will assess all unquoted assets in Schroders Capital’s portfolio.
• The transaction sets a benchmark for future exits in AI infrastructure and strengthens the trust’s positioning as a value-yielding vehicle despite its wind-down.