UCL Technology Fund Christoph Ruedig Albion Capital
UK & UCL World Leading in Research and Funding Scienti tific Publicati tions/GDP DP* Research Res earch In Incom come (£) e (£)** ** 0.46 0.466bn bn Camb Cambrid ridge ge 0.565b 0.5 5b 0.460 0.460b USA USA UK Ge UK Ger China China Ja Japan n n n Oxford Oxford 0.8 0.8 1.17 1.17 0.37 0.37 0.54 0.54 UCL UCL 9 1.00 1.00 UCL is on par with th Oxford and Cambridge World-leadin World-leading on on res research earch • Research income in 2017 at similar level • Highest-ranked on research productivity Significant t disparity ty in ventu ture capita tal raised • Home to Europe’s leading universities • Oxford Sciences Innovation (~£600m) Largest t VC funding market t in Eu Europe • Cambridge Innovation Capital (£125m, raising • 37% of all VC investment in Europe more) • £8.1bn tech, £2.7bn life sciences 2012 to 2017 • UCL Technology Fund (£53m) Largest t university ty IP funding market t in Eu Europe • £2bn raised to date * Publications based on Nature Index 2017 Weighted Fractional Count, normalised to GDP ** Year end 2017
University College London/UCL Business University ty College London Third largest t university ty in th the UK Spun out t several of th the most t successful UK university ty sta tart- t-ups • 11,500 researchers and academic staff • £1.3bn income, of which £0.5bn from research grants and contracts First marketed cancer immunotherapy company, Among to Among top 10 universiti ties worldwide and to top 5 in sold to Amgen for $1bn Europe; Eu #1 in UK for str trength th of research outp tput t and impact t Most successful AI (REF EF2014) company, sold to Google for $600m UCL Business UCL Business Cancer immunotherapy Es Esta tablished in 1993; part t of UCL Innovati tion & En Ente terprise company, Nasdaq IPO at $1.1bn in June 2018 50 Sta taff, senior te team with th >20 years te technology tr transfer experience each experien ce each & str trong non-exec board Rare disease gene therapy company, raised ~$300m to KPIs (2003–2 –2018) date • 129 129 spin-outs, which have raised £1. £1.4bn bn combined investment to date Eye disease gene therapy • Exited 22 22 companies with total proceeds £1.8bn £1.8bn company, Nasdaq IPO at • Current portfolio of 38 spin-out companies $450m in June 2018 • Licensing income from 326 326 technologies
Albion Capital Es Esta tablished over 22 years ago £1.1bn assets ts and commitm tments ts under management t in insti titu tuti tional and reta tail platf tforms Of Of which which ~£450m ~£450m in in Ea Early-sta tage and Growth th Ventu ture Capita tal Trusts ts UCL UCL Technology Technology Fund Fund £40 400 m £53 £53 m Deep dom De omain ain experti tise an and prov d proven en su success ccess in in Str trong investm tment t retu turns core areas of UCL Tech core areas of UCL Tech Fu Fund • "Top quartile" performance in technology & • Life Sciences and Health healthcare Technology • Software Team of Team of 4 43, 2 , 21 investm tment t professionals with th average ~10 years’ investi ting experience • 15 FTEs dedicated to Early-stage & Growth investing
UCL Technology Fund Summary • Set up in Jan’16 to finance commercialisation of IP from UCL • Partnership between UCLB and Albion Capital; UCLTF has access to all IP coming out of UCL • £53m in commitments from EIF and IP Group; 5 year investment period; 10 +2 year life • Unique investment approach ensures capital efficiency while maximising returns • Investment amounts <£100k to £5m • Investments in spin-out companies and projects remaining within university • 7 investment professionals from Albion + UCLB; Experienced life sciences executives as advisors • Investments in 28 spin-out companies and projects made to date; Strong focus on gene therapy, cancer therapy and artificial intelligence
UCLTF – Partnership Based Operating Model Alb Albion ion as as Fund Fund Manager Manager (and (and GP) GP) UCLB as UCLB as “Technical “Technical Ad Advisor” visor” • 22 years of fund management experience • 25 years of TTO experience • Independence • Access to academics, projects & university depts. • Early-stage & growth investment experience • IP expertise and operations • Venture networks • Project management • FCA Authorisation (AIFM full registration) • Interface with university incl. strategic, finance Roles & Responsibiliti ties Roles & Responsibiliti ties • Project origination & initial work-up • Governance incl. Investment Committees • IP management • Investment decision-making • Ongoing liaison with academics and project • Deal structuring coord’n • Portfolio input incl. management team building • Licensing • Fund accounting & investor relations • Portfolio input incl. management team building
UCLTF – Investment Approach 3 Types of Investm tment t Opti timised Commercialisati tion Route te Proof of Concept t projects ts Licensing route te (pr (prim imar arily life scien ily life sciences ces) • Up to £100k • For narrowly focused technologies • Pre-commercial evaluation and development • To be licensed early to corporate partner • Secures pre-emption rights � Capital efficient − Less overhead − Projects ts for licensing Leverages university infrastructure − • Up to £1m Better able to access grants • Remain within university � Early licensing reduces financial exposure • Defined revenue share with UCLB � Spreads risk across broad portfolio • License out early and/or seek further grant-funding � Retains upside Spin-outs ts (life an (life and ph d physical scien ysical sciences) ces) Spin-outs ts • For technology platforms or applications with large • £1m to £2.5m Seed / Series A markets • Defined valuation & deal structure at investment • Early syndication with VCs from Albion network • Hands-on approach: Albion involved in early strategy, • Early-stage spin-out model that leverages funding team building and syndication from UTF ecosystem
UCLTF – Investment Highlights >£450m exte ternal funding into to portf tfolio companies over last t 2.5 years First Nasdaq IPO – 2 more anticipated in next 12 months Raised ~$300m Raised ~$150m Bloom Bloomsbu sbury AI join ry AI joins Facebook s Facebook – ahead of 250 leading AI companies ward wi wins ns $1.5m m gl global Microso soft ft awa
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