IP Group - International investor in impactful innovation
IP Group is well-financed and trading at a discount of c 50% to its H122 NAV/share (137p), which we believe represents a compelling opportunity for long-term and impact investors. If management can deliver on targeted average gross returns of 20% for FY22–26 through a renewed focus on its priority companies, we believe IP Group’s discount to NAV would narrow, further lifting average annual NAV/share over this timeframe. IP Group provides liquid exposure to a growing portfolio of high-growth science-based start-ups from its international ecosystem. The company invests primarily in life sciences, deep tech and renewables, and is increasingly focused on companies that will have an impact, to deliver a sustainable, healthier and tech-enriched future. After a 15+ year gestation period, its model appears to have started to mature in FY19, with returns and realisations accelerating (FY19–21 NAV/share growth of 24%).IP Group is focused on identifying intellectual property (IP), nurturing and building businesses around such IP and then providing capital and support along the journey from cradle to maturity. As of Dec 31 2016, Co.'s portfolio comprised holdings in 90 companies across the four sectors in which Co. operated: IP Healthcare; IP Tech; IP Cleantech; and IP Biotech. Co. is organized into three operating segments: the commercialization of IP via the formation of long-term partner relationships with universities; the management of venture funds focusing on early-stage U.K. technology companies; and the in-licensing of druggable intellectual property from research institutions.
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