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The IPO Season
Dear
According to Dealogic, the value of IPOs in London in the first quarter of 2014 has exceeded that of 2007 to reach a new all time record, with a favourable economic backdrop and institutional investors sitting on large cash piles driving the market.
In the growth technology sector, we have seen successful listings from Oxford Immunotec (raising $64m on NASDAQ), Durham's Applied Graphene (quadrupling on first week of listing), Kromek and Imperial's Circassia announcing the largest ever UK biotech flotation.
Two Parkwalk portfolio companies, Xeros and Horizon Discovery, are aiming to list their shares on AIM in the next fortnight. Both of these IPOs should show very significant uplifts for our investors.
Finally, we have closed the penultimate investment for the Parkwalk Fund IV into Arkivum (details below) and we are now receiving subscriptions for this year's Parkwalk Fund V - please contact the team on 020 7759 2288 or by clicking here if you would like more details on Fund V, which we expect to close to new investors in the coming month.
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Budget 2014 and Venture Investing
Overall, we believe the 2014 Budget was positive for our investment strategy, with increased R&D tax credits, the SEIS being made permanent, the exploration of the possible use of convertible loans under the EIS and some tightening of the rules around VCTs and double tax incentives through ROCs and RHIs.
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Arkivum Investment
We are pleased to announce that Parkwalk Fund IV has made its penultimate investment into Arkivum, who have developed a safe and simple process to manage data security and safety.
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Parkwalk Fund V
Parkwalk invests in high-growth British technology companies across all stages of their development, from formation through to AIM-listed companies.
Currently all of our fully invested Funds are valued at a premium to their investment cost, with and without the tax reliefs of the EIS.
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Co-Investor Update
The increase in interest in the university spin-out technology sector continues, with Fusion IP being taken over by IP Group, who in turn announced a £100m fund-raise in February this year.
There have been several successful IPOs both here and in the US...
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