GBP 31million for IP Fund
IP Group PLC
02 August 2007
For immediate release 02 August 2007
IP Group plc
IP GROUP COMPLETES SECOND CLOSING OF IP VENTURE FUND AT £31 MILLION
IP Group plc (LSE: IPO) ('IP Group' or 'the Company'), the intellectual property
commercialisation company, is delighted to announce that it has completed a
second closing of IP Venture Fund ('the Fund'), the venture capital fund
established in July 2006 in partnership with the European Investment Fund, one
of the leading venture capital investors in Europe.
The Fund, which was over-subscribed, has attracted total commitments of £31
million with new investors Industriens Pensionsforsikring A/S, FSP Invest
F.M.B.A., afdeling Private Equity, Forsikringsaktieselskabet K.a.B International
and the National Endowment for Science, Technology and the Arts (NESTA)
participating in the second closing. In addition, IP Group has increased its
commitment to the Fund to £3.1 million.
The Fund is managed by Top Technology Ventures Limited, the venture capital fund
management subsidiary of IP Group, and commits in the region of 25% of the
amount of post-seed financings of IP Group portfolio companies alongside capital
committed by external investors, subject to the terms of the Fund. It has
completed nine investments in IP Group portfolio companies to date.
Magnus Goodlad, Chief Operating Officer of IP Group, said: 'We are delighted to
have attracted such a high quality group of investors to participate in the
second closing of IP Venture Fund and look forward to working together in the
future to continue the successful investment of the Fund.'
For further information, please contact:
IP Group plc 020 7444 0050
Magnus Goodlad, Chief Operating Officer
Liz Vaughan-Adams (Communications) 020 7444 0062/07979853802
Buchanan Communications 020 7466 5000
Mark Court, Tim Anderson, Mary-Jane Johnson
Notes for Editors
About IP Group
IP Group Plc is an intellectual property (IP) commercialisation company that
specialises in commercialising university technology. Founded in 2001, IP Group
listed on AIM in October 2003 and moved to the Official List in June 2006. It
has made two acquisitions to date - Techtran, a company set up to commercialise
university intellectual property under a long term contract with the University
of Leeds, in 2005 and Top Technology Ventures, an investment adviser to early
stage technology venture capital funds, in 2004.
IP Group has formed long-term partnerships with ten universities - the
University of Oxford, King's College London, CNAP/University of York, the
University of Leeds, the University of Bristol, the University of Surrey, the
University of Southampton, Queen Mary (University of London), the University of
Bath and the University of Glasgow.
As at 31 December 2006, 53 spin-out companies had been created among IP Group's
university partners. Of those, eight have listed on the AIM market of the London
Stock Exchange, one on PLUS Markets and there have been two trade sales. IP
Group also has three 'Modern-themed' subsidiaries - Modern Biosciences, Modern
Water and Modern Waste. Modern Water was the first of these subsidiaries to
float on AIM in June 2007.
For more information, please visit our website at www.ipgroupplc.com.
ENDS
This information is provided by RNS
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