IP Group launches joint venture aiming to provide capital in China

(Alliance News) - IP Group PLC on Friday announced a joint venture Hong Kong-based financial ...

Alliance News 28 May, 2021 | 2:12PM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - IP Group PLC on Friday announced a joint venture Hong Kong-based financial services firm China Everbright Ltd to launch a fund in China.

The developer of intellectual property-based businesses said the fund will aim at providing growth capital to China-based subsidiaries of IP Group's UK portfolio companies.

The fund is expected to achieve a first close of RMB500 million, about GBP56 million, later this year and increase to RMB1.5 billion within the next three years.

The fund will deploy no less than 40% of the capital to IP Group's portfolio companies with the balance available to non-IP Group deep technology companies, the company said.

"We are delighted to partner with one of the most renowned asset management firms in Greater China to support the growth of our portfolio companies in the region. This joint venture is consistent with our stated strategy of working with high-quality partners to provide our companies with access to expertise, network and capital," said IP Group Chief Executive Alan Aubrey.

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
IP Group PLC 42.85 GBX 1.90 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures