LSE-listed FTSE250 investment trust. Founded 2012 by Wellcome Trust (original funder), merged BACIT 2016. AUM/NAV: c.£765m portfolio (14 portfolio cos, 24 total incl. early-stage). Leadership: Chris Hollowood (CEO), Roel Bulthuis (Head Investments). Team: 43 staff incl. 22 partners. Portfolio: Autolus (CAR-T, public), Beacon (gene therapy, £285m raised), iOnctura (oncology), Yellowstone (TCR), Purespring (kidney disease), OMass (drug discovery), Quell (cell), Resolution (macrophage therapy). Exits: Achilles, Freeline, Autolus IPO. Value-add: company launch team, regulatory expertise, capital access.
Investment Thesis
Seed to growth-stage biotech via company creation and follow-on investing. Specializes: gene/cell therapy, oncology, rare disease. Sectors: drug discovery, immunotherapy, clinical-stage assets. Check sizes: £10m-£100m+ (recent: £30m iOnctura, £33m Beacon Series B, £20m Forcefield). UK/US/Europe-based startups. Differentiator: operational launch team for company creation; deep institutional knowledge; long-term capital base enabling 10-25% ownership stakes. Avoids: early biotech without clinical path or immediate M&A potential (shifted strategy June 2025 to mature portfolio focus).
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