IP Group was founded in 2001 and is listed on the main market of the LSE. It invests in companies underpinned by IP and scientific innovation, across HealthTech, DeepTech, CleanTech. Investments are sourced via partnerships with universities (including Oxford, Cambridge, Imperial and UCL), research institutions and other networks. The on-balance-sheet portfolio value is>£0.9bn, with >£0.5bn managed for 3rd parties. The portfolio has produced 4 unicorns and realised >£1.1bn.

26 Oct 2026

IP Group CEO & CFOO Interview: the model, exits and holdings to watch

To mark IP Group’s 25th anniversary, Equity Development analyst Paul Bryant spoke to CEO Greg Smith and CFO and COO David Baynes.

Greg explains why the question for the UK is no longer whether it can create companies from university science, but whether it can scale them into global businesses. He sets out how IP Group backs companies with its own balance sheet and with third-party funds, including a new pension product with Aberdeen.

On the portfolio, David explains the story behind IP Group’s royalties on Pfizer’s next-generation obesity drugs, valued at £152m, while Greg looks ahead to the programme’s clinical milestones and picks out holdings to watch, including Matter Machine and Genomics.

With £156m realised so far towards a £250m target, Greg also sets out how IP Group is tackling the discount to NAV, from last year’s buyback, the most active in the FTSE 250, to balancing cash returns with reinvestment.

Watch the full interview (right) or selected parts of the conversation (below).


Why invest in IP Group: Greg Smith explains the three areas IP Group invests across, which together add up to a 10 trillion opportunity by 2030. (91secs)	How third-party funds add fee income at IP Group: Greg Smith covers Parkwalk's early-stage funds, the five-year mandate with Australian superannuation fund Hostplus, and a new DC pension product with Aberdeen for UK savers, one of the first of its kind after the Mansion House reforms. (82secs)

Pfizer royalties, the origin story: IP Group's largest asset grew from a patent family it secured from Imperial College. (106secs)	Valuing the Pfizer royalties: Greg Smith explains the inputs: market size, from a weighted average of four analyst forecasts; IP Group's royalty percentage; and the probability of success at each trial stage. (86secs)

Pfizer royalties, the route to cash: IP Group has two ways to turn its Pfizer royalty into cash. CFO and COO David Baynes explains that specialist royalty buyers exist. (103secs)	IP Group exits: Two years ago, when its market cap was around £500m, IP Group set a target to realise £250m from its portfolio within three years. (104secs)

What could drive NAV growth: CEO Greg Smith picks out the main drivers of NAV per share over the next year or so. (137secs)	Buybacks and the discount: IP Group shares trade at around a 40% discount to NAV, and CEO Greg Smith sets out how capital allocation can help close it. (89secs)

One to watch:Genomics, an Oxford University spin-out backed by IP Group for around eight years, turns genetic data into commercial products. (119secs)

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