IP Group PLC (LSE:IPO) CEO Greg Smith spoke with Proactive's Stephen Gunnion about a strong start to 2026, with NAV per ...
What Greg Smith said
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IP Group CEO Greg Smith said the company is pleased with first-half 2026 progress, with NAV per share at about 117 pence and cash proceeds exceeding £85 million year to date, already ahead of the full 2025 total. Portfolio companies raised over £540 million in third-party capital, and the private capital platform complements the balance sheet. On the £250 million realization target by end of 2027, Smith said they are over 60% there with more than a year left, citing proceeds from Hinge Health, Centessa, and Monolith. He noted Pfizer's obesity programs advanced, particularly the Berobenatide and amylin combination into phase 2b. Smith highlighted momentum in quantum computing, AI infrastructure, and advanced semiconductors, with major rounds for Oxford Quantum Circuits, Quantum Motion, and Oxa. He emphasized not relying on a single outcome, with multiple value creation routes across healthtech, deep tech, and cleantech.
Key takeaways
Cash proceeds exceed £85 million year to date, already surpassing the full 2025 total.
Portfolio companies raised more than £540 million of third-party capital in the first half.
Over 60% of the £250 million realization target for end of 2027 has been achieved.
Pfizer's Berobenatide and amylin combination advanced into phase 2b in 2026.
Oxford Quantum Circuits, Quantum Motion, and Oxa raised major funding rounds.
We continue to see a healthy pipeline of maturing assets. And I would definitely say increasing strategic interest across parts of the portfolio. And so there are a number of potential realization opportunities over the next sort of 12 to 18 months. So we'll always prioritize value over speed. But we remain very confident in the opportunity set and in our ability to deliver against that target.
Hello. You're watching Proactive. I'm joined by Greg Smith, the CEO of IP Group. Greg, very good morning to you. NAV per share rose to 114 pence and it's now at around 117 pence. You generated 69 million pounds of cash proceeds in the first half and a further 17 million to date. How do you assess the first half performance this year?
Thank you Stephen. Yeah, we've been very pleased with the progress across the business so far this year. As you say, NAV per share has continued to grow and actually is currently around 117p. We've generated more than 85 million of cash proceeds year to date. And that's already ahead of the total that we delivered in the whole of 2025. What I think is particularly encouraging is that the progress has been pretty broad based. We've seen some continued advancement in Pfizer's obesity programs. We've seen strong operational progress from companies like Oxford Nanopore recently, and our portfolio companies collectively raised more than 540 million of third party capital during the first half. Probably also worth saying, we've continued to develop our private capital platform alongside the balance sheet, which is strategically important to us over the long term, gives us additional firepower to support our most promising companies as they scale, while creating opportunities to generate management fees and performance fees for our shareholders. So that sort of overall combination of NAV growth, cash realizations, external validation and platform development is exactly what we're looking to deliver. And I should finish because Dave, my CFO, would want me to by saying we have a strong balance sheet with around 240 million of cash in deposits. So that gives us considerable flexibility as we look ahead to what remains a very exciting portfolio. Opportunities across healthtech and deep tech and cleantech.
Greg, you have now generated 154 million pounds of realization since the start of 2025. How confident are you reaching the 250 million pound targets by the end of 2027?
Well, we're definitely encouraged by the progress that we've made. You know, having generated more than 150 million of proceeds since the start of 2025, we're already more than 60% of that target with over a year remaining. I think, importantly, those proceeds have come from a range of different sources that includes Hinge Health, Centessa but also Monolith, and that demonstrates the breadth of our portfolio and the ability to realize value from different sources. Obviously, it's fair to say the exact timing of exits is never entirely within our control, and market conditions always matter. But what I can say is we continue to see a healthy pipeline of maturing assets. And I would definitely say increasing strategic interest across parts of the portfolio. And so there are a number of potential realization opportunities over the next sort of 12 to 18 months. So we'll always prioritize value over speed. But we remain very confident in the opportunity set and in our ability to deliver against that target.
Smith, G. (2026, September 14). IP Group eyes further value growth as cash realisations top £85m [Interview transcript]. Proactive Investors. CEOInterviews.AI. https://ceointerviews.ai/interview/1391906/
MLA
Greg Smith. "IP Group eyes further value growth as cash realisations top £85m." Proactive Investors, 14 Sep. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/1391906/.
BibTeX
@misc{smith2026_1391906,
author = {Greg Smith},
title = {IP Group eyes further value growth as cash realisations top £85m},
howpublished = {Interview transcript, Proactive Investors. CEOInterviews.AI},
year = {2026},
month = {sep},
url = {https://ceointerviews.ai/interview/1391906/},
note = {Speaker-attributed transcript with timestamps}
}
