20 YEARS OF EVOLVING  
GREAT IDEAS INTO  
WORLD-CHANGING BUSINESSES
ENVIRONMENTAL 
SOCIAL & 
GOVERNANCE 
REPORT 2021
Registration Number: 04204490
Stock Code: IPO

MESSAGE FROM THE CEO
IP Group was 
established to evolve 
scientific research 
into world-changing 
businesses—
businesses that make 
a positive impact on 
the environment and 
society alongside an 
attractive financial 
return.
Over the last two 
decades, we have invested more than £900m into 
science-based businesses, which has facilitated the 
creation of more than 300 companies and 5,000 
jobs and our vision is to increase the number of 
self-sustaining, successful impact companies that IP 
Group helped create and support.
Historically, many of the solutions to global 
problems have come from fundamental research 
and development carried out in the world’s leading 
research universities and institutions. We believe 
that this will continue to be the case and that the 
Group’s model, of helping commercialise cutting-
edge science, is of real importance, and has and will 
continue to have a positive impact.
Scientific innovation has proved to be a vital 
weapon in the world’s response to the COVID-19 
pandemic and some of the companies that the 
Group has backed and supported over the years 
have played critical roles in this response. This 
contribution has amplified the importance of 
backing innovation in science over the long-term. 
The pandemic has also presented the world with a 
glimpse of what being unprepared for an existential 
crisis might look like—a stark reminder of our 
fragility—and this has driven increased interest in 
tackling the global threat of climate change.
With COP26 in the UK in November, we are acutely 
aware of the need to support the energy transition. 
IP Group is well placed to do this as an investor in 
clean technologies but we will also be focusing on 
how to manage our own environmental impact and 
that of our portfolio.
In recent years we have articulated this strong 
natural alignment between the Group’s purpose 
and impact by assessing the impact of our portfolio 
against the UN’s Sustainable Development Goals 
(‘SDGs’) and have also focused on improving our 
performance on broader ESG issues.
A particular focus for IP Group has been achieving 
greater inclusion and diversity, particularly in the 
Group’s Senior Leadership Team and we have made 
good progress with 33% female representation on 
the Board and 36% female representation on our 
new Executive Committee whose composition has 
been designed to ensure a greater level of diversity 
with the creation of two ‘Employee Executive’ roles. 
We believe we are the first FTSE250 company to 
put such a structure in place.
There is, of course, much still to do. The current 
pandemic has led to terrible loss of life and 
human suffering and has also amplified existing 
inequalities in our society, including systemic 
racism, gender inequality, and poverty. We firmly 
believe that IP Group has an important role to play 
in the post-pandemic world, which we hope will 
look very different another 20 years from now. 
Alan Aubrey 
CEO, IP Group
CONTENTS
Message from the CEO	
1
Group at a Glance	
2
Our Approach to ESG and Responsible 
Investment	
3
	
– External frameworks and membership 
bodies	
3
	
– Focus areas	
4
	
– ESG management processes	
5
	
– The Ethics Committee	
5
ESG at IP Group	
6
	
– Environmental	
6
	
– Social	
8
	
– Employee and Engagement  
Non-financial KPI	
8
	
– Key areas of progress 	
9
	
– Diversity & Inclusion	
10
	
– COVID-19 response	
12
	
– Community Engagement	
13
	
– Governance	
14
IP Group as a responsible investor	
15
	
– Responsible Investment 	
15
	
– Embedding ESG into our investment 
processes	
15
Impact at IP Group	
16
	– How IP Group and its portfolio map against 
the Sustainable Development Goals	
16
	
– Measuring progress 	
16
	
– Case studies 	
17
Reporting & Transparency: SASB	
23
Reporting & Transparency: TCFD	
26
Appendix: Top 20 portfolio companies	
27
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IP Group plc
ESG Report 2021
INTRODUCTION
INTRODUCTION

GROUP AT A GLANCE
IP Group’s purpose is to evolve great ideas into 
world-changing businesses. We achieve this 
by systematically helping to create, build and 
support outstanding intellectual property-based 
companies.
We partner with leading research institutions in 
countries where leading research is produced. 
We focus on three key sectors—Life Sciences, 
Deeptech and Cleantech—in three areas of 
geographic focus: the UK, the US and Australia and 
New Zealand.
Engagement and Impact
Since the Group was founded, we have formed and 
supported over 300 companies in total and have 
invested more than £900m into those businesses 
which, in turn, have raised more than £5bn of 
funding. We estimate that more than 5,000 jobs 
have been created through IP Group and its 
portfolio companies. 
£5bn+
RAISED BY PORTFOLIO 
COMPANIES
300+
COMPANIES FORMED 
AND SUPPORTED
£900m+
INVESTED IN SCIENCE-
BASED BUSINESSES
£1.3bn
NET ASSET VALUE  
125 PENCE PER SHARE
5,000+
JOBS CREATED
ALIGNED WITH
SDGs
Portfolio analysis – UK breakdown
By Stage
Sector
Value of  
companies:
No. of portfolio 
companies2
Top 20
Focus
Other
Life Sciences
£392.5m
40
£250.4m
£45.1m
£97.4m
Deeptech
£212.5m
36
£139.0m
£36.8m
£36.7m
Cleantech
£58.8m
12
£35.6m
£21.7m
£1.5m
Strategic
£370.6m
4
£363.2m
–
£7.4m
Organic & de minimis
£11.9m
n/a
–
–
£11.9m
Total UK Portfolio £1,046.3m
92
£788.2m
£103.6m
£154.5m
Deeptech
Life 
Sciences
Strategic
Organic &
De minimis
Cleantech
Total UK
US
Australia
Total
Portfolio
3%
£7m
(13%)
(£2m)
6%
£5m
8%
£0m
23%
£231m
£227m
27%3
£85m
29%
£83m
44%
£54m
24%
Portfolio performance summary1
2020 portfolio fair value movements/return on opening portfolio 
¹Percentages reflect simple return on opening portfolio value
2
IP Group plc
ESG Report 2021
GROUP AT A GLANCE

OUR APPROACH TO ESG AND RESPONSIBLE INVESTMENT
Introduction 
IP Group’s purpose of evolving great ideas into 
world-changing businesses, and the importance 
of backing innovation and science, has a natural 
alignment with sustainability. This is at the heart 
of our approach which considers ESG factors in 
how we operate, make investment decisions and 
collaborate with portfolio companies.  
2020 has highlighted how our business model 
and the resulting portfolio companies can have 
real world impact.
External frameworks and membership 
bodies
Mapping this impact is a key priority for IP 
Group and we are working to measure this 
impact against the Sustainable Development 
Goals (SDGs). We also look to the SDGs to guide 
priority areas across IP Group as a business and 
our portfolio. Diversity and Inclusion is a key area 
of focus as is reducing environmental impact and 
supporting innovation. More on how we work to 
achieve the targets of the SDGs can be found in 
our specific work streams on pages 16 to 23. 
IP Group is also a signatory of the UN Global 
Compact, the world’s largest corporate 
sustainability initiative. This report serves as 
the annual Communication of Progress to the 
UN Global Compact, outlining how we are 
aligned to its principles on human rights, labour, 
environment and anti-corruption.
More recently IP Group has become a member 
of the Principles of Responsible Investment. 
This framework will be important in guiding our 
approach as a responsible investor.
* The use by IP Group plc of any MSCI ESG research llc or its affiliates (“MSCi”) data, and the use of MSCI logos, trademarks, 
service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of IP Group 
plc by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without 
warranty. MSCI names and logos are trademarks or service marks of MSCI.
3
IP Group plc
ESG Report 2021
OUR APPROACH

OUR APPROACH (CONT)
Focus areas
IP Group takes a three pillared approach to sustainability with a focus on 
ESG at plc level, our role as a responsible investor and highlighting the 
impacts of our portfolio. Across all three we aim to embed best practice 
management and measurement of environmental, social and governance 
considerations. 
To determine this, IP Group carried out a materiality assessment in 2020, 
aimed at gaining a better understanding of the most material ESG issues 
for stakeholders to help identify and manage both risks and opportunities. 
This assessment of our material ESG issues combined qualitative and 
quantitative inputs from internal and external stakeholders. Understanding 
these issues supports our strategic ESG and responsible investment focus. 
IP Group is committed to measuring its ESG progress with the materiality 
assessment having helped identify both material issues and appropriate 
metrics. We have begun data collection around these metrics in line 
with the SASB framework and, in addition, we have started analysis 
against the Taskforce for Climate-related Financial Disclosures (TCFD) 
recommendations. These require that we look at the risks and opportunities 
presented by climate change to the business and our portfolio. In 2020, the 
UK government announced its intention to make TCFD-aligned disclosures 
mandatory across the economy by 2025, with a significant portion of 
mandatory requirements in place by 2023. Our voluntary response and 
analysis of climate risk positions us as an early mover in our sector.
 
Materiality assessment
The following themes emerged from the assessment and will guide 
strategy during 2021
Internal
External
4.
4.
5.
5.
3.
3.
2.
2.
1.
1.
Equal remuneration - Gender
Water use
Energy use
Waste management
Climate change risk
Greenhouse gas emissions
Employee relations
Employee health, safety & wellbeing
Employee training and development
Whistleblowing system
Diversity & inclusion - Gender
Diversity & inclusion - Ethnicity
Diversity & inclusion - Disability
Equal opportunity - Gender
Equal opportunity - Ethnicity
Equal opportunity - Disability
Equal remuneration - Ethnicity
Equal remuneration - Disability
Recruiting and retaining talent
Business ethics and behaviour
Prompt payment
Modern slavery
Director independence
Quality of board oversight
Regulatory compliance
Anti-competitive practices
Anti-bribery and corruption practices
Tax transparency
Political contributions
Executive remuneration
Cybersecurity and data protection
Board diversity
Stewardship practices
Responsible investment processes
Grievance management
Governance
Social
Environment
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ESG Report 2021
OUR APPROACH

OUR APPROACH (CONT)
IP Group has taken the results of the materiality 
assessment and used them to shape our 
focus areas for 2021 as our approach to ESG, 
responsible investment and sustainability 
continues to evolve.
Our key aims for 2021 include:
•	
Further integrating ESG into IP Group’s 
overall strategy and across all of our 
business units;
•	
Engaging internal stakeholders on ESG 
including relevant training;
•	
Improving data collection and reporting, 
particularly around material factors and 
key metrics as identified by the materiality 
assessment;
•	
Considering formal environmental targets 
aligned to net zero at operational and 
portfolio level;
•	
Engaging our portfolio on key ESG factors 
such as diversity;
•	
Exploring ways in which the positive impact 
of our portfolio can be further tracked, 
measured and disclosed.
ESG management processes
IP Group’s approach to ESG including climate 
change and related policies is overseen by 
the Board of Directors and accountability for 
sustainability rests with executive management 
and, in particular, the Chief Executive Officer. 
In addition, the Group’s existing investment 
processes take into account ESG matters 
including matters through the Ethical Investment 
Framework which is overseen by the Ethics 
Committee. IP Group’s operational oversight 
of climate change is covered by its ESG and 
Sustainability Policy. The Group has an ESG 
Working Group which meets regularly and 
oversees the implementation of related work.
The Ethics Committee
IP Group is focused on ensuring our approach 
to responsible investment runs through our 
investment processes, in particular how our 
Ethical Investment Framework aligns with our 
investment approach and how this impacts 
our role as an investor. We are aware that 
implementing a new framework across an 
existing portfolio and multiple geographies can 
be challenging and we are looking to evolve our 
approach. To this end, the Ethics Committee 
advises on our approach, meeting twice a year 
under the Chair of Professor Gordon Clark. It 
is also available to meet should a particular 
question arise.
Both groups are supported by the ESG Policy 
and Ethical Investment Framework, details of 
which can be found on the website. 
About Professor Gordon Clark
Professor Clark was appointed as 
Independent Chair of the Ethics 
Committee in June 2020. He is currently 
the Director of the Smith School of 
Enterprise and the Environment, University 
of Oxford, with cross appointments in 
the Saïd Business School and the School 
of Geography and the Environment. 
Professor Clark was recently identified 
by Chief Investment Officer magazine as 
one of the world’s four most influential 
academics in the field of investment 
management, and is one of the most-cited 
social scientists in the world, with over 
10 books to his name and more than 150 
published papers in refereed journals. 
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ESG Report 2021
OUR APPROACH

ESG AT IP GROUP
Environmental: acknowledging our 
role in the low carbon world
It has become clear that meeting the goals of 
the COP21 Paris Agreement will require a prompt 
transition of economies to net zero carbon 
emissions. At IP Group, we are committed to 
supporting the energy transition both through 
our operations and our portfolio. Our Cleantech 
portfolio, in particular, contains many companies 
with technology solutions which may assist with 
the transition. In line with this approach, we 
chose to start the process of disclosing climate-
related risks and opportunities in line with TCFD 
recommendations. A summary of our initial 
disclosure towards targets can be found on page 
page 26.
IP Group is required to report on its annual 
greenhouse gas (GHG) emissions as part of 
the Companies Act 2006 (Strategic report and 
Directors’ report) Regulations 2018. IP Group is 
also required to report in line with Streamlined 
Energy and Carbon Reporting (SECR) 
requirements for the first time for the period 1 
January 2020 to 31 December 2020, in line with 
its financial reporting period. These requirements 
include an overview of GHG emissions, intensity 
ratios, energy consumption and energy efficiency 
actions taken by IP Group over the reporting 
period for operational office locations.
Intensity ratio
Total emissions breakdown by scope 2020
Total Global Energy Usage 2020
138.4
tonnes of CO2
Scope1
0
Scope 2
20.6
Scope 3
117.8
UK
44,160 kWh
Australia
1,528 kWh
USA
21,477 kWh
2020
2019
138.4
tCO2e
133.4
tCO2e 1 January - 31 March
257.5
tCO2e 1 January - 31 March
973.9
tCO2e
1.37
tCO2e PER EMPLOYEE IN 2020
0.02
tCO2e PER M2 OF  
OFFICE SPACE IN 2020
6
IP Group plc
ESG Report 2021
ESG AT IP GROUP

ESG AT IP GROUP (CONT) 
Offsets
Despite the relatively low direct negative environmental impact of the 
Group, we have, for the third year, offset 100% of the Group’s direct 2020 
CO2 equivalent greenhouse gas emissions. As in 2018 and 2019, we have 
done this through a programme of supporting UK woodland creation 
certified under the Government’s Woodland Carbon Code through Forest 
Carbon.
3,709
TREES PLANTED
1,043
TONNES CO2 
OFFSET
FLOOD
MITIGATION
IMPROVED
WATER QUALITY
PRODUCTIVE
PLANTING
2.16
HECTARES
7
IP Group plc
ESG Report 2021
ESG AT IP GROUP

ESG AT IP GROUP (CONT)
Social: aligning our people with our 
purpose
The success of IP Group depends on the 
quality of our talent across a broad range of 
disciplines. Our purpose—addressing some of 
the fundamental challenges faced by our planet 
by evolving great ideas into world-changing 
businesses—drives a deep intrinsic level of 
commitment from our team. Our continued 
focus on our culture seeks to build on this, with 
the ultimate aim of creating an environment 
which allows us to attract, retain and engage 
exceptional people.
The Group’s commitment to its employees 
and engagement and putting this central to 
company strategy is highlighted by the creation 
of a non-financial KPI related to progress in 
the area, details of which are below. The hybrid 
metric emphasises key areas in our approach: 
engagement, retention and diversity of workforce 
and thought. 
Employee and Engagement 
Non-financial KPI
A hybrid metric measuring the change 
in rolling 12-month average Employee 
net promoter score (eNPS), % of actions 
identified in the annual engagement 
survey completed, the Gender Pay Gap 
trend, diversity of decision-making forums 
and the level of regretted employee 
turnover. The total score represented as 
a percentage is a weighted average for 
each subjective and objective element. All 
elements were weighted equally in 2020, 
with the figure coming to 70%. More details 
of our KPIs can be found in IP Group’s 
2020 Annual Report.
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IP Group plc
ESG Report 2021
ESG AT IP GROUP

ESG AT IP GROUP (CONT)
Key areas of progress 
Employee Engagement
Making sure our team is engaged and aligned 
with our purpose has always been important to 
us. This became even more important during 
2020 with the move to home-working and virtual 
meetings inevitably weakening the natural ties 
with and between our people.
We implemented a cycle of weekly live, virtual 
communications, comprising Portfolio Update 
Programme sessions and All Staff meetings. The 
Portfolio update sessions give our people the 
opportunity to learn about specific portfolio 
company technology and performance direct 
from our investment teams. The All Staff 
meetings ensure regular updates from our 
executive directors and other key leaders and 
team members on the performance of our own 
business and more specific issues relevant to a 
wide range of our people.
Retention 
We were also pleased to see a reduction in 
unplanned turnover in 2020. Whilst 17 colleagues 
(14%) left the business overall, only four leavers 
were unplanned. Encouragingly, two of those 
(50%) left to join portfolio companies, and so will 
continue to positively contribute to our future.
Human Capital: building skills & capability
In 2020, we also started the process of 
improving our broader training offer. In doing 
so, we aim to create a positive, adaptable 
environment within which our people can thrive 
as individuals whilst positively contributing to 
our performance. Development opportunities 
offered in 2020 covered topics as diverse as ESG 
investing, Finance/Accounting and Genetics and 
Neuroscience. Our commitment to remaining 
safe, legal and compliant across the business 
was supported through the provision of Anti-
Money Laundering training. All of our people also 
participated in Cyber Security, GDPR and Anti-
Money Laundering training.
eNPS: improved from -2 to +23 during 
2020
•	
eNPS is measured using responses to 
the question, ‘I would recommend IP 
Group as a great place to work’, that 
has a 5-point rating scale.
•	
Promoters = percentage of strongly 
agrees (5s)
•	
Passives = percentage of agrees (4s)
•	
Detractors = percentage of strongly 
disagrees, disagrees and neutrals (1-
3s)
•	
eNPS = Promoters – Detractors. 
Outcomes range from -100 (low) to 
+100 (high)
87%
OF EMPLOYEES ARE POSITIVELY 
ENGAGED¹
¹CultureAmp defines a positive response as either a 4 or a 5 therefore this figure uses Promoters (5s) + Passives (4s) to ascertain positive engagement over 2020.
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ESG Report 2021
ESG AT IP GROUP

ESG AT IP GROUP (CONT)
Diversity & Inclusion
Creating a diverse and inclusive working environment is central to our 
culture at IP Group. We are, of course, committed to equal opportunities 
when it comes to recruitment, selection and development. But it’s not 
only a focus because it’s the right thing to do. Our people are likely to 
be happier and more productive if they can be themselves at work. Our 
success depends upon the quality of investment decisions we make and the 
advice we give, both of which can only be improved when influenced by a 
wider range of representative views. Therefore, inclusion of a broad range of 
experiences, characteristics and outlooks within our business is also a way 
we can improve our performance.
Gender split as at 31 December 2020
MALE
FEMALE
#
%
#
%
Board
7
70
3
30
Senior Leadership Team
8
100
0
0
Senior Managers/Partners
14
67
7
33
Combined SLT
22
76
7
24
All employees
55
54
46
46
Gender split as at 30 June 2021
MALE
FEMALE
#
%
#
%
Board
6
67
3
33
Senior Leadership Team
7
64
4
36
Senior Managers/Partners
17
74
6
26
Combined SLT
24
71
10
29
All employees
57
54
48
46
ExCo: pioneering diversity of thought 
The project to form a new Group Executive Committee (ExCo) was 
implemented through 2020 and the beginning of 2021, with all eleven 
posts on the Committee being appointed, and of these appointees four are 
female, increasing senior leadership representation to 36%.  
We have introduced two ‘Employee Executive’ roles. The primary purpose 
of these roles is to bring more diversity of thought into the decision-making 
process at the top of the Group. These positions are allocated to employees 
who put themselves forward for selection. We expect those appointed will 
be able to utilise this broader perspective (including their experience and 
view as an employee) to offer constructive and challenging input to both 
strategic and operational decisions. We believe we are the first FTSE250 
company to introduce this type of initiative. 
ExCo is led by the CEO and is the body that assists the CEO in the 
performance of their duties within the bounds of their authority and within 
agreed financial limits set by the Board from time to time. Subject to these 
financial limits, ExCo has primary authority for the day-to-day management 
of the Group’s operations save for those matters which are reserved to the 
Board or its committees.
Gender split as at June 2021 
Male
67%
BOARD
Female
33%
Male
64%
SENIOR 
LEADERSHIP 
TEAM
Female
36%
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IP Group plc
ESG Report 2021
ESG AT IP GROUP

ESG AT IP GROUP (CONT)
Supporting Diversity & Inclusion: 2021 and Beyond
Our commitment to building a diverse and inclusive organisation extends 
beyond the focus on gender. We are committed to ensuring that all people feel 
included and able to contribute, and we aspire to reflect this in the shape and 
structure of our business.
As we move into 2021, our focus is on improving recruitment, promotion and 
the support available to under-represented groups. We will also ensure that our 
internal decision-making committees below Board and Executive Committee 
level (including our Capital Allocation Committee and various Investment 
Committees) include a more diverse range of experience and capability. 
We take our responsibility to promote Diversity and Inclusion in our portfolio 
equally seriously. As a long-term investor, focussed on building successful 
companies over the long-term, we believe our portfolio companies should 
share our commitment and focus in this area, and plan to work proactively with 
our portfolio to ensure that this is the case.
•	
Diversity Listening Project (H2 2020)
•	
100 Black Interns Commitment and appointment
•	
Revised recruitment & selection policy
•	
Positive language guidelines developed
•	
Inclusion of team diversity metrics in our non-financial KPI
•	
Commitment to greater diversity on all decision-making forums
•	
Diversity Oversight Committee constituted, and expert external 
advisors appointed
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ESG Report 2021
ESG AT IP GROUP

ESG AT IP GROUP (CONT)
COVID-19 response
The Group reacted quickly to unfolding events at the start of the COVID-19 
pandemic, prioritising the health and wellbeing of colleagues, and ensuring 
our day-to-day operations were able to continue. Resource was deployed 
to ensure all of our people were (and remain) supported, protected and 
productive during a period of significant disruption. 
We also recognised the need to do as much as we could to support the 
wellbeing of our people. The capability of our people is our greatest asset, 
and we place just as much importance upon supporting our team as we do 
on the development of our portfolio companies.
As a result of this focus, we implemented a ‘mind’, ‘body’, ‘spirit’ model to 
the provision of support, ensuring our people were aware of the existing 
benefits and support available to them and implementing new support 
mechanisms where required. This approach continues to develop. During 
2020, highlights included:
•	
Providing access to our internal Mental Health First Aider as a first port 
of call for struggling employees, as well as mindfulness training and 
support for all of our people.
•	
Keeping our employees active by providing regular free sporting and 
wellness activities, including regular online exercise and yoga sessions 
available for employees and their families. Keeping our people healthy 
through funded flu vaccinations, supplementing our existing Vitality 
Health and BUPA dental support.
•	
Equipping our people to cope with changes in working patterns 
through sustained resilience training and support and mitigating some 
of the stresses caused by the pandemic through the offer of hardship 
loans to all employees.
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ESG Report 2021
ESG AT IP GROUP

ESG AT IP GROUP (CONT)
Community Engagement
In August 2020, the Group’s partnership with education charity Generating Genius came to the end of its term. While the search for a new partner charity 
was delayed due to COVID-19 disruptions, the charity liaison team sought to support charities with individual contributions and engage staff, details of 
which are below:
Crossing Continents
Between May and June, IP Group 
held a virtual ‘Crossing Continents’ 
challenge to raise funds for 
Médecins San Frontières. IP Group 
staff were challenged to collect 
donations for the charity’s COVID-19 
appeal while collectively walking, 
running, or cycling 3,000 Km. 
Our staff raised £1,930, which was 
matched and further supplemented 
by a base donation of £5,000 by 
the Group for a total of £8,860. 
Thirty-four employees from around 
the world participated in the 
challenged, covering 7643.56 Km 
between them.
The Felix Project
With the Walbrook Office closed, 
the Crisis Response Group and 
Charity teams agreed that a portion 
of savings from running the office 
should go to a local charity. A 
donation of £3,460, representing 
three months of office expenditures, 
was made to The Felix Project, a 
London-based charity that collects 
surplus food from commercial 
supply chains and redistributes it to 
schools and charities.
Generating Genius
The charity aims to address the 
attainment gap of black, Asian and 
minority ethnic (BAME) students 
compared with other demographics 
within STEM (science, technology, 
engineering and maths) subjects 
and related industries by supporting 
talented and able students over a 
prolonged period of time with a 
mix of academic and professional 
engagement.
IP Group was able to host six young 
people in February 2020 for a work 
experience week. The students were 
set the challenge of developing 
a business idea and pitching it 
to a panel of Group staff, while 
simultaneously attending a series 
of meetings to learn about the 
business.
Post year end
In the post year end period, the 
Group held a staff vote on its future 
charity partnership. A shortlist of 
four potential charities was chosen 
by the charity liaison team from 
an original pool of staff-sourced 
suggestions and proposals made 
available for the final vote. 
The chosen charity is IntoUniversity, 
an educational charity that supports 
young people in accessing higher 
education or other ambitions 
through a network of learning 
centres spanning the UK. 
In addition to mark its 20th year, IP 
Group has also agreed to donate 
a total of £20,000 in 2021 to 20 
causes chosen by staff and has 
also granted each member of staff 
three volunteering days per year to 
support their charitable causes.
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ESG AT IP GROUP

ESG AT IP GROUP (CONT)
Governance
The Group seeks to conduct all of its operating and business activities in an 
honest, ethical and socially responsible manner and these values underpin 
our business model and strategy. We are committed to acting professionally, 
fairly and with integrity in all of our business dealings and relationships with 
consideration for the needs of all of our stakeholders, including university 
partners, investors, suppliers, employees, and portfolio companies. IP Group 
endeavours to conduct its business in accordance with established best 
practice, to be a responsible employer and to adopt values and standards 
designed to help guide staff in their conduct and business relationships. As 
a publicly traded entity, IP Group actively seeks to engage and maintain an 
open dialogue with both institutional and private shareholders through its 
investor relations programme.
Policies
Copies of the Group’s policies in relation to anti-corruption and bribery, 
anti-slavery, modern slavery, environmental, equal opportunities and 
diversity, prompt payments, speaking up, anti-facilitation of tax evasion, 
data protection, health and safety, sustainability and ESG, ethical 
investment, stakeholder engagement and ‘treating customers fairly’ can be 
found in the ESG section of the Group’s website: www.ipgroupplc.com.
Cyber Security
Cyber security reports are provided to the Audit & Risk Committee and 
to the Board. The Committee takes a keen interest in the measures that 
are in place and the roadmap for future developments. The PwC internal 
audit team carried out a cyber maturity assessment in late 2020 following 
a similar exercise in 2019. The report includes recommendations that 
management is now acting on to further improve governance, systems and 
infrastructure security. The Group will continue to assess cyber security on 
an annual basis to ensure that best practice continues to be followed. 
The Group’s focus for cyber in 2021 will be on standardising the framework, 
KPIs and reporting across all regions in which the Group operates. The 
Group conducted a GDPR audit in 2020 with PwC. PwC rated the outcome 
as “satisfactory”, the highest rating that can be achieved. To further ensure 
that the Group could respond swiftly and comprehensively to a Subject 
Access Request (SAR), a simulation exercise was carried out in late 2020 
with satisfactory results. The Group received no SARs in 2020.
IP Group has been awarded Cyber Essentials certification. Management 
commissions regular external penetration testing on IT infrastructure and 
has implemented multiple cloud and on-premises technologies to monitor 
endpoints, network traffic that seek to mitigate the risk of intrusion and 
data breach. Management carries out diligence to seek to ensure that third-
party suppliers are maintaining good standards of security.
IP Group continues to ensure that all members of staff receive annual 
mandatory cyber security training with additional training delivered in 
reaction to emerging external factors, such as working from home during 
lockdown or increased levels of phishing attacks. A quarterly phishing test 
takes place and remediation, such as additional training, is required for 
employees that fall short of expectations.
The Group takes the threat of a cyber incident very seriously and 
endeavours to mitigate the risk wherever possible, although it recognised 
by the Board and management that it will never be possible to fully mitigate 
cyber risk. The Group maintains a business continuity plan and reviews this 
plan annually. This plan includes playbooks to react to incidents such as a 
data breach or other cyber incident.
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ESG AT IP GROUP

IP GROUP AS A RESPONSIBLE INVESTOR
Responsible Investment 
‘Stewardship practices’ and ‘Responsible 
investment processes’ were identified as material 
to IP Group in the materiality assessment (page 
4) and work in 2020 saw an adoption of a 
more formal way of embedding these practices 
and processes in our investment decisions. 
Embedding ESG into our investment 
processes
IP Group recognises the importance of 
stewardship of our ESG aims such as strong 
governance and encouraging greater diversity 
across our portfolio.
Following the adoption of the Group Ethical 
Investment Framework (EIF) and ESG Policy, we 
have amended our investment process to ensure 
ethical and ESG considerations are incorporated. 
These changes include the addition of excluded 
sectors into our investment agreements with 
portfolio companies and documentation of ESG 
assessment in the investment decision-making 
process.
While many of our portfolio companies focus 
on positive change in the Life Sciences and 
Technology sectors, they are growing companies 
which may need guidance on compliance of 
all applicable environmental, ethical and social 
legislation. Our direct involvement in many of 
these companies allows greater scope to engage 
with their management teams on these issues.
Responsible stewardship in practice
1.	 Policy Toolkit which includes template 
policies for anti-facilitation of tax evasion, 
equal opportunities and diversity, speaking 
up policy and a GDPR checklist among 
others. 
2.	 Encouraging greater diversity in our 
portfolio
Below shows an example of initial data collected, 
the aim is to use this data to assess where focus 
on diversity across the portfolio should lie.
In 2021, our role as a steward is focused on 
communicating with the whole portfolio to raise 
awareness of IP Group’s growing emphasis on 
ESG. As a starting point we will distribute a 
letter to the extended portfolio outlining this 
and highlighting our ESG Policy and EIF. The 
letter will also include an updated data collection 
survey to further measure ESG standards across 
the portfolio. This data will build on that collected 
in 2019, a process which will take place every two 
years.
Portfolio Board Data as at June 2020: 
Top 20 Assets
 
55%
COMPANIES WITH  
ALL-MALE BOARDS
78%
COMPANIES WITH  
ALL-MALE BOARDS
11%
FEMALE DIRECTORS
4.5%
FEMALE DIRECTORS
Technology Focus Portfolio 
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RESPONSIBLE INVESTMENT
15
IP Group plc
ESG Report 2021

IMPACT AT IP GROUP
How IP Group and its portfolio map 
against the Sustainable Development 
Goals (SDGs)
In order to reiterate our commitment to 
responsible business practices and investment, 
IP Group has aligned its portfolio with the SDGs. 
The SDGs are the blueprint to achieve a better 
and more sustainable future for all. Through the 
activities of IP Group, we address a number of 
the global challenges identified by the SDGs.
As our portfolio companies have shown in 2020, 
we invest in businesses that are developing 
cutting edge solutions in the fight against 
communicable diseases such as COVID-19 and 
non-communicable diseases such as cancer 
and lung disease. These companies can help to 
change the world through building a healthier 
society. 
The COVID-19 pandemic and response to it 
has brought increased focus on the climate 
emergency and how we tackle it. Meeting the 
goals of the Paris Agreement set five years ago 
requires an energy transition and the finance 
behind it. IP Group identifies companies with 
technologies that can lead the transition and 
provides funding and support. 
In addition, IP Group backs and supports 
technology companies that are supporting the 
digital transformation as we move to a more 
digital world and efficient and equitable working 
practices. 
We estimate that the Group and/or its portfolio 
companies are currently influencing all 17 SDGs. 
In 2020 we have continued to look at how the 
SDG targets are associated with individual goals 
and how our portfolio companies can help 
achieve these targets. 
There continues to be a concentration on the six 
most relevant SDGs to the Group (as detailed 
below), with the inclusion of SDG 8 – ‘Decent 
Work and Economic Growth’ due to contributions 
towards economic growth and productivity 
through technological innovation. 
The table on page 22 outlines in more detail 
how our focus companies, including the top 
20 by value, map to the targets. Inclusion can 
change as it aligns with the focus companies as 
outlined in Appendix 1. 
•	
3 (Good Health and Well-being)
•	
7 (Affordable and Clean Energy)
•	
8 (Decent Work and Economic Growth)
•	
9 (Industry, Innovation and Infrastructure)
•	
11 (Sustainable Cities and 
Communities)	
•	
13 (Climate Action). 
Measuring progress 
As part of the progress towards measuring 
the impact of IP Group’s portfolio in 2020, we 
have looked at the proportion of IP Group’s net 
asset value (NAV) as it aligns to the SDGs by 
determining whether the business activities of 
the portfolio companies meet the targets of any 
set SDG. 
Top 20* portfolio companies SDG alignment
46.8%
TOP TWENTY ALIGNED 
TO SDG 3
17.3%
‘STRATEGIC 
OPPORTUNITIES’ 
ALIGNED TO SDG 3
30.4%
DEEPTECH AND 
CLEANTECH ALIGNED 
SDG 7, 8 AND 9
*Top 20 by NAV as at 31 December 2020
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IMPACT

CASE STUDY: HELPING THE FIGHT AGAINST CORONAVIRUS 
Oxford Nanopore Technologies (ONT) is a prime 
example of how IP Group backs and supports 
innovation from an early stage and supports it over 
time as it matures. 
2020 was the year in which Oxford Nanopore’s technology really hit the 
headlines around the world for its work in the fight against the pandemic 
although their core business of DNA/RNA sequencing remains the 
foundation for myriad applications.
The Company 
Oxford Nanopore’s goal is to enable the genetic analysis of anything, 
by anyone, anywhere. The company has developed the world’s first and 
only nanopore DNA sequencing platform, which is uniquely scalable 
from pocket-sized formats through to ultra-high throughput devices. 
The technology offers real-time data analysis for rapid, dynamic insights.
The Oxford-based company, which now has approximately 600 
employees, remains well financed, having raised £162.1m million in 2020 
from both existing and new investors including International Holdings 
Company (IHC) and RPMI Railpen.
Link to IP Group strategy
•	
Helping develop and support companies into robust businesses: 
15 years after providing the original seed funding, Oxford Nanopore 
is growing fast, recording revenues of £52.1m in 2019, a 60% rise 
on the prior year, and noted it achieved “strong growth” in 2020. 
The company was ranked 20th in the Sunday Times Tech Track 100 
annual league table of the UK’s fastest growing private technology 
companies.
•	
Delivering attractive returns for stakeholders: Oxford Nanopore is 
the most valuable holding in IP Group’s portfolio. Our 15.0% holding 
is valued at £340.3m, valuing the entire company at approximately 
£2.3bn. IP Group also realised £22.0m of cash from a partial sale 
of its holding in Oxford Nanopore in January 2020 as part of a 
secondary sale of shares.
Why is backing innovation like Oxford Nanopore so important? 
Oxford Nanopore’s sequencing technology is now being used in more 
than 100 countries and by researchers to explore areas of biological 
research including human genetics, cancer, infectious pathogens, plant 
and animal genomics and environmental science.
Of particular note, the company is at the forefront of efforts to tackle 
the COVID-19 pandemic both in sequencing the virus and also in its 
diagnosis. Oxford Nanopore’s technology has been supporting public 
health authorities and researchers around the world since the start of 
the outbreak as rapid sequencing of the virus has helped understand 
transmission pathways, emerging variants and the biology of the 
disease. The company also rapidly developed and launched its first 
diagnostic test (LamPORE) for the detection of the virus. More broadly, 
in developing and commercialising the LamPORE test, Oxford Nanopore 
has put in place infrastructure across regulatory, manufacturing and 
commercial teams that supports its future growth into more ‘applied’ 
uses of its technology. 
How IP Group has supported Oxford Nanopore
IP Group provided the original seed funding to Oxford Nanopore in 
2005 and has backed numerous follow-on funding rounds. The Group 
has introduced many new shareholders including RPMI Railpen which 
invested in the last funding round in October 2020. In total, ONT 
raised £162.1m across three fund raisings in 2020 to support the rapid 
acceleration of commercial and manufacturing operations as well as 
ongoing innovation. IP Group, through IP Exec, has also helped recruit 
directors, including a number of members of both the executive and 
non-executive team, over the years.
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IMPACT

CASE STUDY: IESO DIGITAL HEALTH
Ieso provides world-class digital mental healthcare through flexible and 
confidential 1:1 therapy, digital tools and partnerships. The company 
helps people gain effective help, where and when they need it.
Mental healthcare lags far behind physical healthcare, with far-reaching 
human, societal and economic consequences. Ieso brings together 
expert clinicians, scientists and digital technologists innovating 
together to understand the crucial learnings which are available in every 
treatment session. By turning them into data and researching patterns 
over many thousands of treatment sessions, they are able to see what 
makes people ill and how to help them get better. Already, putting this 
knowledge into action means that patients treated are more and more 
likely to recover.
Ieso partners with: 
•	
NHS: Ieso has a track record in improving patient care beyond 
national targets and has already treated more than 70,000 
patients through over 400,000 hours of therapy under the NHS 
IAPT programme (Improving Access to Psychological Therapies). 
Ieso treatment is currently available across 49 NHS clinical 
commissioning groups and 27 NHS providers. 
•	
Employer healthcare: Ieso recently signed a major contract with a 
globally renowned telecommunications company to provide mental 
healthcare to its employees, and is actively building activities with 
corporate and insurance companies. 
•	
Digital tools: Combining collective knowledge and smart 
technology, data-led clinical insights are enabling the company to 
develop new digital tools to drive better quality and consistency 
of care across the globe. Ieso will start bringing these products 
to market in 2021 alongside commercial partners, helping other 
organisations to transform their treatment pathways.
Responding to COVID-19 
In the weeks following the announcement of the UK lockdown in March 
2020, Ieso identified an 84% increase in referrals to its 1-1 online CBT 
service, relative to the same period in 2019. Up to a third of patients 
mentioned COVID-19 as a reason for presenting for mental health 
treatment and patient worries about viruses also increased, with up to 
15% of in-session worries about COVID-19.
Using digital tools to provide mental health services, such as Ieso’s 
online talking therapies, can help widen availability and accessibility at a 
time of urgent need. It also opens up the potential for gaining data-led 
insights that improve patient outcomes.
IMPACT
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ESG Report 2021

CASE STUDY: ULTRALEAP
Ultraleap is a next generation user interface company aiming to deliver 
interaction solutions that remove the boundaries between the physical and 
digital worlds. The company offers world-leading hard tracking technology 
and unique virtual touch technology that uses ultrasound to generate tactile 
sensations in mid-air, creating virtual buttons, switches and other objects 
that can be felt, but not seen.
With COVID-19 bringing increasing attention to potential infection through 
public touchscreens, the touchless self-service kiosk market has seen a 
remarkable increase in demand and represents a significant opportunity. In 
response to the pandemic and the demand, Ultraleap launched TouchFree, 
a new, award-winning, touchless solution that allows customers to retrofit 
existing interactive screens and make them touchless. The company is 
involved in programmess for multiple-use-cases including quick-service 
restaurants, airports, train stations, elevators, ATMs, and smart buildings. 
In the XR (extended reality) market Ultraleap signed a multi-year contract 
with Qualcomm Technologies to integrate its Gemini hand tracking 
technology in Qualcomm’s Snapdragon XR2 5G chipset in September 2020. 
Another feature of the pandemic is the growth in demand for people to 
communicate virtually so XR technology presents many opportunities for 
the future. Ultraleap’s interface has been highlighted as enabling a ‘seamless 
interaction through a natural connection between people and technology’.
IMPACT
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CASE STUDY: MIXERGY
Mixergy is dedicated to developing intelligent solutions which address 
the challenges around the electrification of heat whilst simultaneously 
adding flexibility to the energy system. It is achieving this through cost-
effective, energy-efficient and convenient solutions for householders, 
installers and developers. Mixergy’s flagship product is the “Mixergy Tank”, 
a smart hot water tank which saves energy by only heating what you need 
whilst providing a reliable energy storage service to utilities and network 
operators. 
The Mixergy tank has been launched nationally through British Gas and is 
now delivering over 1 megawatt (MW) of flexibility to National Grid which is 
being monetised through Mixergy’s powerful software platform. Mixergy’s 
customers are benefitting through intelligent sensing and control which 
provides visibility of how much hot water is in each tank at all times.
The 2020s is the decade to decarbonise heat and the role that smart and 
connected hot water cylinders can play in helping social landlords to make 
the challenging transition to low carbon heating. Ambitious policy and 
tightening regulations are rapidly accelerating the uptake of Mixergy tanks 
in new build housing where systems can be easily installed alongside heat 
pumps, solar PV and solar thermal, as well as conventional boiler or electric 
heating systems.
But the greater challenge lies in the decarbonisation of heat in existing 
housing stock. Mixergy supports social housing providers in the transition 
from the old to the new with smart, connected hot water storage which 
gives tenants a better, faster and cheaper solution for their hot water needs 
whilst also reducing carbon emissions.
Highlights:
•	
The Mixergy tank can also be easily programmed to take advantage of 
off-peak tariffs or new dynamic time-of-use tariffs.
•	
For tenants on mains gas, Mixergy has been demonstrated to save 
up to 21% on gas consumption through better, smarter control of the 
cylinder set-point temperature, and on average  
12% reduction in gas consumption in hot water production (Verified by 
the Energy Savings Trust).
•	
Aside from these direct savings, Mixergy tanks provide a zero-cost way 
for residents to improve their understanding of energy efficiency by 
being able to interact through a simple and intuitive gauge or through 
the Mixergy App. 
•	
In 2020 Mixergy worked on a case study with Ocean Housing with the 
project producing ~35% reduction in running costs from £125 to £80 
per year, 16% reduction in carbon emissions, 12% reduction in energy 
consumed. 
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IMPACT

CASE STUDY: BRAMBLE
Bramble Energy, has produced the world’s most scalable hydrogen fuel cell. 
It is the only technology capable of producing gigawatts of hydrogen fuel 
cells using existing global manufacturing resources, dramatically reducing 
the time to market and investment needed versus existing fuel cell designs. 
Hydrogen fuel cells generate electric power from an electrochemical 
reaction rather than combustion, thereby eliminating carbon emissions from 
the power unit and producing only water and heat as by-products.
Point two of the UK’s 10-point plan for a green industrial revolution 
announced in November 2020 focused on “Driving the Growth of Low 
Carbon Hydrogen” and laid out a timeline of target milestones for hydrogen 
technology in the UK. Bramble is well placed to be at the forefront of the 
adoption of hydrogen as a mainstream clean technology. 
Highlights: 
•	
Pioneering hydrogen vehicles and pure electric 
company fleets: Bramble Energy’s PCBFC™ 
innovative lightweight and cost effective fuel cell 
is set to bring even further transformation to the 
mobility and automotive industries. Passenger cars 
powered by hydrogen fuel cells, either as range 
extenders or as prime movers have rapid refuelling 
and high peak power densities. Hydrogen fuel cells are also becoming 
a primary power source for ships, trains, buses and forklift trucks.
•	
Off grid power solutions: The silent and portable SD range offers 
solutions for powering long-term operations. The system works with all 
Industrial Grade Hydrogen and has no GHG emissions or particulates at 
point of use. It is a net zero power solution displacing diesel generators 
with clean hydrogen. 
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IMPACT

THEMATIC 
FOCUS
Deep Tech
DATA ANALYTICS
CYBER DEFENCE
IT TO IMPROVE 
EFFICIENCY
Cleantech
RENEWABLE ENERGY
SUSTAINABLE 
TRANSPORT 
ENERGY TRANSITION
Life Sciences
DIAGNOSTICS
THERAPEUTICS
ONCOLOGY
DIGITAL HEALTH
PORTFOLIO 
COMPANY
AMSL Innovations
Aqdot 
Featurespace
GarrisonTechnology
Ultraleap Holdings Ltd
C-Capture
MixergyOxbotica
Oxford Sciences 
Innovation plc 
Uniformity Labs
WaveOptics
Import.IO
Chromosol Ltd
Yoyo Wallet Ltd
Azuri Technologies
Bramble Energy
C-Capture
First Light Fusion Oxbotica
Oxford Nanopore Technologies
Mixergy
RFC Power
Artios Pharma 
Centessa (Apcintex)
Crescendo Biologics
Diurnal Group 
Enterprise Therapeutics
Hinge Health
Ieso Digital Health
Inivata
Istesso
Microbiotica
Mission Therapeutics
MOBILion
Navenio
Oxford Nanopore 
Technologies
PsiOxus Therapeutics 
Pulmocide Ltd
SDG TARGET
11.2	 Affordable and sustainable transport systems
11.3	 Inclusive & sustainable urbanisation
11.6	 Reduce the environmental impact of cities
9.1	
Develop sustainable, resilient & inclusive 
infrastructures
9.4	 Upgrade all industries and infrastructures for 
sustainability
9.5	 Enhance research and upgrade industrial 
technologies
9.C	 Universal access to ICT 
8.2	 Achieve higher levels of productivity of economies 
through diversification, technological upgrading and 
innovation
7.1 	 Universal access to modern energy
7.2 	 Increase global percentage of renewable energy
7.3 	 Double energy efficiency
7.A	 Promote R&D and investment into cleantech
7.B 	 Expand & upgrade energy services in developing 
countries
13.2 	Integrate climate change measures into policies & 
planning
13.3 	Build knowledge & capacity to meet climate change
3.3	 By 2030, end the epidemics of AIDS, tuberculosis, 
malaria and neglected tropical diseases and 
combat hepatitis, water-borne diseases and other 
communicable diseases 
3.4 	 By 2030, reduce by one third premature mortality 
from non-communicable diseases and promote 
mental health and well being 
3.D 	Strengthen the capacity for early warning, risk 
reduction and management of national and global 
health risks
SUSTAINABLE 
DEVELOPMENT 
GOAL
IMPACT AT IP GROUP (CONT)
*Focus companies as at 31 December 2020
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IMPACT

REPORTING & TRANSPARENCY: SASB
IP Group plc is reporting to the SASB framework for the first time this year. We believe this to be the most relevant ESG framework to investors. While there 
are ommissions in some data areas, it is a focus of the company to improve data collection through 2021 and beyond.
TOPIC
ACCOUNTING METRIC
CODE
MORE DETAILS
ASSET MANAGEMENT & CUSTODY ACTIVITIES
Transparent 
Information & 
Fair Advice for 
Customers
(1) Number and (2) percentage of covered employees 
with a record of investment-related investigations, 
consumer-initiated complaints, private civil litigations, 
or other regulatory proceedings
FN-AC-270a.1
The topic and associated metrics are omitted on the basis of lack of applicability 
Total amount of monetary losses as a result of 
legal proceedings associated with marketing 
and communication of financial product related 
information to new and returning customers
FN-AC-270a.2
The topic and associated metrics are omitted on the basis of lack of applicability 
Description of approach to informing customers 
about products and services
FN-AC-270a.3
The topic and associated metrics are omitted on the basis of lack of applicability 
Employee Diversity 
& Inclusion
Percentage of gender and racial/ethnic group 
representation for (1) executive management, (2) 
non-executive management, (3) professionals, and 
(4) all other employees
FN-AC-330a.1
Page 10 of ESG Report 
Incorporation of 
Environmental, 
Social, and 
Governance Factors 
in Investment 
Management & 
Advisory
Amount of assets under management, by asset class, 
that employ (1) integration of environmental, social, 
and governance (ESG) issues, (2) sustainability 
themed investing, and (3) screening
FN-AC-410a.1
As indicated in the answer to FN-AC-410a.2 we have amended our investment process to include 
an ESG assessment, and we have started to record how ESG is integrated in our minutes. However 
we have an insufficient amount of data at present to assign an accurate or meaningful  figure to 
the amount of assets under management.
Description of approach to incorporation of 
environmental, social, and governance (ESG) factors 
in investment and/or wealth management processes 
and strategies
FN-AC-410a.2
IP Group recognise the importance of stewardship of our ESG aims such as strong governance and 
encouraging greater diversity across our portfolio. 
Following the adoption of the Group EIF and ESG Policy, we have amended our investment process 
to ensure ethical and ESG considerations are incorporated. These changes include the addition of 
excluded sectors into our investment agreements with portfolio companies and documentation of 
ESG assessment in the investment decision-making process. 
While many of our portfolio companies focus on positive change in the Life Sciences and 
Technology sectors, they are growing companies which may need guidance on compliance of all 
applicable environmental, ethical and social legislation. Our direct involvement in many of these 
companies allows greater scope to engage with their management teams on these issues.
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ESG Report 2021
REPORTING & TRANSPARENCY

TOPIC
ACCOUNTING METRIC
CODE
MORE DETAILS
Description of proxy voting and investee engagement 
policies and procedures
FN-AC-410a.3
IP Group is primarily an investor in private companies, who mainly take corporate shareholder 
actions through written resolutions. Our authority as a shareholder in these private companies is 
mandated by our rights in the shareholders’ agreement and we often have an investor director 
on the board who will hold significant influence and is able to ensure appropriate governance 
throughout the year. The shareholders’ agreement will prescribe certain matters which cannot be 
taken without either investor director consent and/or shareholder consent of an investor majority.  
In relation to quoted portfolio companies (all of which are currently AIM listed), we have standard 
authority guidelines that we send to such companies on an annual basis which are in line with the 
proxy advisory groups’ recommendations for AIM companies and we actively encourage such 
companies to engage with us when they are looking to request extraordinary share authorities at 
AGMs/GMs before sending the meeting notices out.  
We also actively encourage our quoted portfolio companies to consult with us prior to putting in 
place any new, or amending any existing, share option schemes especially where the terms of such 
schemes could be viewed as off market.  
We review all proxy forms or AGM notices to ensure they are in line with our guidelines before 
signing them. If not, then we will raise any issues specifically with either the company secretary or 
the investment director, as appropriate. 
We believe that the above policies and procedures are appropriate and proportionate for the size 
and maturity of our portfolio companies but will keep these under review should the nature of our 
quoted portfolio change.
Business Ethics
Total amount of monetary losses as a result of 
legal proceedings associated with fraud, insider 
trading, anti-trust, anti-competitive behavior, market 
manipulation, malpractice, or other related financial 
industry laws or regulations5
FN-AC-510a.1
There have been no monetary losses associated with these criteria.
Description of whistleblower policies and procedures
FN-AC-510a.2
All staff are responsible for the success of the Speaking Up policy and should ensure that they 
use it to disclose any suspected wrongdoing or danger. Staff are able to raise any concerns 
with Managers and can also contact one of the following: the Speaking Up Officer, currently the 
Chief Financial Officer, Greg Smith, or the General Counsel, Angela Leach. There is also a secure, 
24- hour, external speaking up hotline and web reporting system operated by Navex which staff 
may wish to use instead of the internal process. https://www.ipgroupplc.com/~/media/Files/I/IP-
Group-V2/documents/CSR%20docs/Speaking%20Up%20Policy%20201911.pdf
Systemic Risk 
Management
Percentage of open-end fund assets under 
management by category of liquidity classification
FN-AC-550a.1
There have been no monetary losses associated with these criteria.
Description of approach to incorporation of liquidity 
risk management programs into portfolio strategy 
and redemption risk management
FN-AC-550a.2
There have been no monetary losses associated with these criteria.
Total exposure to securities financing transactions
FN-AC-550a.3
There have been no monetary losses associated with these criteria.
Net exposure to written credit derivatives
FN-AC-550a.4
There have been no monetary losses associated with these criteria.
REPORTING & TRANSPARENCY: SASB (CONT)
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REPORTING & TRANSPARENCY

TOPIC
ACCOUNTING METRIC
CODE
MORE DETAILS
ACTIVITY METRICS
(1) Total registered and (2) total unregistered assets 
under management (AUM)
FN-AC-000.A
£1.7bn
Total assets under custody and supervision
FN-AC-000.B
n/a
PROFESSIONAL & COMMERCIAL SERVICES
Data Security
Description of approach to identifying and 
addressing data security risks
SV-PS-230a.1
IP Group has been awarded Cyber Essentials certification. Management commissions regular 
external penetration testing on IT infrastructure and has implemented multiple cloud and on-
premises technologies to monitor endpoints, network traffic that seek to mitigate the risk of 
intrusion and data breach. Management carries out diligence to seek to ensure that third-party 
suppliers are maintaining good standards of security..
Description of policies and practices relating 
to collection, usage, and retention of customer 
information
SV-PS-230a.2
The IP Group GDPR policy can be found here: https://www.ipgroupplc.com/sustainability/
governance.
(1) Number of data breaches, (2) percentage 
involving customers' confidential business 
information (CBI) or personally identifiable 
information (PII), (3) number of customers affected
SV-PS-230a.3
There have been no data breaches in relation to this criteria.
Workforce Diversity 
& Engagement
Percentage of gender and racial/ethnic group 
representation for (1) executive management and (2) 
all other employees
SV-PS-330a.1
Page 10 of ESG Report.
(1) Voluntary and (2) involuntary turnover rate for 
employees
SV-PS-330a.2
6.1% attrition (based on voluntary turnover) Pg 53 - Annual report - https://www.ipgroupplc.com/~/
media/Files/I/IP-Group-V2/documents/investor-relations/ip-group-ar-2020-index-linked.pdf
Employee engagement as a percentage
SV-PS-330a.3
Page 9 of ESG report.
Professional 
Integrity
Description of approach to ensuring professional 
integrity
SV-PS-510a.1
The Group seeks to conduct all of its operating and business activities in an honest, ethical and 
socially responsible manner and these values underpin our business model and strategy. We 
are comitted to acting professionally, fairly and with integrity in all of our business dealings and 
relationships with consideration for the needs of all of our stakeholders, including university 
partners, investors, suppliers, employees, and the businesses in which the Group has holdings. 
IP Group endeavours to conduct its business in accordance with established best practice, to be 
a responsible employer and to adopt values and standards designed to help guide staff in their 
conduct and business relationships. As a publicly traded entity, IP Group actively seeks to engage 
and maintain an open dialogue with both institutional and private shareholders through its investor 
relations programme.
Total amount of monetary losses as a result of legal 
proceedings associated with professional integrity
SV-PS-510a.2
There have been no monetary losses associated with these criteria.
ACTIVITY METRICS
Number of employees by: (1) full-time and part-time, 
(2) temporary, and (3) contract
SV-PS-000.A
FTE 98.8 
Employee hours worked, percentage billable
SV-PS-000.B
The topic and associated metrics are omitted on the basis of lack of applicability 
REPORTING & TRANSPARENCY: SASB (CONT)
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ESG Report 2021
REPORTING & TRANSPARENCY

REPORTING & TRANSPARENCY: TCFD
Governance
Disclose the organisation’s 
governance and climate related 
risks and opportunities.
IP Group’s approach to ESG including climate change and related policies is overseen by the Board of Directors and accountability for 
sustainability rests with executive management and, in particular, the Chief Executive Officer. In addition, the Group’s existing investment 
processes take into account ESG matters including matters around climate change through the Ethical Investment Framework which is 
overseen by the Ethics Committee. IP Group’s operational oversight of climate change is covered by its ESG and Sustainability Policy. The 
Group has an ESG Working Group which meets once a month and oversees the implementation of related work including climate related 
matters.
Strategy
Disclose the actual and potential 
impacts of climate-related risks and 
opportunities on the organization’s 
businesses, strategy, and financial 
planning where such information is 
material.
This year IP Group, in line with TCFD recommendations, undertook a climate-related materiality analysis of the prevailing physical and 
transitional risks and opportunities facing the Group. This was to establish a baseline assessment of the impact of climate-related risks and 
opportunities on the business and its strategy. This will ensure the identified risks are minimised and high impact opportunities are extensively 
explored. 
We have also mapped stakeholder perceptions of climate-related risks and opportunities to understand where greater engagement on topical 
themes is needed to align with the TCFD recommendations. These findings will feed into agendas set by the ESG Working Group as well as the 
Audit and Risk Committee. 
Risk Management
Disclose how the organization 
identifies, assesses, and manages 
climate-related risks.
The Group’s management and Board regularly consider emerging internal and external risks and opportunities which have the potential to 
affect the Group in the short, medium and long term. By undertaking a strategic review of climate-related risks and opportunities, including the 
magnitude of their impact and likelihood, we are able to focus on those which are most material to the resilience of our business.  A review of 
climate-related risks and opportunities will take place at least annually for consideration by the Audit and Risk Committee. 
Metrics & targets
Disclose the metrics and targets 
used to assess and manage 
relevant climate-related risks 
and opportunities where such 
information is material.
We identify year-on-year trends in our scope 1-3 GHG emissions and intensity ratios to assess and manage the likely impact of climate-related 
risks and opportunities on our business. Although we have seen a decrease in overall carbon emissions in 2020, we largely ascribe this to the 
remote-working patterns and travel restrictions implemented in response to the COVID-19 pandemic. Reduction in our scope 3 emissions, 
particularly transport, remain a focus for IP Group given that scope 3 emissions accounted for 85% of total emissions in 2020. Using historic 
GHG emissions, carbon footprints and relevant external climate change data, IP Group aspire to set meaningful targets in 2021 to reduce 
climate related-risk and maximise climate-related opportunity.
More information can be found in our 2020 TCFD report: www.ipgroupplc.com
26
IP Group plc
ESG Report 2021
REPORTING & TRANSPARENCY

APPENDIX 1: TOP 20 PORTFOLIO COMPANIES AS AT 31 DECEMBER 2020
COMPANY NAME
SECTOR
DESCRIPTION
GROUP STAKE  
AT 31 DEC 
2020i (%)
FAIR VALUE OF GROUP 
HOLDING AT  
31 DEC 2020 (£m)
Oxford Nanopore Technologies 
Limited
Strategic
"Enabling the analysis of any living thing,  
by any person, in any environment"
15.0
340.3
Istesso Limited
Life Sciences
Reprogramming metabolism to treat autoimmune disease
56.4
85.6
Hinge Health, Inc.
Life Sciences
The World’s First Digital Clinic for Back and Joint Pain  
2.4
42.1
Featurespace Limited
Deeptech
Leading predictive analytics company
19.7
36.8
Inivata Limited
Life Sciences
Transforming clinical cancer care with liquid biopsy
21.4
31.0
Wave Optics Limited
Deeptech
Novel optical waveguides and modules for augmented reality displays
17.1
26.1
Diurnal Group plc
Life Sciences
Novel products for the treatment of rare endocrine disorders
31.9
24.7
Garrison Technology Limited
Deeptech
Anti-malware solutions for enterprise cyber defences
23.4
23.6
Ultraleap Holdings Limited
Deeptech
Contactless haptic technology 
“feeling without touching”
22.6
23.4
Oxford Sciences 
Innovation plc
Strategic
University of Oxford preferred IP partner under 15-year framework agreement
2.3
20.6
First Light Fusion Limited
Cleantech
Solving fusion with the simplest possible machine
32.0
20.5
Apcintex Limited
Life Sciences
Developing novel haemophilia therapies
27.5
19.0
Artios Pharma Limited
Life Sciences
Novel oncology therapies
11.7
17.3
Ieso Digital Health Limited
Life Sciences
Digital therapeutics for psychiatry
46.2
16.8
Oxbotica Limited
Cleantech
Software to enable every vehicle to become autonomous
16.4
15.0
Mirriad Advertising plc 
Deeptech
Native in-video advertising allowing post-production ad placement
12.3
14.8
Uniformity Labs, Inc. 
United States
"Equipment, materials and software for  
additive manufacturing"
23.6i
14.7
Actual Experience plc
Deeptech
Optimising the human experience of networked applications
21.2
14.4
Mission Therapeutics Limited
Life Sciences
Targeting deubiquitylating enzymes for the treatment of CNS and mitochondrial 
disorders
18.0
13.8
MOBILion Systems, Inc.
United States
A platform technology for conducting ion mobility separations
27.9i
12.9
"Other companies  
(111 companies)"
292.8
De minimis and organic investments
11.9
Value not attributable to equity 
holdersII
44.6
Total
1,162.7
i.	
Represents the Group’s undiluted beneficial economic equity interest (excluding debt), including only the Group’s portion of IPVF II and the US portfolio. Voting interest is below 50%.
ii.	 Includes £0.7m decrease (2019: £2.7m increase) in revenue share to Imperial College London, with a corresponding increase in revenue share liability resulting in no net fair value movement.
27
IP Group plc
ESG Report 2021
APPENDICES

For more information:
Contact Ashleigh Lezard
Communications and ESG Manager 
ashleigh.lezard@ipgroupplc.com
IP Group plc 
Top Floor,
The Walbrook Building,
25 Walbrook,
London, EC4N 8AF
T +44 (0)20 7444 0050
F +44 (0)20 7929 6415
www.ipgroupplc.com
ABOUT THIS REPORT
This report aims to provide information to our stakeholders to 
form a view on how IP Group is performing on environmental, 
social and governance (‘ESG’) matters. We have an evolving 
approach to sustainability at the Group and the report should be 
read in conjunction with our Annual report and accounts. 
Our Sustainability and ESG Policy and Ethical 
Investment Framework can be found on our website 
at https://www.ipgroupplc.com/sustainability