FL-2022-000014 - [2025] EWHC 2631 (Ch)

As explained above, Katerra Cayman was one of the Vision Fund portfolio companies, with SVF1 having made several rounds of investment in exchange for equity holdings. By September 2019, SVF Abode had invested c. $1.75 billion in the Katerra Group: (a) in January 2018 SVF Abode made an initial investment to acquire c. $500 million of Series D shares in Katerra Cayman; (b) in August 2018 SVF Abode made a further investment to acquire c. $150 million in Katerra Cayman shares; (c) in December 2018 SVF Abode made a $100 million investment to acquire Katerra Middle East Inc. (“Katerra Middle East”) shares; (d) in December 2018 SVF Abode made a further investment to acquire $300 million in Katerra Cayman Series E shares; (e) in March 2019 SVF Abode made a further investment to acquire $200 million in Katerra Cayman shares; in June 2019, SVF Abode made a further investment to acquire $250 million in Katerra Cayman shares; f) in June 2019 SVF Abode made a further investment to acquire $250 million in Katerra Cayman shares; (g) in June 2019 SVF Abode made a further investment of c. $200 million into Katerra Cayman via a convertible promissory note; and (h) in June 2019 SVF Abode made a further investment of $50 million into Katerra Middle East.