The IPEX fund
A short history the now completed investments in PA's legacy venture companies
Updated in 2020 following cessation of alphabet shares and closure of the Ipex Fund
Between 2000 and 2008, PA created a number of venture companies. These were start-up companies taking great ideas of PA consultants and seeking to turn these into viable separate businesses. It was expected from the outset that ventures were high risk and only some venture companies would be sold at a profit in the future.
Any returns from Venture companies were to be split between the Investing generation i.e. those holding PA shares at the time of the original investment, and the Realising generation i.e. those holding PA shares when value was returned on sale of venture companies. The value to the realising generation was embedded in the PA Ordinary share price (so not paid separately as a dividend).
Alphabet tracking shares were given to the 2000-2008 period to the investing generation. All have now either cancelled or their closing value paid out to shareholders. Further details on Alphabet shares and the Ipex Fund in provided below.
2000 to 2008: Alphabet shares
All alphabet shares have now been cancelled.
- In this period, three venture companies, Meridica, Ubinetics and Cubiks, were sold at a profit. All proceeds due to alphabet shareholders have been paid out.
- Several venture companies were transferred to the Ipex Fund in June 2008 and the alphabet shares cancelled at that time.
- Several venture companies failed and the alphabet shares were cancelled.
In accordance with good data retention practice, PA no longer retains alphabet share records.
2008 to 2018: Ipex Fund
In June 2008, most PA ventures and £60 million in PA's cash were transferred into the newly created Ipex Fund. PA Ordinary shareholders in June 2008 and alphabet shareholders received 'Limited Partnership Units' ['LPUs'] in the Ipex Fund.
This was a new investment fund created to manage the existing venture companies. From the outset, the Ipex Fund was legally separate and managed separately from PA's ongoing consulting business. LPU's were registered on a portal managed Link registrars. The portal closed in 2018 following cessation of the Ipex Fund. Substantial LPU holders received small returns of cash in 2018 following cessation of the Ipex Fund.
PA is unable to help further with any Ipex investments given the Ipex Fund operated separate to PA from its outset in 2008. We understand Ipex has been liquidated and there is no longer any access to the former LPU portal.
A more detailed history or alphabet shares and the Ipex Fund can be found here.
