IP Group PLC Joint venture with China Everbright to launch fund
May 28 2021 - 4:00AM
RNS Non-Regulatory
TIDMIPO
IP Group PLC
28 May 2021
FOR RELEASE ON 28 May 2021
IP Group plc forms joint venture with China Everbright Ltd
to
launch a GBP167m* (RMB1.5bn) fund in China
IP Group plc (LSE:IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, is delighted
to announce a joint venture with China Everbright Limited
(HKG:0165) in Hong Kong to launch a fund in China aimed at
providing growth capital to China-based subsidiaries of IP Group's
UK portfolio companies.
The fund, which can only invest in entities incorporated in the
PRC such as the China subsidiaries of overseas companies or joint
venture structures, is expected to achieve a first close of RMB500m
(c.GBP56 million*) later this year and increase to RMB1.5bn (c.
GBP167 million*) within the next three years.
A imed at supporting high-growth companies wanting to establish
a presence in China , the fund will deploy no less than 40% of the
capital to IP Group plc portfolio companies with the balance
available to non-IP Group deep technology companies .
Alan Aubrey, Chief Executive of IP Group plc, 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."
Dr Wei Zhao, Chairman of China Everbright, said: "China
Everbright has always been committed to the cultivation of
high-growth technology businesses with its unique cross-border
approach. We look forward to working with IP Group plc to enable
world-class science and technology to make contributions to
humanity."
The fund will be managed from the IP Group side by Dr Lewis
Zhenyu Liu, Managing Director of IP Group Greater China and
Managing Partner of IPG-CEL China Ventures, and Joyce Dan Xie,
Managing Director of IP Group Greater China and Partner of IPG-CEL
China Ventures. China Everbright is IP Group's exclusive partner in
the RMB fund management business in China.
Dr Lewis Zhenyu Liu, Managing Director of IP Group Greater China
and Managing Partner of IPG-CEL China Ventures, said: "The joint
venture is dedicated to providing both financial and strategic
support to deep technology businesses with unparalleled growth
opportunities in one of the world's most dynamic economies."
* GBP equivalents calculated using 9 CNY/GBP.
For more information, please contact:
IP Group plc www.ipgroupplc.com
Greg Smith, Chief Financial Officer +44 (0) 20 7444 0050
Liz Vaughan-Adams, Communications +44 (0) 20 7444 0062/+44 (0)
Dr Lewis Zhenyu Liu 7979 853802
Joyce Dan Xie lewis.liu@ipgroupgc.com
joyce.xie@ipgroupgc.com
Charlotte Street Partners
David Gaffney +44 (0) 7854 609998
Andrew Wilson +44 (0) 7810 636995
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation
company which focuses on evolving great ideas, mainly from its
partner universities, into world-changing businesses. The Group has
pioneered a unique approach to developing these ideas and the
resulting businesses by providing access to business building
expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks,
recruitment and business support. IP Group has a strong track
record of success and its portfolio comprises holdings in
early-stage to mature businesses across life sciences and
technology. IP Group is listed on the Main Market of the London
Stock Exchange under the code IPO.
For more information, please visit our website at
www.ipgroupplc.com .
About China Everbright Limited
China Everbright Limited was established in Hong Kong in 1997
and is China's leading cross-border investment and asset management
company. Its parent company is China Everbright Group. Everbright
manages private equity funds, venture capital funds, industry
funds, mezzanine funds, parent funds, fixed income and equity
funds. Everbright utilises its strong private capital and
cultivates a number of high-growth-potential enterprises together
with its investors.
ENDS
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