The Patient Payoff of Private Equity

The Patient Payoff of Private Equity: A Look at the Voyager Technologies’ IPO

When we build portfolios at Hewison Private Wealth, we keep client objectives at the forefront of what we do. For clients with a long-term investment horizon that can forego a portion of short-term income generation, gaining exposure to private equity (businesses that aren’t listed on a stock exchange) can provide incredible results.

Private equity investing requires patience, discipline, and a long-term mindset. Unlike public markets that fluctuate with sentiment and headlines, private equity is about identifying businesses with strong potential and supporting their growth over time (often over many years) with the goal of realising value through a strategic exit.

A recent success story that exemplifies this approach is Voyager Technologies, a company backed by one of the private equity managers we invest with on behalf of our clients. After years of growth, strategic acquisitions, and careful positioning, Voyager listed publicly in June 2025 – otherwise known as an IPO (Initial Public Offering). The result? A powerful debut that caught the attention of the market.

Priced at $31 per share, Voyager soared 82% on its first day of trading, closing at $56.48 — an extraordinary performance and clear demonstration of investor confidence. The IPO raised over $380 million and reflects years of behind-the-scenes work in building a company with a compelling value proposition in the defense and space technology sectors. In 2024, 80% of its revenue came from U.S. government contracts, including with NASA — a testament to its credibility and capabilities. One of the businesses under the Voyager Technologies umbrella, Starlab, is the frontrunner to build the next International Space Station.

For private equity investors, this is where the patience pays off. The IPO represents a liquidity event — a moment when capital invested years ago becomes realisable, often with substantial returns. These events are infrequent but meaningful, and they underscore why private equity plays a valuable role in a diversified investment strategy.

Voyager’s listing is more than just a great result — it’s a reminder of what private equity is all about. It’s about backing businesses early, supporting them with strategic capital and expertise, and waiting for the right time to realise their value. For those willing to take the long view, private equity continues to offer exciting opportunities — and Voyager Technologies is a perfect example.