Market Matters with Lucie Majstrova from Baillie Gifford — Kepler Trust Intelligence Podcast

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In this month’s episode, our guest is Lucie Majstrova, investment specialist for private companies at Baillie Gifford. We discuss a range of topics including the investment case for private companies, why companies are staying private for longer, her thoughts on Anthropic and the most compelling opportunities across private markets.

00:00 Introduction 00:34 Background to asset management 01:28 Investment case for private companies 03:31 What is growth capital 05:06 Why companies are staying private 07:44 Potential IPOs of private companies 08:26 Misconceptions around growth equity 11:16 Thoughts on Anthropic and AI labs 13:58 Growth trajectory of SpaceX 16:44 Benefit of investment trust structure 18:27 Most exciting opportunities 19:49 Risk warning

Please note that this podcast was recorded on 11 February 2026.