Schroders Capital Global Innovation Trust plc – INOV (LON:INOV) reported a higher net asset value per share in 2025 and detailed further steps in its managed wind-down process, including additional planned capital returns and an updated view on the likely timing of portfolio realizations.
NAV, share price, and capital returns
Harry Raikes, Co-Portfolio Manager, said the trust reported a NAV per share of GBP 0.2223 as of 31 December 2025, up 11.5% from GBP 0.1994 a year earlier. Over the same period, the share price increased 38.2% to GBP 0.152 from GBP 0.11.
He added that the board, in the annual report and accounts, has announced it anticipates returning another GBP 18 million of capital to shareholders over the first half of 2026.
Managed wind-down approach and portfolio liquidity
Raikes outlined three principles underpinning the revised investment policy during the wind down:
- Maximizing exit value, with an emphasis on maintaining or increasing portfolio value rather than pursuing “short-term, value destructive opportunities.”
- Supporting, not forcing exit events, reflecting that the trust holds minority stakes in largely unquoted companies where liquidity depends on company-led transactions.
- Prudent reserving, maintaining cash to support portfolio companies’ financing needs, cover operating costs, and address unforeseen events.
Raikes noted that the trust’s investments are largely illiquid minority positions, meaning exit events are not within the trust’s direct control and require working alongside company management teams and boards.
2025 activity: realizations, follow-ons, and valuation moves
For calendar 2025, Raikes said the trust realized just under GBP 36 million from the portfolio. In line with the wind-down plan, it made no new investments, but did invest GBP 5 million in follow-on funding for existing holdings—primarily tied to existing commitments in life sciences companies, including “a relatively meaningful conversion of a convertible loan” in Araris, which the trust exited during the year.
Among notable portfolio events and valuation drivers discussed were:
- The sale of Araris to Taiho Pharmaceutical.
- A “significant strategic investment” into AI Company Two (not named due to confidentiality).
- The sale of Securiti AI to Veeam Software.
- The sale of Anthos Therapeutics to Novartis.
- “Uplifted” funding rounds for Revolut and AI Company One (also unnamed).
On the negative side, Raikes said the trust recorded markdowns for AgroStar based on the terms of its latest financing, and valuation declines for Ada Health, Genomix, and Federated Wireless, reflecting both company developments and broader market context.
He also discussed attribution, stating that while total NAV declined from GBP 162.4 million to GBP 141.2 million—driven by buybacks—the underlying portfolio recorded GBP 17 million of fair value gains, “principally driven by Araris Biotech,” alongside positive contributions from the growth and venture portfolios and a small negative contribution from the trust’s remaining public holding, Autolus Therapeutics.
At year-end, Raikes said the portfolio was 98% private equity, with Autolus Therapeutics as the only remaining public equity holding. He identified Atom Bank and Revolut as the two largest holdings “by some margin.” The trust also held GBP 24 million in cash.
Key exits and company updates
Raikes highlighted several transactions and major developments from 2025:
Araris Biotech: The Switzerland-based oncology company was sold to Taiho Pharmaceutical in Q1 2025 for $400 million upfront plus $740 million in potential milestone payments. Raikes said the deal generated “over an 8x multiple” on invested capital, with a small remaining value still in the portfolio tied to milestone potential.
Anthos Therapeutics: The U.S.-based cardiovascular therapeutics company, backed alongside Blackstone Life Sciences, was acquired by Novartis for $925 million upfront plus potential regulatory and sales-based milestones of “just over $2 billion.” Raikes said the transaction represented a 1.4x multiple on invested capital to date, with the potential—if milestones are achieved—for the multiple to rise “closer to 3x.”
Securiti AI: The venture investment, made in Q4 2024, was sold as part of Veeam Software’s acquisition of the company for $1.75 billion in October 2025. Raikes said consideration included both cash proceeds and stock in Veeam that remains in the portfolio for future realization. The position was marked at “just over a 2x multiple” of invested capital.
Revolut: Raikes said the company’s FY 2025 results (announced in March 2026) showed strong growth, including retail customers up 30% to 68 million, revenue up 46% to GBP 4.5 billion, and GBP 1.7 billion profit before tax. He added that Revolut progressed toward securing a U.K. banking license and filed a U.S. banking application, and that the company completed an “up round” at a GBP 75 billion valuation, leading to an increase in the trust’s carrying value and making Revolut the trust’s second-largest holding.
Outlook: further tenders and timing of realizations
Looking ahead, Raikes said the board intends to return an additional GBP 18 million in the first half of 2026. He said this was supported by the trust’s year-end GBP 24 million cash and money market funds, plus additional cash generated from the realization of Bluewater Bio, held within the Salica Environmental Technologies Fund, bringing the cash and money market balance to “north of GBP 30 million.”
Raikes said the trust expects to maintain GBP 13 million in reserves to support existing portfolio companies, mitigate the risk of dilution if follow-on funding is required, and provide flexibility in case of market downturns or portfolio underperformance. He also said the board anticipates returning capital through successive tender offers, expected to be undertaken annually, with the possibility of additional ad hoc tenders depending on cash generated by realizations.
In concluding remarks, Raikes said realizations are expected to come via a mix of trade sales and IPOs, and that exit structures can include earn-outs and milestone payments that may delay the return of cash even after a transaction closes. Based on the current portfolio and market conditions, he said the trust does not “foresee material realizations” until 2028.
About Schroders Capital Global Innovation Trust plc – INOV (LON:INOV)
Schroder UK Public Private Trust plc specializes in investments in startups, midsize, middle market and large stage, early stage and mature stage investments. The fund primarily invests in the healthcare, financials, industrials, technology, consumer goods, telecommunications, basic materials, and biotechnology sector. It seeks to invest in quoted and unquoted companies. It primarily invests in companies incorporated in the United Kingdom or traded on a London Stock Exchange market but can invest in Europe, United States and Asia other countries.
