Lexham Special Opportunities I

The fund manager

Lexham Special Opportunities I is a fund launched by Lexham Partners to acquire a hand-picked portfolio of nine minority stakes in UK growth companies from IP Group plc, one of UK’s largest investors in life science and technology businesses.  

The portfolio spans high-growth sectors with strong long-term tailwinds, including CleanTech, Life Sciences, and DeepTech. All businesses are UK-based and have strong syndicates, including blue-chip investors such as Pfizer, Roche, and Glaxo.  

The fund is fully underwritten by Lexham and has a single drawdown, with a five-year target life and expected early realisations from the listed assets.  

Investment rationale

The transaction gives immediate exposure to a diversified, high-potential portfolio acquired at attractive entry valuations, with strong embedded value from the outset and downside protection. Lexham’s deep prior knowledge of the assets and historic investor relationships underpin the investment thesis.

Target returns are expected to be driven by a mix of trade sales, IPOs and secondary transactions, with partial realisations expected within 12–18 months and full exit targeted by year five. The fund structure provides a clear route to liquidity, with no follow-ons or reinvestments.