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The Company is a closed-ended investment company incorporated on 11 June 2020 in England and Wales. The Company was admitted to trading on AIM on 14 December 2020 and subsequently migrated to the Specialist Fund Segment on 8 August 2023. The Company provides investors with exposure to a portfolio of investments concentrating on fast growing and/or high potential Technology and Life Sciences businesses operating predominantly in the UK, continental Europe, the US and APAC. The Company leverages the Board, Investment Team and Advisory Panel’s expertise, experience and networks in the Technology and Life Sciences sectors to drive value creation in its Investee Companies. The Board is responsible for the portfolio management and risk management functions of the Company.
The Company’s investment objective is to generate capital growth over the long term through investment in a portfolio concentrating on fast growing and/or high potential Technology and Life Sciences businesses operating predominantly in the UK, continental Europe, the US and APAC. The Company is targeting an average return to shareholders of 20 per cent. capital growth per annum.
The investment policy is to achieve its investment objective, the Company will invest in early and later-stage Technology and Life Sciences businesses.
The Company will follow a high conviction investment strategy. The Company expects to hold a concentrated portfolio of investments and the Company will not seek to reduce concentration risk through diversification. The opportunity set will dictate the number of holdings and the weighting of investments in the Portfolio. The investments with the best return profiles will receive the largest weightings. The Company will therefore have no set diversification policies.
Investments are expected to be mainly in the form of equity and equity-related instruments, including convertible debt instruments. The equity interest in any investment may range from a minority position to 100 per cent. ownership.
The Company’s strategy is to invest in unquoted companies and in companies whose Ordinary Shares are publicly traded. The Company may acquire investments directly or by way of holdings in special purpose vehicles, intermediate holding companies or subsidiary entities. The Company might also invest in limited liability partnerships and other forms of legal entity.
The Company will ensure that it has suitable investor protection rights, as determined by the Board. The Company may offer its Ordinary Shares in exchange for Ordinary Shares in investee businesses or may invest cash or a combination of Ordinary Shares and cash investment in such businesses.
The Company, where appropriate and deemed by the Board to be in the Company’s best interests, may seek a position on Investee Companies’ boards. The Investment Team, where appropriate, will actively assist the board and management of Investee Companies, including helping to scale management teams, informing strategy, driving key performance indicators and assisting with future financing.
The Company intends to realise value through exiting the investments over time and will have no fixed investment period.
The Company will observe the following investment restrictions;
• at least 70 per cent. of NAV will be invested in businesses which are in the Technology and Life Sciences sectors;
• up to 30 per cent. of NAV may be invested in seed investments;
• at least 70 per cent. of NAV will be invested in businesses which are headquartered in or have their main centre of business in the UK, continental Europe, the US and APAC;
• There will be no cross-financing between the companies forming part of the Portfolio and no operation of a common treasury function between the Company and any of its Investee Companies.
• no more than 15 per cent. of its total assets in other investment companies whose Ordinary Shares are admitted to the Premium Listing Segment of the Official List.
Each of the restrictions above will be calculated at the time of investment. The Company will not be required to dispose of any investment or to rebalance the portfolio because of a change in the respective valuations of its assets post their acquisition.
Save for investments made using equity-related instruments as described above, the Company will not employ derivatives of any kind for investment purposes. Derivatives may be used for currency hedging purposes.
The Company does not currently intend to borrow money. However, the Company may, in the future, raise debt finance if it believes it will enhance Shareholder returns over the longer term. If, in the future, the Board does decide to introduce gearing, it would seek to maintain this at a conservative level and would intend to limit IIG’s borrowings to a maximum of 25 per cent. of Net Asset Value at the time any loan is secured.
The Company may hold cash on deposit and may invest in cash equivalent investments, which may include short-term investments in money market type funds and tradeable debt securities. There is no restriction on the amount of cash or cash equivalent investments that the Company may hold or where it is held. The Board will agree prudent cash management guidelines to ensure an appropriate risk and return profile is maintained. It is expected that the Company will hold between 10 and 20 per cent. of its gross assets in cash or cash equivalent investments, for the purpose of making follow-on investments in accordance with the Company’s investing policy and to manage the working capital requirements of the Company.
No material change will be made to the investing policy without the approval of Shareholders. If such approval is sought, a general meeting will be convened to seek such approval. Non-material changes to the investing policy may be approved by the Board. In the event of a breach of the investing policy set out above and the investment and gearing restrictions set out therein, the Chairman or another member of the Investment Team shall inform the Board upon becoming aware of such breach and if the Board considers the breach to be material, notification will be made to a Regulatory Information Service.
IIG offers investment in fast growing/high potential technology and life science businesses utilising the board’s extensive experience of driving value acceleration.
Via FTI Consulting
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