2nd Aug 2007 07:01
IP Group PLC02 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 propertycommercialisation company, is delighted to announce that it has completed asecond closing of IP Venture Fund ("the Fund"), the venture capital fundestablished in July 2006 in partnership with the European Investment Fund, oneof the leading venture capital investors in Europe. The Fund, which was over-subscribed, has attracted total commitments of £31million with new investors Industriens Pensionsforsikring A/S, FSP InvestF.M.B.A., afdeling Private Equity, Forsikringsaktieselskabet K.a.B Internationaland the National Endowment for Science, Technology and the Arts (NESTA)participating in the second closing. In addition, IP Group has increased itscommitment to the Fund to £3.1 million. The Fund is managed by Top Technology Ventures Limited, the venture capital fundmanagement subsidiary of IP Group, and commits in the region of 25% of theamount of post-seed financings of IP Group portfolio companies alongside capitalcommitted by external investors, subject to the terms of the Fund. It hascompleted nine investments in IP Group portfolio companies to date. Magnus Goodlad, Chief Operating Officer of IP Group, said: "We are delighted tohave attracted such a high quality group of investors to participate in thesecond closing of IP Venture Fund and look forward to working together in thefuture to continue the successful investment of the Fund." For further information, please contact: IP Group plc 020 7444 0050Magnus Goodlad, Chief Operating OfficerLiz Vaughan-Adams (Communications) 020 7444 0062/07979853802 Buchanan Communications 020 7466 5000Mark Court, Tim Anderson, Mary-Jane Johnson Notes for Editors About IP Group IP Group Plc is an intellectual property (IP) commercialisation company thatspecialises in commercialising university technology. Founded in 2001, IP Grouplisted on AIM in October 2003 and moved to the Official List in June 2006. Ithas made two acquisitions to date - Techtran, a company set up to commercialiseuniversity intellectual property under a long term contract with the Universityof Leeds, in 2005 and Top Technology Ventures, an investment adviser to earlystage technology venture capital funds, in 2004. IP Group has formed long-term partnerships with ten universities - theUniversity of Oxford, King's College London, CNAP/University of York, theUniversity of Leeds, the University of Bristol, the University of Surrey, theUniversity of Southampton, Queen Mary (University of London), the University ofBath and the University of Glasgow. As at 31 December 2006, 53 spin-out companies had been created among IP Group'suniversity partners. Of those, eight have listed on the AIM market of the LondonStock Exchange, one on PLUS Markets and there have been two trade sales. IPGroup also has three 'Modern-themed' subsidiaries - Modern Biosciences, ModernWater and Modern Waste. Modern Water was the first of these subsidiaries tofloat on AIM in June 2007. For more information, please visit our website at www.ipgroupplc.com. ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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