IP Group plc

Investment thesis

IP Group is one of the UK's largest listed IP-commercialisation platforms, with deep partnerships with leading research institutions including Oxford, Cambridge and Imperial College London (plus Parkwalk's university funds with Bristol and Northern Gritstone, and IP Group Australia with the Group of Eight). Its quantum thesis is hardware-diversified across three direct holdings: Oxford Quantum Circuits (superconducting, 1.4%), Quantum Motion (silicon-CMOS spin qubits, 7.3%, selected for DARPA QBI Stage B in November 2025 after delivering the industry's first full-stack silicon CMOS quantum computer to the NQCC in September 2025) and Quantum Dice (quantum random-number generation, 17.0%). As a listed evergreen vehicle it can hold hardware companies to exit (as it did with Oxford Nanopore), and it also reaches quantum via its wholly-owned EIS fund manager Parkwalk (Phasecraft and others). Post-2024 the strategy is capital-disciplined: up to 50% of exit proceeds are recycled into buybacks and few new lines are opened (£70.5m across 31 companies in 2025).