comments A potential Space X IPO has put space investing in the spotlight but the prospects for investors go far beyond Elon Musk's posterchild firm, says a UK fund manager with a difference. Mark Boggett is manager of Seraphim Space Investment Trust, which offers British investors a unique opportunity to back one of the world's most talked about industries. He joins Simon Lambert on the Investing Show to tell the story of how he became a space investor and how Seraphim Space was launched. It's a high octane investment that requires investors to have faith and patience in a portfolio of cutting edge technology firms. After initally rising following its 2021 launch, Seraphim Space's share price sank and spent a number of years under water. But a remarkable turnaround driven by a surge in interest in space and defence investing has seen shares rocket 263 per cent over the past year. Now the trust is aiming to raise up to £350million from investors. Mark says the trust cherry picks the best companies from Seraphim's venture funds and targets global growth stage companies that have already fully developed their technology, have substantial revenues and are scaling up. 'We are very specifically looking for companies that are category leaders in the broader space market,' says Mark, who explains why space firms are at a critical juncture as defence spending is ramped up. Most of the companies Seraphim invests in are private firms that would not otherwise be open to stock market investors and Mark says its investment trust structure is crucial to making that a success. Seraphim Space's wider business backs them through every stage from its accelerator that backs great ideas, to the venture fund that helps get them off the ground, and the investment trust that takes businesses it already knows well on to the next stage of their growth. Mark reveals why Seraphim doesn't invest in Space X and discusses some of the companies it does back. He explains how its capital raise using C shares priced at £1 works - and why he believes despite its stratospheric recent rise - and the current hype around space investing - the trust is still undervalued. Seraphim Space Investment Trust has returned 425 per cent over three years and is up 112 per cent on launch, according to AIC figures. It trades at a 57 per cent premium to net asset value and has ongoing charges of 1.77 per cent.