Phoenix Group invests £111m in science and tech firm IP Group

Written by Michael Griffiths

19/10/2022

Phoenix Group has announced a £111m investment in IP Group by way of long maturity private loan notes.

IP Group, which develops businesses across the life sciences and technology sectors, will use the financing for investments including in “cleantech” and other sustainable assets linked to the United Nations Sustainable Development Goals.

Having pioneered the concept of the long-term partnership model with UK universities, IP Group has spent several years working on a unique approach to building businesses and providing support along the journey from start-up to maturity. This is IP Group’s debut private placement.

IP Group’s permanent capital structure, complemented by a modest amount of debt, allows the firm to commit to long-term support and capitalise on its technical and business-building expertise in science and technology.

“We are delighted to support IP Group in the further expansion of its portfolio of impactful, science-based innovations,” said senior investment manager, private credit at Phoenix Asset Management, Jeremy Dunton.

“Phoenix actively looks to support sustainable businesses through our private debt portfolio, and our asset management team works with first time issuers to develop flexible financing solutions. This transaction further demonstrates our ability to support companies like IP Group, in developing pioneering solutions in climate action, healthcare and nano-technology which will provide us all with a better future.”

IP Group chief financial and operating officer, David Baynes, added: “We’re delighted to be working with Phoenix who share our vision for a cleaner, healthier and tech-enriched future and we look forward to a productive long-term partnership.”

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