Jared Isaacman during the Inspiration4 flight to space in September 2021. Photo: SpaceX
Jared Isaacman during the Inspiration4 flight to space in September 2021. Photo: SpaceX
Jared Isaacman during the Inspiration4 flight to space in September 2021. Photo: SpaceX
Jared Isaacman during the Inspiration4 flight to space in September 2021. Photo: SpaceX

First crewed SpaceX Starship flight to cap off Jared Isaacman's Polaris programme


Arthur Scott-Geddes
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US billionaire Jared Isaacman, who led the all-civilian Inspiration4 trip to space last year, has unveiled a programme of new private missions with SpaceX, including the first crewed flight of its Starship rocket.

Mr Isaacman, the founder and chief executive of payments-processing firm Shift4 Payments, revealed the details of the Polaris Program — named after the north star and paying homage to the great space programmes of the 1950s and 1960s — which he said was intended as “an important step in advancing human space exploration while helping to solve problems through the use of innovative technology here on Earth”.

The first of three planned flights, named Polaris Dawn, is scheduled to take off before the end of 2022, with the aim of reaching the highest Earth orbit ever flown using a SpaceX Dragon capsule.

A second flight would also use the Dragon capsule — the same spacecraft that Nasa uses to ferry astronauts to the International Space Station (ISS) and back — and a third flight would be the first to make use of the Starship rocket that SpaceX is developing.

Mr Isaacman, 39, is named among the crew of four slated to ride into space on the first flight.

“We’re going to go farther into space than humans have gone since we last walked on the Moon,” he told US broadcaster NBC.

As well as flying further than any other mission since the last Moon landings in 1972, the Polaris Dawn crew hope to carry out the commercial space sector’s first ever spacewalk, and test a new laser-based communication system for SpaceX’s Starlink satellites.

“Alongside these important objectives, we will be supporting scientific research to advance both human health interests on Earth and our understanding of human health during future long-duration space flights,” Mr Isaacman said.

Joining Mr Isaacman on the programme’s first flight will be former US Air Force officer and Shift4 executive Scott Poteet, as well as two SpaceX employees who help run the company’s astronaut training programme, Sarah Gillis and Anna Menon.

The cost of the flights hasn't been disclosed by either Mr Isaacman or SpaceX, but is expected to run to hundreds of millions of dollars.

The programme will continue to raise money for St. Jude Children’s research hospital in Memphis, Tennessee.

Mr Isaacman led the first all-civilian trip to space in September 2021, blasting off from the Kennedy Space Centre in Florida on board a SpaceX Falcon 9 rocket.

The Inspiration4 mission ultimately raised more than $243 million for St. Jude hospital, including a $125 million donation from Mr Isaacman and his wife, as well as $55 million donated by SpaceX founder Elon Musk.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Updated: February 15, 2022, 11:24 AM