IP Group — Roadmap to value

IP Group made good progress in crystallising its portfolio values through exits, with proceeds of £183m collected in FY24, most notably from the realisations of Featurespace and Garrison Technology. Meanwhile, its performance continued to be negatively affected by the demanding environment for early-stage businesses, as well as some company-specific setbacks and the de-rating of the share price of Oxford Nanopore (ONT). That said, several portfolio holdings exhibited good business traction and interest from potential buyers, and IP Group’s shares now trade at a wide 59% discount to end-2024 NAV. In this note, we outline important future milestones across IP Group’s portfolio, which we encourage investors to track for indications of positive momentum.