Update: A demonstrative year
Imperial Innovations reported a record year in 2014, in terms of portfolio value growth, up £69.4m to £252m, and profits (£27.4m). The main driver was Circassia’s IPO, which realised a £33.2m fair value gain to Innovations’ portfolio, demonstrating the potential value that can be unlocked from a maturing portfolio of companies. To date, Circassia has delivered an IRR of 32% and a 3x return on investment. Yet the top 10 private companies in the portfolio are modestly valued at just 1.3x cash invested, highlighting the potential for further value creation in 2015 and beyond.
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