On knowledge-intensive businesses continued

In November 2022, Audio Analytic was acquired by a large US technology company. Although the terms of the deal were not disclosed, we are delighted that the Audio Analytic team has been retained in Cambridge, meaning that another world-leading US business now has an established R&D presence in the city.

During the year, we sold the majority of our interests in Centessa Pharmaceuticals, a clinical-stage company employing its innovative asset-centric business model to discover, develop and ultimately deliver impactful medicines to patients, which listed on Nasdaq in May 2021.

In February 2023, it was announced that Sense Biodetection, a global molecular diagnostics innovator, had been acquired by Sherlock Biosciences, a company engineering biology to bring next-generation diagnostics to the point of need. The acquisition will accelerate Sherlock’s go-to-market strategy by adding Sense’s Veros™ instrument-free rapid molecular test platform and manufacturing capabilities, enabling the vision of highly accurate and affordable diagnostics that can be used anytime, anywhere.

At 31 March 2023, our cumulative portfolio (realised and unrealised) had a value of £0.5 billion.